Asia opens flat after OPEC extends output cut

Stocks in Asia were mixed at the open on Friday, after major oil producers agreed to extend output cuts for an additional nine months at an OPEC meeting in Vienna yesterday.

The Nikkei 225 edged lower by 0.06 percent while the Kospi added 0.07 percent in early Friday trade. The Kospi is trading at an all-time high and in its sixth consecutive session of gains.

Down Under, the S&P/ASX 200 dipped 0.1 percent, driven by its materials sub-index which was 0.32 percent lower.

The Aussie dollar traded lower against the dollar after breaching the USD 0.75 handle yesterday. The Aussie traded at USD 0.7454 at 8:00 a.m. HK/SIN.

Stocks on Wall Street closed higher following strong gains in tech stocks, with the Nasdaq rising 0.69 percent or 42.23 points to close at 6,205.26. US markets will be closed for a long weekend due to Memorial Day next Monday.

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