/Asia-Pacific markets mixed as South Koreas Kospi sheds strong gains – CNBC

Asia-Pacific markets mixed as South Koreas Kospi sheds strong gains – CNBC

SINGAPORE — Stock in Asia-Pacific stocks were mixed, with South Korean stocks rising again on the back of big gains last week.

South Korea’s Kospi, which had a stellar start to 2021 as it jumped nearly 10% in the first trading week of the year, shed earlier gains as it declined about 1%.

Shares of automaker Hyundai Motor rose again on Monday following a local media report that the firm and Apple are set to sign a partnership deal on autonomous electric cars, according to Reuters.

Hyundai Motor shares soared 6.71% while Kia Motors also jumped more than 1%. Hyundai Mobis and Hyundai Glovis, however, fell more than 2% each. Shares of Hyundai Motor popped more than 19% on Friday following an initial report surrounding the Apple deal.

Mainland Chinese stocks dipped: The Shanghai composite declined 0.23% while the Shenzhen component shed 0.431%.

China’s producer price index fell 0.4% in December as compared to a year earlier, according to the country’s Bureau of Statistics. That was a smaller decline than the 0.8% fall expected in a median forecast of a Reuters poll. Meanwhile, China’s consumer price index rose 0.2% year-on-year in December, against expectations of a 0.1% increase in a Reuters poll.

Hong Kong’s Hang Seng index advanced 0.88%. Elsewhere, the S&P/ASX 200 in Australia declined 0.86%.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.23%.

Markets in Japan are closed on Monday for a holiday.

Delisting fears

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 90.425 after a recent rise from levels below 89.4.

The Japanese yen traded at 104.19 per dollar after weakening last week from levels below 103 against the greenback. The Australian dollar was at $0.7698 following levels above $0.78 seen last week.

Oil prices were lower in the morning of Asia trading hours, with international benchmark Brent crude futures down 1.16% to $55.34 per barrel. U.S. crude futures dipped 0.86% to $51.79 per barrel.

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