Fri, March 29, 2024

Stocks in Asia Were Mixed on the Last Day of March

Stocks and oil prices

Stocks in Asia-Pacific were mixed on the last day of the month as oil prices dropped sharply.

In the afternoon of Asia trading hours, Brent crude futures declined 3.48% to $109.50 per barrel. U.S. crude futures fell 4.23% to $103.26 per barrel.

U.S. President Joe Biden’s administration is closely monitoring the situation. His administration is considering a plan to release 1 million barrels of oil per day from the strategic petroleum reserve for about six months. Global oil prices jumped in volatile trade since the Russian Federation invaded Ukraine in February.

Mainland Chinese stocks declined on the last day of March. The Shanghai composite declined 0.44% to close at 3,252.20. The Shenzhen component dropped 1.187% to end its trading day at 12,118.25.

Chinese factory activity shrunk in March based on the information taken from the official data released on Thursday. Notably, the country’s official manufacturing Purchasing Managers’ Index for March came in at 49.5, lower than February’s reading of 50.2. People should take into account that the 50-point mark in PMI readings separates growth from contraction. 

The official data comes after an independent survey by China Beige Book showed the country’s factories were hit harder in the first quarter than last year. The world’s second-largest economy is trying to cope with its most severe Covid-19 outbreak since the pandemic began.

Stocks around the region 

In Hong Kong, the Hang Seng index declined 0.66%, as of its final hour of trading. Hong Kong-listed shares of Baidu dropped more than 3%. Its shares fell after the U.S. Securities and Exchange Commission (SEC) added Baidu to its list of companies potentially facing delisting from U.S. exchanges.

Japanese stocks declined on Thursday. The Nikkei 225 declined 0.73% to 27,821.43. The Topix index fell 1.08% to end its trading day at 1,946.40. South Korea’s Kospi gained 0.4% to close at 2,757.65.

In Australia, the S&P/ASX 200 dropped 0.2% to 7,499.60. 

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