Asian markets trade flat; Shanghai Composite index up ~1%

Asian markets opened in the negative territory in early trading and is trading flat now. Elsewhere in Asia, New Zealand, Indonesia are modestly lower, while Singapore and Taiwan are edging lower. Hong Kong and Malaysia are higher, while the Shanghai Composite index is up nearly 1%.

On the international front, the media reports said that China’s industrial firms grew at the fastest pace in eight months in November. Industrial profits in November rose 5.4% from a year earlier to 593.9 bn yuan ($84.93 bn), compared to a 9.9% drop in October.

On the economic front, Japan will see October numbers for vehicle production today.

Oil stocks are weak after crude oil prices edged higher Friday. Oil Search is declining more than 1%, while Santos and Woodside Petroleum are losing almost 1% each.

The Japanese market is extending losses from the previous session in the last trading day of the year in Japan, following the lacklustre cues from Wall Street Friday. Trading volume remained thin ahead of the New Year holidays.

Markets in Japan and South Korea will remain closed tomorrow, on New Year’s Eve. Australia, Hong Kong and Singapore will close early by around mid-day.

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