Asian Shares Resume Rally as Chinese Equities Jump in Hong Kongby
Hang Seng China Enterprises Index rises for a third day
Korea’s Kospi swings after Moon wins presidential election
Asian stocks rose as Chinese companies listed in Hong Kong advanced for the third consecutive day. South Korea’s benchmark gauge slipped from a record high after Moon Jae-in won the presidential election.
The MSCI Asia Pacific Index climbed 0.2 percent as of 4:56 p.m. Hong Kong time, paring Tuesday’s loss. The Hang Seng China Enterprises Index climbed 1 percent in Hong Kong as data showed consumer prices on the mainland increased 1.2 percent in April, more than economists predicted. Producer prices also advanced but the 6.4 percent gain was less than expected. Shanghai Composite reversed an earlier gain to close 0.9 percent lower.
In Seoul, the Kospi Index fell 1 percent after rising as much as 1.3 percent earlier in the day. Moon’s victory will help reduce political uncertainties in the country and may bring further gains to the stock market, equity analysts and investors say. Political observers are less sanguine, saying they expect both domestic and international challenges for the new president, such as a divided parliament and North Korea’s nuclear ambitions.
- Japan’s Nikkei 225 +0.3% higher at 19,900.09; Topix +0.2%
- A $210b Rally Woos Top Fund as Nikkei Flirts With 20,000
- Tokai Carbon +14%, Mitsubishi Motors Corp +9.3%, Minebea Mitsumi +7.3%
- Sensex +0.9%
- Australia’s S&P/ASX 200 +0.6%; S&P/NZX 50 +0.2%
- Shanghai Composite Index -0.9%, CSI 300 -0.4%
- Hang Seng Index +0.5%
- Philippines Composite Index-1.6%, Jakarta Composite Index -0.8%
- India’s Sensex +0.9% to a record
- Indian Shares Rise to Fresh Record on Monsoon Rain Forecast