Asia Stocks Cautious, Oil Price Holds Above $50

Asia stocks cautious, oil price holds above $50

HONG KONG, (UrduPoint / Pakistan Point News - 19th Augst,2016) : Asian stock markets were cautious Friday even after gains on Wall Street and as oil entered a bull market. The US and Europe had given the region a positive lead, supported by a dovish outlook for US interest rates and some healthy post-Brexit data in Britain.

The oil price also continued its upward trend overnight, with Brent crude holding above $50 a barrel on official data showing lower US crude stockpiles and hints of a possible production freeze. Tokyo finished 0.4 percent up, after a day of see-saw trading -- having edged into negative territory at the break. The Yen had eased somewhat against the Dollar, supporting automakers such as Toyota and Honda.

A weaker Currency is a plus for Japan's exporters, as it boosts the overseas profitability of exporters.

Sydney rose 0.3 percent while Shanghai and Wellington were also slightly up. But Hong Kong slid 0.2 percent by the close, with casino companies Sands China and Galaxy Entertainment plunging 4.4 and 3.1 percent respectively.

- Key figures at 0830 GMT - =========================== Tokyo - Nikkei 225: UP 0.4 percent at 16,545.82 (close) Shanghai - Composite: UP 0.1 percent 3,108.10 (close) Hong Kong - Hang Seng: DOWN 0.2 percent at 22,984.14 (close) Euro/dollar: DOWN at $1.1308 from $1.1354 Thursday Pound/dollar: DOWN at 1.3116 from $1.3170 Dollar/yen: UP at 100.17 from 99.94 yen New York - DOW: UP 0.1 percent at 18,597.70 (close) London - FTSE 100: DOWN 0.2 percent at 6853.22