International
Rising Crude Prices Lower Asian Stock Markets
Asian stock markets largely tracked lower Thursday as traders weighed rising crude oil prices and awaited clarity on Persian Gulf hostilities.Hong Kong, Shanghai, and Tokyo finished in the red, as did most other regional exchanges.Brent crude prices continued to climb during market hours, striking $103.80 a barrel, up 1.9%.In Japan, the Nikkei 225 opened higher but lost momentum, finishing off 0.7% despite continued strength in tech- and AI-connected shares.The benchmark Nikkei 225 fell 445.63 to 59,140.23, as losing issues outnumbered gainers 173 to 48.Leading the upside was semiconductor maker Socionext, gaining 7.1%, while camera house Nikon declined 10.4%.In economic news, Japan's flash composite purchasing manager index (PMI), a combination of the nation's factory and service sectors, logged at 52.4 in April, down from 53.0 in March, but still striking above the 50-mark that separates growth from contraction, reported S&P Global.In Hong Kong, the Hang Seng Index opened lower and could not recover, closing down 1% as traders monitored reports on the still-closed Strait of Hormuz.The broad gauge Hang Seng fell 248.04 to 25,915.20, as losing issues outnumbered gainers 63 to 25. The Hang Seng TECH Index lost 2% on the day, while the Mainland Properties Index fell 0.6%.Leading the upside was PetroChina, gaining 4.2%, while Innovent Biologics declined 5.9%.On the mainland, the Shanghai Composite fell 0.3% to 4,049.25.On the other regional exchanges, the South Korean KOSPI rose 0.9%; the Taiwan TWSE declined 0.4%; the Australian ASX 200 declined 0.6%; the Singapore Straits Times Index fell 1.2%, and the Thai Set declined 1.2%. In late trading in Mumbai, the Sensex was down 1.2%The MSCI All Country Asia Pacific Index fell 0.6% on the day.In other news, India's flash seasonally adjusted composite purchasing manager index (PMI) for output, a combination of the nation's factory and service sectors, logged at 58.3 in April, up from 57.0 in March, reported S&P Global.
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