Asian Shares Rebound From Two-Day Loss After Trump Inaugurationby
Japanese equities break recent win streak as yen advances
Toshiba gains after reports on interest in chip-unit sale
Asian stocks gained, bouncing back from a two-day loss at the end of last week, led by a rise in technology shares. Japanese stocks fell for the first time in four days as the yen strengthened after Donald Trump was sworn in as U.S. president.
“Investors all over the world are still largely on wait-and-see mode to see if his words translate to action,” said Jeffrosenberg Tan, a director at PT Sinarmas Securities. “The uncertainties will increase and people will gauge the benefit of U.S. infrastructure expansion and the risk of trade wars, which will dictate the direction of commodities and global equities.”
The MSCI Asia Pacific Index gained 0.3 percent as of 3:35 p.m. in Hong Kong. Five out of 11 industry gauges increased. Oil held a two-day advance after OPEC and other producers agreed on a way to monitor compliance with last month’s deal to cut supply.
Toshiba Corp. shares climbed 9 percent, most on the Asian benchmark, after reports that the company’s plan to sell a stake in its chip unit is drawing attention from possible investors.
- Tech stocks lead advance; Samsung +2.3%, TSMC +2.2%, SK Hynix +3.4%
- Nikkei 225 Index -1.3%, Topix -1.2% in Tokyo
- Hang Seng Index little changed; Hang Seng China Enterprise Index +0.2%; Shanghai Composite +0.4%
- New Zealand’s S&P/NZX 50 Index +0.3%; Australia’s S&P/ASX 200 Index -0.8%; South Korea’s Kospi index little changed
- Philippine Stock Exchange Index +2%; FTSE Bursa Malaysia KLCI Index +0.4%; Straits Times Index +0.5%, Jakarta Composite Index little changed
For more Asia market news:
Too Much Ain’t Enough as Investors Jump Into Oil Market Rebound
Yen Weighs on Japan Shares; Asia Stocks Tip Gains: Markets Wrap
Beware the Hedge-Fund Wipeout in Treasuries as Bearish Bets Soar