Asian Stocks Rise as Health Stocks Offset Drop in Energy Sharesby
Japan stocks track U.S. shares lower as yen keeps strength
Intime Retail surges as Alibaba leads bid to take private
Asian stocks rose as gains in a gauge of health-care shares offset declines in energy companies after oil sank. Japan equities fell as as a stronger yen dimmed prospects for exporters.
The MSCI Asia Pacific Index gained 0.2% as of 4:40 p.m. in Hong Kong as 7 of 11 industry groups rose. The measure’s advance has been muted amid concerns U.S. President-elect Donald Trump’s promise to shrink a trade deficit with China will damage Asian economies.
“Some investors are betting that Trump’s news conference will give more clarity on his policies and will remove many of the uncertainties in the market,” John Teja, a director at PT Ciptadana Securities in Jakarta, said by phone. “That would be positive.”
Hong Kong equities gained as Alibaba Group Holding Ltd. leads a bid to take department store chain Intime Retail Group Co. private for as much as $2.6 billion. Japanese stocks fell with banks and exporters declining as the yen strengthened for a second day.
- Nikkei 225 Index -0.8%, Topix -0.7% in Tokyo; Otsuka Holdings Co. surges 8.7% to record high after being added to the Nikkei 225
- Hang Seng Index +0.8%; Hang Seng China Enterprise Index +0.6%; Intime Retail Group +36%, a record gain; Shanghai Composite -0.3%
- New Zealand’s S&P/NZX 50 Index +0.4%; Australia’s S&P/ASX 200 Index -0.8%; South Korea’s Kospi index -0.2%; Taiwan’s Taiex index +0.1%
- Philippine Stock Exchange Index +1.2%, most in Asia; FTSE Bursa Malaysia KLCI Index +0.1% Straits Times Index +0.6%; Thailand SET Index +0.5%; Indonesia’s JCI Index -0.3%; India’s Sensex Index +0.6%
For more Asia stock market news:
Asian Stocks Test Fibonacci Sequence After 2016 Recovery: Chart
Singapore Stocks Preferred to Philippines in Mean Reversion: CS
Alibaba-Led Bid Sends Intime Retail Soaring in Hong Kong: Chart
Japanese Stocks Track U.S. Shares Lower as Yen Keeps Strength