Asian shares mixed, Seoul up after Park impeachment affirmed

Asian shares mixed, Seoul up after Park impeachment affirmed

By Youkyung Lee, Associated Press | Posted - Mar. 9, 2017 at 9:14 p.m.

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SEOUL, South Korea (AP) — Shares were mixed in Asia on Friday as a weaker yen pushed Tokyo's benchmark higher. South Korea's Kospi edged higher after the Constitutional Court decided to remove the country's president for the first time in history.

KEEPING SCORE: Tokyo's Nikkei 225 jumped 1.3 percent to 19,575.34 and South Korea's Kospi added 0.2 percent to 2,095.64. Hong Kong's Hang Seng index was flat at 23,499.33 and the Shanghai Composite Index also was almost unchanged at 3,215.88. Australia's S&P/ASX 200 gained 0.6 percent to 5,772.50. Stocks in Taiwan, Singapore and other Southeast Asia were lower.

IMPEACHED KOREAN LEADER: The Constitutional Court in South Korea unanimously upheld the parliament's impeachment of President Park Geun-hye in a verdict that was broadcast live across Asia Friday. The verdict sets the stage for a presidential election in two months. Shares rose overall but EG Corp., a company owned by Park's younger brother, fell as much as 20 percent after the verdict, while other shares thought to be related to opposition party presidential contenders jumped.

U.S. JOBS: The U.S. government is due to issue the February jobs report later Friday. Analysts have forecast that American employers added 186,000 jobs, and the unemployment rate slipped to 4.7 percent from 4.8 percent the month before. The Federal Reserve opt for faster rate hikes if it sees another month of strong labor data figures, said Jingyi Pan, a market strategist at IG in Singapore.

ANALYST'S VIEWPOINT: The U.S. non-farm payroll numbers are "the last piece of the puzzle which will determine the Fed's rate hike decision next week," said Margaret Yang Yan, a market analyst at CMC Markets in Singapore.

WALL STREET: U.S. stocks finished nearly flat Thursday. The Standard & Poor's 500 index picked up edged 0.1 percent higher to 2,364.87. The Dow Jones industrial average was flat at 20,858.19 and the Nasdaq composite also was steady, at 5,838.81.

OIL: Benchmark U.S. oil added 33 cents to $49.61 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1, or 2 percent, to close at $49.28 on Thursday. Brent crude, the international standard, gained 31 cents to $52.50 in London.

CURRENCIES: The dollar rose to 115.20 yen from 114.96 yen. The euro rose to $1.0595 from $1.0577.

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Youkyung Lee


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