Asian Shares Pare Weekly Losses, H.K. Stocks Spike Short-LivedBy
HSI, HSCEI spiked on report of China cutting RRR for 5 banks
Telecom and industrial stocks outperform other sectors
Asian stocks fluctuate within narrow ranges as investors await U.S. President-elect Donald Trump’s inauguration.
The MSCI AC Asia Pacific Index gained 0.1 percent, paring its first weekly decline in 2017. China’s Shanghai Composite index rose the most in more than two weeks as China’s gross domestic product accelerated for the first time in two years in the fourth quarter of 2016. Hong Kong’s Hang Seng Index and Hang Seng China Enterprises Index had short-lived spikes before holding losses after a report that China cut the reserve ratio requirement for five major banks.
Japan’s Topix closed 0.4 percent higher even as the yen strengthened versus the dollar after Federal Reserve Chair Janet Yellen said the Fed backs gradual rate rises. India’s Sensex dropped the most in 2 weeks, led by lenders and metalmakers.
- Yen strengthens to 114.76/USD as dollar slides
- Lotte Confectionery +10%, Lotte Shopping +5.1%; Lotte Group stocks will review various options to restructure itself into a holding company
- Hang Seng Index -0.5%, HSCI -0.5%, HSCEI -0.6%
- Shanghai Composite +0.7%, Shenzhen Comp +1.5%, CSI 300 +0.8%
- ASX 200 -0.7%
- Kospi -0.3%
- Straits Times Index +0.2%
- KLCI little changed
- TWSE +0.1%
- SET Index +0.4%
- Philippines Composite -0.2%
- Jakarta Composite Index -0.8%
- VNI Index +0.6%
- NZ Top 50 -0.2%
- Brent futures +0.3% to $54.35/bbl