SEOUL: The few Asian stock markets that were trading Friday were mixed, with Tokyo shares up and stocks in Seoul and Shanghai nearly flat. Financial markets in Australia, Hong Kong, Singapore, Indonesia and India were closed for the Good Friday holiday.
Japan's Nikkei 225 rose 0.5 percent to 16,971.83. South Korea's Kospi was flat at 1,985.46. China's Shanghai Composite Index traded 0.1 percent higher at 2,963.26.
Chinese Premier Li Keqiang said on Thursday at an annual forum in China that the country will maintain medium-high growth and it has many tools to turn the economy around. Chinese leaders have set an economic growth target of 6.5 to 7 percent for this year.
"Although by most standards the market is running quiet, a recent shift in global investor sentiment has been beneficial for China," Stephen Innes, senior foreign exchange trader at OANDA Asia Pacific, said in a daily commentary. "The long-term prospects are still muddled however. Capital outflows will be a concern along with China's struggling economy."
The dollar rose after some Fed bank presidents earlier this week made public comments that suggested the pace of rate hikes might not be slowed after all. The dollar strengthened to 113.11 yen from 112.79 yen. The euro fell to $1.1161 from $1.1180.
Due to the Good Friday holiday, there were no settlements for crude oil futures. On Thursday, benchmark US crude fell 33 cents, or 0.8 percent, to close at $39.46 a barrel in New York. Oil prices closed lower again as concerns over excess supplies returned following the latest US stockpiles data. Brent crude, the benchmark for international oils, added 1 cent to $40.45 a barrel in London.
Asian stocks mixed in quiet trading
Asian stocks mixed in quiet trading
UAE non-oil business growth at 1-year high in February: PMI report
RIYADH: The growth of the non-oil private sector in the UAE ticked up to a 12-month high in February, driven by rapid increases in business activity and new work orders, an economic tracker showed.
In its latest Purchasing Managers’ Index report, S&P Global revealed that the UAE’s PMI rose to 55 in February from 54.9 in January.
Any PMI reading above 50 indicates expansion, while a reading below 50 reflects contraction.
The upturn of the non-oil private sector in the UAE aligns with the broader trend observed in the Gulf Cooperation Council region, where countries, including Saudi Arabia, are pursuing economic diversification efforts to reduce reliance on crude revenues.
In January, the Kingdom’s PMI stood at 56.3, the highest in the region, while Kuwait recorded a reading of 54.5.
“The UAE PMI signalled the strongest growth in non-oil business conditions for a year in February, with output increasing rapidly in response to strong inflows of new work. So far, the data points to an encouraging picture for the domestic economy in the first quarter of this year,” said David Owen, senior economist at S&P Global Market Intelligence.
According to the report, stronger output among non-oil sectors was driven by higher demand, successful contract wins, and growth in key sectors including construction, real estate, logistics, and technology.
Additional factors that contributed to this growth include rising tourist arrivals, the expansion of e-commerce channels, and growing demand for AI-related products.
While international orders also contributed to the expansion of the non-oil sector, the increase in export sales remained modest, suggesting that sales growth was mainly driven by domestic demand.
The analysis highlighted that employment numbers rose modestly in February, marking the largest uplift since last November.
UAE non-oil businesses successfully increased their inventories of purchased inputs for the second month running, supported by another rapid improvement in supplier delivery times.
Regarding the future outlook, non-oil firms in the UAE expressed optimism, although the level of confidence declined from the recent high in January.
“The outlook is positive, as demand has continued to pressure business capacity, suggesting additional expansions in output and employment may be necessary,” added Owen.
In the same report, S&P Global revealed that Dubai’s PMI slipped to 54.6 in February from 55.9 observed in January.
Rates of output and new order growth lost momentum, but remained sharp overall, with firms highlighting increased opportunities and new projects.
The release highlighted that demand was also lifted by various factors, including marketing activities, AI adoption, population growth and increased tourism.
