Asian Stocks Rise in First Trading Day of 2017 After China Databy
Most regional markets start first trading day of 2017
Singapore’s fourth quarter economy grew more than estimated
Asian equities outside Japan rose the most in three weeks as most regional markets started their first trading day of the year. The broader regional gauge halted two years of annual losses in 2016. Japan, New Zealand and Thailand are closed for holidays.
The MSCI Asia Pacific Index excluding Japan Index gained 0.4 percent at 3:44 p.m. in Hong Kong as a private manufacturing gauge showed strength in China’s economy. The gauge is set for its sixth day of gains, its longest winning streak since September. The Shanghai Composite Index climbed 1 percent with consumer shares leading the rally; the gauge tumbled 12 percent in 2016, its biggest annual loss in five years. South Korea’s Kospi Index increased the most in three weeks as transport equipment companies led gains. Singapore’s Straits Times Index reversed earlier declines as the nation’s economy expanded more than economists expected in the fourth quarter.
“Attention to be on China’s Caixin PMI and Singapore’s December manufacturing PMI for the local market today,” Jingyi Pan, a market strategist at IG Asia Pte. “A year ago, the Chinese markets kept everyone on their toes. A year later, the outlook certainly appears to be more optimistic though we may have to bring back the catchphrase of ‘cautious optimism’ going into the new year as we search for clarity.”
- Australia’s S&P/ASX 200 Index closed 1.2% higher Tuesday, advancing for the third time in four days. Australia & New Zealand Banking Corp. rose to a 17-month high after announcing it sold a 20 percent stake in Shanghai Rural Commercial Bank for A$1.84 billion ($1.32 billion).
- Shanghai Composite +1% and Shenzhen Composite +0.9%; Hong Kong’s Hang Seng Index +0.7%
- South Korea’s Kospi Index +0.9%; Philippine Stock Exchange Index +0.3%; India’s S&P BSE Sensex Index +0.2%; Vietnam’s VN Index +1.1%
- West Texas Intermediate crude +0.5% as output cuts by Kuwait signaled OPEC and other producing nations started trimming production to stabilize the market
- S&P 500 Index futures advanced 0.5% in most recent trading
- Malaysia’s FTSE Bursa Malaysia KLCI Index -0.5%; Indonesia’s Jakarta Composite Index -0.5%
For more Asia stock markets news:
Singapore GDP Growth Accelerates to More Than Three-Year High
ANZ Bank to Sell Shanghai Rural Stake for A$1.84 Billion
China’s Factories and Services Cap Year of Gains as Prices Surge