Asian Stocks Rise as Hong Kong Shares Trade Near One-Month Highby
Japan markets closed for a holiday while Singapore shares gain
Stocks outside Japan extend gains after best week since Sept.
Asian equities outside Japan rose after capping their best week in three months, buoyed by Hong Kong and Singapore shares.
The MSCI Asia Pacific excluding Japan Index fluctuated before gaining 0.1 percent as of 4:39 p.m. in Hong Kong; five out of 11 industry groups fell, led by a gauge of material stocks, while real estate shares advanced. Hong Kong stocks gained, buoyed by casino operators and PetroChina Co. Singapore’s Straits Times Index rallied for a fifth day to the highest level in more than a year. Taiwan’s Taiex index fell for the first day in six ahead of a report that showed exports rose 14 percent in December, the most in almost four years. Japan was closed for a public holiday.
Asian equities were subdued after a rally in the first week of 2017 as optimism about the U.S. economy didn’t extend into the region even with the U.S. benchmark S&P 500 Index closing at a record for the first time since Dec. 13.
“For Asia, it is a quiet day with only Taiwan’s trade data due,” writes Jingyi Pan, a market strategist at IG Asia Pte, in a note Monday. “My immediate focus would be with the set of Chinese data due on Tuesday, including the December consumer and producer price index.”
- New Zealand’s S&P/NZX 50 Index closed +0.6%, highest level since Oct. 17, and Australia’s S&P/ASX 200 Index +0.9%; South Korea’s Kospi index little changed
- Hong Kong’s Hang Seng Index +0.3%, the Hang Seng China Enterprises Index -0.1%; Shanghai Composite +0.5%
- Petrochina +2.3% to Nov. 2015 high in Hong Kong on expectations of more reforms in China’s energy sector, says Bernstein analyst Neil Beveridge
- Galaxy Entertainment +4.3%, leading casino operators gains as China’s capital controls are seen to aim at foreign investments instead of tourism spending
- Indonesia’s Jakarta Composite -0.6%; Malaysia’s FTSE Bursa Malaysia KLCI Index -0.3%; Thailand’s SET Index -0.4%; India’s S&P BSE Sensex Index +0.1%
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