By Daniel Inman
HONG KONG -- Asian were mixed on Thursday, with gains in mining
stocks helping Australia touch a six-year high in early trade.
The S&P ASX 200 rose by as much as 0.8% to 5,561.10, putting
it marginally above its April peak of 5,554.5, as the market
reacted well to a strong overnight session in the U.S. that pushed
the Dow Jones Industrial Average (DJI) to close at a record
high.
The expiration of July index options inflated trading volume
early in Australia's trading day, and the market pared most of its
gains as the session progressed to end less than 0.1% higher at
5,522.40.
Strong U.S. earnings reports and corporate-deal activity helped
sentiment, as did comments from Federal Reserve Chairwoman Janet
Yellen that the central bank would keep interest rates low for an
extended time. But the lack of catalysts in Asia during the session
led many markets to end close to the breakeven mark.
Miners in Australia added to gains from the previous session,
the result of healthy production reports and better-than-expected
Chinese growth data for the second quarter. Fortescue Metals Group
added 1.8% and Rio Tinto was up 1.3%.
Also in Sydney, shares in Woodside Petroleum rose 0.6% after the
company said its sales revenue jumped 25% in the second quarter and
improved its production guidance.
Elsewhere in Asia, South Korea's Kospi gained 0.4% to 2,020.90.
Japan's Nikkei rose less than 0.1% to 15,370.26, while the yen
(USDJPY) was a touch stronger in Asian trade, last changing hands
at Yen101.51 to the dollar from Yen101.68 late Wednesday in New
York.
In China, stocks were mixed, with Hong Kong's Hang Seng Index
ending flat at 23,520.87, while the Shanghai Composite lost 0.6% to
2,055.59.
In Taiwan, Taiwan Semiconductor Manufacturing Co. fell 4.6% as
concerns about lost market share to rival Samsung Electronics
spurred profit-taking. The move comes after the world's largest
contract chip maker reported strong second-quarter results and an
optimistic third-quarter forecast, and shares still remain up 18%
year-to-date.
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