Asian stocks mixed after Wall St ends 2021 with big gain

Asian stock markets are on 2022′s first trading day after Wall Street ended last year with a double-digit gain

South Korea Financial Markets

Asian stock markets were mixed Monday on 2022′s first trading day after Wall Street ended last year with a double-digit gain.

Hong Kong retreated while Seoul gained. Markets in Japan, China and Australia were closed.

Wall Stree ’s benchmark S&P 500 index slipped Friday amid lingering worries about the coronavirus’s omicron variant but ended 2021 with an annual gain of 26.9%.

“It remains to be seen to what extent the optimism of the New Year will be reflected in financial markets,” said Venkateswaran Levanya of Mizuho Bank in a report.

The Hang Seng in Hong Kong lost 0.3% to 23,332.13 while Seoul’s Kospi rose 0.3% to 2,987.29.

Singapore, Jakarta and Malaysia advanced. Thai markets were closed.

Also Monday, Singapore’s government announced its economy grew by 7.2% last year, rebounding from the previous year’s 5.4% contraction.

On Friday, the S&P 500 slipped 0.3% to 4,766.18. The Dow Jones Industrial Average slid 0.2% to 36,338.30. The Nasdaq fell 0.6% to 15,644.97.

In energy markets, benchmark U.S. crude rose 40 cents to $75.61 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.78 on Friday to $75.21. Brent crude, the price basis for international oils, gained 35 cents to $78.13 per barrel in London. It lost $1.75 the previous session to $77.78 per barrel.

The dollar advanced to 115.28 yen from Friday’s 115.09 yen. The euro declined to $1.1344 from $1.1383.