Asian Stocks Pare Gains on Stronger Yen Even as China Ralliesby
Japanese stocks erase gains after yen rose against USD
Shanghai Composite Index rises for first time in three days
Asian shares pared earlier gains on Wednesday, dragged down by declines in Japanese stocks as the yen strengthened against the dollar.
The MSCI Asia Pacific Index was little changed at 135.34 as of 4:55 p.m. Hong Kong time after rising as much as 0.4 percent. China’s market rebounded after an authority said it will push forward with policy changes for state-owned enterprises. The Shanghai Composite Index outperformed all Asian markets in its first advance in three days.
China’s State-owned Assets Supervision and Administration Commission said on Tuesday that it will step up mixed-ownership reform trials in civil aviation, telecom, and defense industries, allowing private investors to buy SOE assets.
- The Hang Seng China Enterprises Index +0.7%; Shanghai Stock Exchange Composite Index +1.1%; Hong Kong’s Hang Seng Index +0.6%, snaps four-day decline; Shenzhen Stock Exchange Composite Index +0.7%
- The Topix Index fell 0.5 percent to close at 1,544.94; Trading volume on the Topix was 15% lower than the 30-day average, with the year-end approaching
- Australia’s benchmark index rose by 0.4% to 5,613.47 at close; “This could open up a move into 5,700, perhaps even 5,730 by year-end,” IG chief market strategist Chris Weston said
- Oil extended its advance after an industry report showed U.S. crude stockpiles declined last week, trimming an inventory overhang
- Other markets: South Korea’s Kospi -0.2%; Singapore’s Straits Times Index +0.1; New Zealand’s benchmark gauge +0.2%; Sensex +0.3%
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