Asia Stocks Outside Japan Rise as India Shares Rally on Modi WinBy
China shares advance as economy shows solid start to the year
India stocks surge after Modi’s better-than-expected poll win
Equities in most Asian countries rose, led by Indian shares that surged to a record after Prime Minister Narendra Modi won state elections. A gauge for Shanghai shares rose after data showed China’s economy started the year on firm footing.
The MSCI Asia Pacific excluding Japan Index rose 0.3 percent as of 5:37 p.m. Hong Kong time. Emerging equity markets climbed ahead of various central bank meetings this week including the Federal Reserve’s rate decision due Wednesday.
Industrial production in January and February rose a combined 6.3 percent while retail sales climbed 9.5 percent during the period, China’s National Bureau of Statistics said. A gauge for real estate stocks in the region rose 0.9 percent as the data showed home sales on the mainland rose 23 percent. There’s a more than 50% chance of MSCI China A-shares being included in the MSCI’s benchmark this year, Morgan Stanley said.
India’s Sensex Index climbed to its highest level in two years after Prime Minister Narendra Modi’s resounding victory in state elections boosted expectations for a continuation of his reform agenda.
Japan’s Topix index closed down 0.2 percent while the yen strengthened by 0.2 percent. The Bank of Japan is also due to meet later this week and is expected to leave rates and its yield curve policy unchanged. Toshiba Corp. rose 5.6 percent, erasing losses in the morning session after saying it’s considering selling a majority stake in its Westinghouse nuclear unit.
- Japan’s Nikkei -0.1%
- Australia’s S&P/ASX 200 little changed
- South Korea’s Kospi +0.8%, highest close since May 2015
- Hanon Systems +8.1% and Mando +3.2% after Intel agreed to buy Mobileye
- India’s S&P BSE Sensex Index +1.7%; NSE Nifty 50 Index +1.7% after earlier touching a record; ICICI Bank +6%, Sun Pharma +5.1% as says FDA to lift alert on Mohali facility
- Singapore’s Straits Times Index -0.1%; Jakarta Stock Exchange Composite Index +0.4%, Malaysia’s KLCI Index little changed; Thailand’s SET Index +0.5%