Asian Shares Rise Second Day as South Korea, Hong Kong Gain

  • South Korea’s Kospi erases yesterday decline, sets new record
  • SHCOMP reverses loss before market close; HSI extends rally

Equity markets rallied across Asia, with South Korean shares rebounding to a new record and Shanghai stocks reversing an earlier loss.

The MSCI Asia Pacific Index rose 0.3 percent as of 5:09 p.m. Hong Kong time. South Korea’s Kospi erased yesterday’s decline, helped by a rally in the nation’s display equipment makers. New Zealand was also among top performing markets, with the S&P/NZX 50 Gross Index rising 0.9 percent to an 8-month high, while India stocks hit fresh records.

China’s Shanghai Composite Index reversed losses to close 0.3 percent higher, while the Hang Seng Index climbed 0.4 percent to a 22-month high. China’s state-backed institutions have set aside funds to ensure stable trading in Hong Kong’s stock market before the 20th anniversary of Hong Kong’s 1997 handover, according to people with direct knowledge of the matter.

SUMMARY 

  • Japan’s Nikkei 225 +0.3%; Topix +0.1% 
  • Australia’s S&P/ASX 200 little changed
  • Shanghai Composite Index +0.3%, Taiex +0.3%
    • AAC Falls 10 percent as short seller Gotham questions profit
    • Huaneng Renewables falls 5% after placement
    • SMIC drops 2.8% after 2Q guidance, CEO change
    • This China Credit Tightening Is Different Than August 2015: SGH
    • MSCI China Passes New Milepost as Valuations Top Mainland Shares
    • Chinese Investors Seek Protection in Hong Kong Equities: Chart
  • Kospi +1.2%
  • Straits Times Index +0.5%, Kuala Lumpur Composite Index +0.5%
    • Noble Group Relies on Costly Capital as Trader’s Options Narrow
    • Largest Port Operator in Malaysia Seeks Growth Via Deals
  • Philippines Composite Index +0.3%, Thailand’s SET Index -0.6%, India’s Sensex Index +0.2% to a record
    • India Stocks Hit Fresh Record Highs Amid Foreign Investor Buying
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