Asian Stocks Rise as Hong Kong Leads Advance; Japan Slips on YenBy
Healthcare, finance, information technology stocks rise most
Japan’s Topix fell as the yen strengthened for a second day
Asian equities rose, led by gains in Hong Kong, as investors look to Asia’s best-performing developed market this year amid earnings optimism and signs of an improving economy.
The MSCI Asia Pacific Index rose 0.4 percent to 145.11 as of 4:30 p.m. Hong Kong time, led by healthcare, finance and information technology stocks. Chinese banks listed in Hong Kong extended their gains after data showing record levels of new credit this week boosted confidence in the Chinese economy. Japan’s Topix fell as the yen rose against the dollar.
“In the last day or two we’ve seen a lot of international only funds move back into places like Hong Kong,” K2 Asset Management Ltd. fund manager James Soutter said. “Hong Kong looks very cheap and there is a number of good companies there that have structural growth characteristics,” he said.
- Hang Seng China Enterprises Index +0.2%, Hang Seng Index +0.5%, Shanghai Composite +0.5%
- Traders Bet on Bank of China Rally as Options Surge: Chart
- Topix falls 0.2%, Nikkei 225 -0.5% dragged by declines in Japanese auto stocks
- Australia’s S&P/ASX 200 +0.1% even as eight out of 11 subgroups fell; health stocks outperformed while telecom shares plunged
- South Korea’s Kospi -0.1%; Taiex -0.3%
- Straits Times Index +0.2%, Philippines Stock Exchange PSEi Index +1.5%; Jakarta Stock Exchange Composite Index -0.2%; S&P BSE Sensex Index +0.5%