Asian equity benchmarks are trading mixed on Thursday, as the market struggles for a direction with the mounting tensions between US and China after the US asked Beijing to close its diplomatic consulate in Houston within the next 72 hours. Chinese foreign ministry spokesperson Wang Wenbin condemned the action and warned of retaliation if the US does not reverse its decision. In the firmer note, the National Association of Realtors released a report showing existing home sales rebounded at a record pace in June after three straight months of declines, signaling economic recovery better than expected. Japan's Nikkei is closed for National Sports Day. Among the Asian markets, Singapore, Hong Kong, Indonesia and Malaysia are higher. Bucking the trend, Taiwan, South Korea and China are sluggish.
Straits Times up by 18.72 points or 0.72% to 2,613.25,Hang Seng rose by 93.58 points or 0.37% to 25,151.52, Jakarta Composite widened by 43.76 points, 0.86% to 5,153.95, and FTSE Bursa Malaysia KLCI higher 10.45 points or 0.66% to 1,597.43.
On the flip side, Taiwan Weighted down 68.42 points or 0.55% to 12,404.85, KOSPI Index dipped by 20.02 points or 0.90% to 2,208.64, Shanghai slumped 39.62 points or 1.19% to 3,293.54.
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