An uncertain start for some Asian stock markets following Thursday’s drubbing evolved into broad gains Friday as trading progressed — with the notable exceptions of Japan and China. Still, the region will post big weekly declines absent a huge move higher by the day’s end.
Japan’s morning declines have persisted, with the Nikkei NIK, -0.31% seeing a 0.3% drop. Insurers and energy stocks were notable decliners following fresh overnight declines in bond yields and oil prices. Dai-ichi Life 8750, -2.74% was down 4.3%, in line with yesterday’s skid, while oil distributor JXTG 5020, -0.85% dropped a further 1%.
Chinese stocks, weak early after their worst day in 2½ years, just slid to session lows following the release of September trade data. The Shanghai Composite SHCOMP, -0.12% is down 0.5% and the Shenzhen Composite 399106, -0.80% was off 1.4%.
Hong Kong stocks opened broadly higher after yesterday’s beatdown, to be one of Asia’s better early performers. The Hang Seng HSI, +1.18% was up 0.5% after a 17-month closing low Thursday. A technical indicator suggests the Hang Seng’s finish Thursday put the index at its most-oversold level since the start of 2016. After a record 10 straight drops, Tencent 0700, +5.09% was up nearly 4%. Meanwhile, insurer AIA 1299, +2.23% gained 1.5%.
Benchmark indexes in New Zealand NZ50GR, +1.40% , South Korea SEU, +1.44% and Taiwan Y9999, +1.99% , all of which saw their worst days in at least 7 years yesterday, rose some 1% each. Indexes in Singapore STI, +0.19% and Malaysia FBMKLCI, +0.79% also rose, while Australia’s ASX 200 XJO, +0.01% was about flat.
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