China Banks, Japan Autos Lift Asian Shares to Second Weekly Gain

(Bloomberg) -- Asian equities rose as Chinese financials gained ahead of earnings next week and Japanese automaker shares advanced after the yen slipped against the dollar.

The MSCI Asia Pacific Index added 0.2% to 160.35 as of 4:26 p.m. in Hong Kong, heading towards its second consecutive weekly increase. The Hang Seng China Enterprises Index was the region’s biggest gainer, boosted by financial firms including Industrial & Commercial Bank of China Ltd. PetroChina Co. climbed after pledging to pay shareholders its entire half-year net income. Japan’s Topix rose, buoyed by Toyota Motor Corp. as the yen weakened against the dollar. India’s markets are closed for a holiday.

“It’s more of a China-led rally,” said James Soutter, a fund manager at K2 Asset Management in Melbourne. Other than financials, there have also been good results from the large oil companies in China and a Chinese property rally, he said.

China Banks, Japan Autos Lift Asian Shares to Second Weekly Gain

Summary

  • Japan’s Topix +0.3%, Nikkei 225 +0.5%
    • Japan Shares Rise as Autos, Banks Climb Ahead of Jackson Hole
  • Hang Seng Index +1.2%, Hang Seng China Enterprises Index +2.2%
    • China H Shares Head for Best Week in 13 Months, PetroChina Leaps
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  • Shanghai Composite Index +1.8%, Taiwan’s Taiex Index +0.3%
  • Kospi Index +0.1%, Kospi 200 Index +0.2%
  • Australia’s S&P/ASX 200 Index little changed, New Zealand’s NZX 50 -0.1%
  • Singapore’s Straits Times Index -0.4%, FTSE Bursa Malaysia KLCI Index -0.5%, Jakarta Composite Index +0.3%, Vietnam’s VN Index +0.2%; Thailand’s SET Index little changed
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