Asian Stocks on Course for Biggest Weekly Advance in Six Weeks

Asian stocks pared their biggest weekly advance in six weeks, with Japanese shares dragged lower by a stronger yen.

The MSCI Asia Pacific Index declined 0.2 percent to 133.71 as of 9:01 a.m. in Tokyo, paring this week’s climb to 1.2 percent. The gauge posted the biggest daily jump in a month on Thursday amid optimism the Federal Reserve’s pace of tightening will be gradual, taking its rebound to 11 percent from a September low.

Japan’s Topix index slipped 0.4 percent, paring a fifth week of gains, as the yen held Thursday’s 0.6 percent advance. Governor Haruhiko Kuroda, who unleashed unprecedented monetary stimulus at the Bank of Japan in 2013 and doubled down on it last year, is done expanding his efforts, according to an increasing number of economists. He is due to speak on Friday.

Australia’s S&P/ASX 200 Index gained 0.1 percent and New Zealand’s S&P/NZX 50 Index advanced 0.6 percent. South Korea’s Kospi index added 0.1 percent. Futures on Hong Kong’s Hang Seng Index rose 0.1 percent and those on the Hang Seng China Enterprises Index added 0.2 percent.

Source: Bloomberg


Hong Kong Shares Change Course, Surge After Mainland Rally

Hong Kong stocks rebounded sharply on Tuesday, as a late-afternoon rally in mainland shares prompted bargain hunting in the city’s battered stocks.

The Hang Seng index rose 3.3 percent, to 21,259.04, while the China Enterprises Index, which tracks Chinese companies listed in Hong Kong, jumped 4.1 percent, to 9,479.48 points.

At midday, the Hang Seng was flat, and mainland indexes were down. Then in the afternoon, China indexes began to surge.

However, he noted that with trading volume still low, the next few sessions are key in deciding whether there is enough buying to make the rally sustainable.

Source : Reuters