Asian Shares Resume Rally as Chinese Equities Jump in Hong Kong
Asian Shares Resume Rally as Chinese Equities Jump in Hong Kong
(Bloomberg) -- 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.
SUMMARY
- 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%
- Australia Focuses on Infrastructure as Growth Doubts Linger
- Aussie Poised to Test Year’s Low Versus Kiwi as Rally Reverses
- Shanghai Composite Index -0.9%, CSI 300 -0.4%
- Xi’s New Silk Road Forum Sets Chinese Tone for Globalization 2.0
- Fear Factor Triggers Split Between China, U.S. Stocks: Chart
- 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
To contact the reporter on this story: Moxy Ying in Hong Kong at yying13@bloomberg.net.
To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Margo Towie