Asian Shares Mostly Higher Despite US-China Tensions

(RTTNews) - Asian stocks ended mostly higher on Thursday despite uncertainty about the global growth outlook and rising tensions between China and the United States.

Chinese and Hong Kong stocks fluctuated before closing higher ahead of an expected meeting between Taiwan's President Tsai Ing-wen and U.S. House Speaker Kevin McCarthy during former's transit to central America.

China warned of countermeasures, saying the planned visit "undermines peace across Taiwan Strait."

Investors also awaited Chinese manufacturing and service sector activity data for March, with analysts expecting some slowdown due to continued weakness in foreign demand.

China's Shanghai Composite index closed 0.65 percent higher at 3,261.25 on late session buying while Hong Kong's Hang Seng index closed 0.58 percent higher at 20,309.13.

Japanese shares ended modestly lower after three consecutive sessions of gains. The Nikkei average slipped 0.36 percent to 27,782.93 as many stocks traded ex-dividend. The broader Topix index settled 0.61 percent lower at 1,983.32.

Heavyweight SoftBank Group fell more than 2 percent after climbing over 6 percent in the previous session on Alibaba's business restructuring news.

Seoul stocks ended higher for a third day as market jitters about the global banking sector continued to ease. The Kospi average rose 0.38 percent to 2,453.16, led by chip stocks.

Samsung Electronics gained 0.8 percent and SK Hynix added 2.2 percent after Micron Technology, the largest U.S. maker of memory chips, issued a better-than-expected outlook for the fiscal third quarter.

Australian markets rose for a fourth straight session to hit over two-week high on expectations for a status quo on rates when the Reserve Bank meets next week on April 4.

The benchmark S&P/ASX 200 climbed 1.02 percent to 7,122.30 while the broader All Ordinaries index ended 1.06 percent higher at 7,312.40.

Buying was seen across the board, with mining, banking and technology stocks leading the surge.

Zip Co jumped 3.7 percent after the buy now, pay later company announced it would divest its businesses in Central and Eastern Europe and South Africa.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index rallied 1.67 percent to close at 11,933.17.

U.S. stocks showed a strong move to the upside overnight amid easing banking concerns. On the economic front, data showed both mortgage applications and pending home sales rose in February.

The tech-heavy Nasdaq Composite soared 1.8 percent after upbeat outlook from Micron Technology. The S&P 500 gained 1.4 percent and the Dow added 1 percent.