Asian Stocks Rebound as Tencent Jumps on Earnings, Santos on Bid

Updated on
  • Chinese internet giant’s 3Q sales beat most bullish forecasts
  • Santos jumps the most in more than a year on takeover approach

SPQ Asia Capital Says Tencent's Fundamentals Very Strong

Asian equities climbed, snapping a four-day losing streak, as Tencent Holdings Ltd. led a rebound in technology shares.

The MSCI Asia Pacific Index climbed 0.8 percent to 169.08 as of 4:25 p.m. in Hong Kong, with technology and healthcare stocks leading gains. Japan’s Topix index closed 1 percent higher for its first advance in five days, while Hong Kong’s Hang Seng Index added 0.6 percent.

Asian traders are refocusing on improvements in corporate earnings after jitters over U.S. tax reform and China’s economic slowdown prompted some profit-taking earlier this week. Tencent was the biggest boost to the Asia-wide measure, rising 2.3 percent in Hong Kong after posting the fastest sales growth in seven years and beating the most optimistic analyst estimates.

Large companies like Tencent have helped bolster the market with strong earnings growth, even as concerns remain over the prospect of U.S. tax cuts, said Stanley Chik, research director at Bright Smart Securities in Hong Kong.

Santos Ltd. led gains on the MSCI regional index, surging 13 percent in Sydney for its highest close since August 2016, after saying it received a $7.2 billion takeover approach from a group led by a former Royal Dutch Shell Plc executive.


    Quotes from this Article
    Before it's here, it's on the Bloomberg Terminal.