Precise Investors Editorial Team
Oil prices remained a key driver of sentiment, with Brent crude surging above $120 per barrel amid the ongoing closure of the Strait of Hormuz
Asian stocks dropped on Thursday as investors weighed a sharp surge in oil prices and mixed corporate earnings.
Nikkei 225 declined 1.4%, while the broader TOPIX index slipped 1.5%.
Shanghai Composite index traded largely flat, while Hang Seng slid 1.5%.
Oil prices remained a key driver of sentiment, with Brent crude surging above $120 per barrel amid the ongoing closure of the Strait of Hormuz.
KOSPI edged down 0.2% after hitting a record high of 6,750.27 points earlier in the day, boosted by Samsung Electronics’ strong results.
Samsung shares also hit a record high on Thursday, before reversing gains. It reported a record quarterly profit, driven by booming demand for AI-linked memory chips.
Economic data added to caution. Japan’s factory output dropped unexpectedly in March, signalling manufacturing fragility, while retail sales growth exceeded estimates.
In China, official data showed factory activity expanding for a second straight month, with the manufacturing purchasing managers’ index holding above the 50-mark, supported by stronger exports.
Elsewhere, U.S. stock market ended little changed overnight, while futures tied to the tech-heavy benchmarks rose in Asian trading on Thursday.
Tech stocks traded mixed, tracking uneven reactions to U.S. megacap earnings.
A Wall Street Journal report on Wednesday said the U.S. president is urging allies to join a “Maritime Freedom Construct” coalition to restore shipping through the strait, even as the country reportedly prepares for a prolonged blockade.
Investor sentiment was also shaped by the U.S. central bank’s latest decision to hold interest rates steady.
Chair Jerome Powell, in what is expected to be his final press conference as chair, warned inflation risks remain elevated due to rising energy prices, while signalling he will remain on the board as a governor.
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