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Equities

Nikkei Asia300 Index edges higher as crude oil producers advance

Gains in Chinese property developers also help offset worries over U.S.-China trade spat

MUMBAI (NewsRise) -- Asian stocks outside of Japan edged higher on Friday as gains in crude oil producers and Chinese property developers helped offset renewed worries over the U.S-China trade stand-off. Samsung Electronics declined after projected March revenues missed expectations.

The Nikkei Asia300 Index advanced 0.4% to 1,415.43. Hong Kong-shares of CNOOC climbed 2.2%, China Petroleum & Chemical (Sinopec) added 2.6%, and PetroChina closed 1.1% higher, buoyed by overnight advances in their U.S. counterparts. The S&P 500 Energy Index closed 1.8% higher.

Samsung Electronics fell 0.7% after projecting revenues of 60 trillion won ($56.4 billion) for the March quarter, lower than the 61.4 trillion won forecast by analysts polled by Reuters. The world's biggest memory chip maker estimated a 50.5% jump in net profit for the quarter, exceeding expectations.

Investor focus on Friday was once again on the U.S.-China trade spat after President Donald Trump released a statement, urging the U.S trade representative body to consider $100 billion of additional tariffs. Trump expressed unhappiness over Beijing's planned tariffs on U.S. products, calling them "unfair retaliation." On Wednesday, Beijing had said that it plans to levy duties on more than 100 U.S. products after Washington released a list of Chinese products that it proposes to impose import tariffs on.

Among other movers on Friday, Hong Kong-shares of China Vanke added 2.2% and China Overseas Land & Investment advanced 0.4%. The gains came after mainland property developer Sunac China rose 1.2% following a 38% increases in March contracted sales.

Singapore Exchange rose 0.7% after saying daily average securities turnover was up 4% on-year in March and total derivatives volume increased 11%.

Samsung Heavy Industries gained 1%. Samsung Electronics, which owns about 17% of Samsung Heavy, said on Friday that it will participate in the 1.4 trillion-won rights issue of the shipbuilder, buying 204 billion won worth of shares.

In country indexes complied by Nikkei, Hong Kong closed 1% higher. South Korea declined 0.5%, while India advanced 0.3%. Markets in China, Taiwan, and Thailand were closed on Friday.

The Nikkei Asia300 ASEAN Index of Southeast Asian companies ended 0.2% higher.

--Nimesh Vora

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