Asia Stocks End Six-Day Loss as U.S. Shares, Oil Boost SentimentBy
Japan, China shares little changed; yen weakens for second day
Philippine stocks gain most in Asia, followed by Indonesia
Asian equities rose after a post-holiday gain in U.S. stocks and oil near a 17-month high helped bolster sentiment. Australian, Indonesian and Philippine shares climbed.
The MSCI Asia Pacific Index advanced 0.4 percent to 134.77 at 3:30 p.m. in Hong Kong, ending a six-day drop that was the longest slump since September. Trading volume is less than 30 percent of the three-month average. Philippine Stock Exchange Index jumped as much as 2.8 percent, poised for the steepest advance since October. Indonesia’s stock gauge rose 2.1 percent, set for biggest two-day rally since February.
“Gains at the start of the week on Wall Street and the rally in crude oil prices have helped most Asian markets move into black this morning,” said Jingyi Pan, market strategist at IG Asia Pte Ltd. “Nevertheless, we again have the condition of low volume plaguing markets, which could see moves capped.”
- Shanghai Stock Exchange Composite Index -0.4%; Shenzhen Composite Index -0.4%; Hang Seng +0.9%; HSCEI +1.4%
- Japan stock gauges swung between gains and losses with a weaker yen supporting exporters; Australia’s S&P ASX 200 +1%, highest close in 16 months
- Toshiba -20%, plunging by limit and following 12% drop on Tuesday, to become the biggest drag on MSCI Asia Pacific Index; the company said it may have to write down billions of dollars related to an acquisition
- Sharp +9.7%, highest close since April 2015 in three-day advance; Pakuwon Jati Tbk +6.9%; Matahari Department Store +6.4%
- Crude -0.2%, trading near highest since July 2015
- Other markets: South Korea’s Kospi -0.9%, on ex-dividend date; Taiwan’s Taiex +1%; Singapore’s Straits Times +0.3%; Sensex +0.5%; New Zealand’s S&P/NZX 50 Index little changed
For more Asian stock market news:
Japan’s Topix Plays Catch-Up With Mothers as Foreigners Return
No Happy New Year in China as Currency, Liquidity Fears Loom