Asia Stocks Rise, Paced by Technology Shares; HK, Taiwan Advance
Asia Stocks Rise, Paced by Technology Shares; HK, Taiwan Advance
(Bloomberg) -- Asia technology shares led gains while commodity producers paced declines after U.S. equities halted a six-day rally and bond yields rose. Hong Kong’s benchmark climbed while Taiwan stocks, which resumed trading after the Lunar New Year holiday, climbed the most since September 2015.
The MSCI Asia Pacific Index rose 0.3 percent to 177.19 as of 4:42 p.m. in Hong Kong, after earlier sliding by the same magnitude. The S&P 500 lost 0.6 percent Tuesday while shorter-dated Treasuries fell after a heavy U.S. debt issuance. The Fed will today release minutes of its recent meeting, helping investors gauge prospects of interest rate rises.
“Investors are still generally cautious as rising bond yields and expectations of a U.S. rate hike will put volatility in the market," said Manny Cruz, analyst at Asiasec Equities Inc. in Manila. "Funds will continue to flow out of most markets in Asia as investors would prefer to hold on to cash while waiting for volatility to taper."
Except for net foreign inflows in Vietnam, Sri Lanka and China, international investors have been net sellers this month in most of Asia’s equities markets, withdrawing $14.4 billion so far in Japan, India, Indonesia, Malaysia, the Philippines, South Korea, Taiwan and Thailand.
Japan’s Topix index swung between gains and losses as banks and drugmakers fell, while exporters including automakers and technology shares advanced as the yen weakened for a fourth day. The Taiex jumped 2.8 percent in Taipei, with Taiwan Semiconductor Manufacturing Co. rallying 2.5 percent after it was raised to outperform at Credit Suisse Group AG.
Hong Kong stocks rebounded from Tuesday’s loss as trading on the mainland is scheduled to resume Thursday. Australia’s benchmark equities index was little changed, with BHP Billiton Ltd. sinking 4.8 percent after its first half profit missed analyst estimates. The Philippine Stock Exchange Index halted a five-day rally as Ayala Land Inc. lost 2.2 percent after UBS Group AG cut its rating to neutral.
Summary
- Topix index little changed; Nikkei 225 +0.2%
- Japan Stocks Waver as Yen Drop Counters Retail Investor Selling
- V Technology Jumps to Record High as Iwai Cosmo Sees More Growth
- Japan’s Stock Market Got You Confused? Try Analyzing Eyebrows
- Hang Seng Index +1.8%, fourth gain in five sessions; Hang Seng China Enterprises Index +2.3%
- Now’s a Good Time to Buy Chinese Equities on Dip, JPMorgan Says
- Hong Kong Traders Return to Recent Listings as Razer Surges 24%
- S&P/ASX 200 little changed; New Zealand’s S&P/NZX 50 +1.3%, most in three weeks
- Australian Stocks Little Changed as BHP Billiton, WiseTech Weigh
- BHP Profit Miss Weighs on Miner’s Shares Globally: Analyst Wrap
- Australia, New Zealand Stocks Fall on Results Miss: Asia Movers
- Kospi +0.6%; Kospi 200 +0.5%
- Korea Kolmar Surges; Shinhan Expects Synergy With CJ Healthcare
- SFA Engineering Climbs as Yuanta Flags Odds of Samsung OLED TV
- Taiex +2.8%, most since Sept. 2015
- TSMC Raised to Outperform at Credit Suisse as Business Shifts
- Straits Times Index +1.1%, Malaysia’s KLCI little changed, Jakarta Composite Index -0.5%; Philippine Stock Exchange Index -1.3%, halting 5-day rally; Thailand’s SET Index little changed; Vietnam’s VN-Index +2.6% after re-opening following the Lunar New Year holiday
- Morgan Stanley Upgrades Singapore Stocks, Cuts Philippines
- Singapore Stocks Break-Away Barrier May Prove Too Strong: Chart
- India’s S&P BSE Sensex +0.4%, NSE Nifty 50 Index +0.2%
- Indian Stocks Snap Three Days of Losses as Software Shares Climb
- A Strong Earnings Season May Not Be Good Enough for India Stocks
To contact the reporter on this story: Ian Sayson in Manila at isayson@bloomberg.net.
To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Margo Towie
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