Asia equities climb despite blow from lower oil prices

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Equity markets throughout the Asia Pacific region were gaining on Thursday, tempered somewhat by further losses from energy stocks, which fell in the morning session after a Wednesday drop in crude oil prices.

In Sydney a 1.1 per cent drop by the energy segment offset gains in other sectors to leave the S&P/ASX 200 index up just 0.3 per cent.

Tokyo’s Topix index was up 0.5 per cent as financials climbed 1.8 per cent but energy stocks dropped 0.9 per cent. Shares in Canon were up as much as 4.1 per cent following reports that the Japanese camera and imaging company’s operating profit likely doubled in the first quarter.

In Hong Kong the Hang Seng index was up 0.3 per cent as energy shares dipped 0.7 per cent. Shares in Chinese tech company Tencent were up as much as 1.9 per cent despite news that the company was shutting down a function of its popular WeChat social network allowing users to tip content creators through their iPhones, a move the company said was made to comply with Apple policies on in-app purchases.

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