Asian Shares Advance as Metal Stocks Climb; Drugmakers Declineby
Investors seek refuge in commodity stocks as Trump disappoints
Drugmakers drop on concerns of Trump’s stance on industry
Asian stocks extended their rally from a 10-week high as material and industrial stocks climbed. Japanese equities fell as strength in the yen weighed on exporters after a press conference by U.S. President-elect Donald Trump disappointed investors seeking details on his policies.
The MSCI Asia Pacific Index gained 1.1 percent as of 4:44 p.m. in Hong Kong. Nine of 11 industry groups advanced, led by a 1.9 percent surge in a measure for metal stocks. Japanese drugmakers dragged health-care stocks lower after Trump said he’d force the pharmaceutical industry to bid for government business.
“Investors failed to get clarity on his policies from last night’s press conference,” said Andy Ferdinand, head of research at PT Samuel Sekuritas Indonesia. “When the uncertainties rise, people tend to seek refuge in commodity-related stocks and dollar earners.”
Taiwan Semiconductor Manufacturing Co. gained 1.4 percent, providing the second-biggest boost for the Asia Pacific gauge after reporting better-than-expected earnings as demand for mobile chips rose.
- Nikkei 225 Index -1.2%, Topix -1% in Tokyo
- Hang Seng Index -0.5%; Hang Seng China Enterprise Index -0.1%, Shanghai Composite Index -0.6%
- New Zealand’s S&P/NZX 50 Index -0.1%; Australia’s S&P/ASX 200 Index -0.1%; South Korea’s Kospi index +0.6%; Taiwan’s Taiex index +0.7%
- Philippine Stock Exchange Index -0.8%; FTSE Bursa Malaysia KLCI Index +0.3%; Straits Times Index -0.1%, Jakarta Composite Index +0.1%; Thailand’s SET index little changed, India’s Sensex index +0.1%
For more Asia stock market news:
Japan Stocks Fall as Yen Gains on Signs of Trump Fiscal Letdown
Pimco Says China’s Next Market Shock May Be Yuan Free Float
Trump Snubs Russia, Ethics Concerns in News Conference