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Mixed Thursday trade for Asian markets Japan's Nikkei breaks losing streak
(about 2 hours later)
Most Asian markets are off to a positive start on Thursday, tracking gains from Wall Street. Japan's Nikkei index rose, breaking a seven-day losing streak, despite the yen continuing to strengthen.
South Korea's Kospi index opened up 5 points, or 0.27%, to 1,976.68. Samsung shares are trading much higher, up by nearly 2%. The benchmark Nikkei 225 closed up 0.2% at 15,749.84, helped by a rebound in energy and healthcare stocks.
The company said it is expecting a 10% jump in operating profit for the first quarter period. But shares in exporters were hit as the dollar weakened to 108.78 yen, a 17-month low, with the US currency falling following the release of minutes from the Federal Reserve.
Over in Australia the benchmark S&P/ASX 200 was 0.4% higher in early trading, at 4,967.89. In China, the Shanghai Composite fell 32.65 points, or 1.1%, to 3,017.94.
Meanwhile, in Japan the benchmark Nikkei 225 is higher by 118 points, or 0.75%, at 15,830.40. This is a reversal from seven straight days of declines. Hong Kong's Hang Seng was trading higher despite falling in early trade. At midday the index was up 0.3% at 20,254.23.
It's a different picture in Hong Kong and China, where both markets are trading in the red. Chinese telecoms equipment maker ZTE - whose shares are listed in Hong Kong - slumped 14% at the start of the session as trading resumed for the first time since last month.
China's Shanghai Composite is down by 1%, or 33.5 points, at 3,017.22. That was when the US Commerce Department imposed export restrictions on the firm, for allegedly violating US export controls against Iran.
Over In Hong Kong, the Hang Seng is lower by 36 points at 20,167.72. But there are bigger falls for shares of ZTE which are listed in Hong Kong. They have fallen by 14% at the start of trade. ZTE's shares later recovered slightly to stand down 8.7% in afternoon trade.
Trading in shares of the Chinese telecom equipment maker have resumed for the first time since last month. That was when the US Commerce Department imposed export restrictions on the firm, for allegedly violating US export controls against Iran. South Korea's Kospi index pared earlier losses to close up 0.1% at 1,973.89.
US stocks rose overnight, as investors bought up shares of drugmakers and other health care firms. Samsung shares rose nearly 2% in early trade, after the company said it was expecting a 10% jump in operating profit for the first quarter period. However, Samsung's shares fell back and closed down 1.5%.
The buying spree followed news that US drugs giant Pfizer will walk away from a $160bn deal to takeover Dublin-based Allergan. Investors are now wondering if the American company will have to look at other drugs firms for a potential acquisition to help it grow the business. In Australia, the benchmark S&P/ASX 200 finished 0.4% higher at 4,964.10.
Share of energy-related companies also got a boost as the price of oil rebounded.