News Column

Most of Asia gains Tuesday

June 24, 2014



Asian stocks ended mostly higher on Tuesday, and Japan's Nikkei Average nudged higher to hit another five-month high.

Japan'sNikkei 225 index inched forward 6.96 points, or 0.1%, to 15,376.24.

The Hang Seng Index in Hong Kong recovered 75.83 points, or 0.3%, to 22,880.64

Investors were waiting for Japanese Prime Minister Shinzo Abe to unveil a package of economic reform, known as the "third arrow" of Abenomics, after the market close.

The yen softened against the U.S. dollar, trading at 101.952 from 101.905 in the prior session.

In Japan, specialty steel maker Aichi Steel Corp. climbed 2.1%, and rival Daido Steel Co. advanced 1.4%. But auto makers suffered losses broadly, as Honda Motor declined 1.4% and Nissan Motor lost 1%. Toyota Motor dropped 0.3%.

In Hong Kong, Chinese banks rebounded, as China Merchants Bank Co. gained 1.9%, Bank of China rose 1.2%, and Bank of Communications tacked on 1%. However, oil stocks pulled back, with offshore oil and gas producer CNOOC retreating 1.5%, Sinopec down 0.8%, and PetroChina, the country's largest oil producer and distributor, off 0.4%.

In Australia, the biggest decliners in the banking sector included Australia and New Zealand Banking Group, down 1.1%, and National Australia Bank, down 0.8%.

CHINA

The Shanghai CSI 300 moved up 10.71 points, or 0.5%, to 2,144.82

The People's Daily, the official newspaper of China'sCommunist Party, carried a commentary Monday criticizing those who have "talked down" the outlook for China's real-estate market as having "ulterior motives."

Among those voicing bearish views: Morgan Stanley, SociÉtÉ GÉnÉrale, Nomura and UBS.

In other markets;

In Korea, the Kospi index gained 19.43 points, or 1%, to 1,994.35

Singapore's Straits Times Index regained 4.63 points, or 0.1%, to 3,262.03

In Taiwan, the Taiex index added 17.85 points, or 0.2%, to 9,246.20

In New Zealand, the NZX 50 slid 4.96 points, or 0.1%, to 5,121.21

Australia's S&P/ASX 200 lost 20.52 points, or 0.4%, to 5,432.78


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Source: Baystreet Foreign Markets Wrap (Canada)


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