Asia Stocks Swing as Energy Firms Rise, Technology Shares SlideBy
Oil extends longest rally this year as U.S. drilling slows
China’s private PMI gauge beats estimates indicating growth
Asian shares kicked off the second half of the year swinging between gains and losses, as energy producers advanced on oil’s rally and technology shares tracked declines of their U.S. peers.
The MSCI Asia Pacific Index slipped 0.2 percent to 154.29 as of 4:42 p.m. in Hong Kong, having gained about 14 percent this year and outperformed the MSCI World gauge. Japan’s Topix climbed 0.2 percent as machinery makers advanced on improving sentiment. Hong Kong’s Hang Seng Index added 0.1 percent.
Asian equities are taking a breather from its world-leading 2017 growth as investors gauge China’s economic health and the pace of U.S. rate hikes. Oil extended its longest rally this year with U.S. drilling slowing.
The MSCI Asia Pacific Energy Index advanced 0.4 percent, while the region’s technology gauge lost 0.4 percent, dropping in four of the last five trading days. The Nasdaq 100 Stock Index retreated 2.7 percent last week for its biggest weekly loss since November 2016.
- Topix +0.2%, Nikkei 225 +0.1%
- Hang Seng Index +0.1%, Hang Seng China Enterprises Index +0.5%; Shanghai Composite Index +0.1%; Taiex +0.2%
- China Caixin PMI exceeded estimates in June, adding to evidence of growth momentum
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- Sensex Index +0.9%, Nifty 50 Index +0.8%
- Australia’s S&P/ASX 200 Index -0.7%
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- Kospi +0.1%, Kospi 200 Index +0.2%
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- Straits Times Index little changed, FTSE Bursa Malaysia KLCI Index +0.1%, Philippine Stock Exchange PSEi Index +0.3%, SET Index +0.3%, Vietnam Ho Chi Minh Index +0.3%, Jakarta Composite Index +0.8%