Modupe Gbadeyanka
By Investors Hub
Asian stocks rose on Thursday as Samsung Electronics and Nintendo reported strong earnings results, oil prices held near eight-week highs and the Fed’s dovish statement prompted investors to reduce their rate hike bets.
While keeping interest rates unchanged, the Federal Reserve on Wednesday said it would begin to unwind its bloated balance sheet “relatively soon”.
Chinese shares ended little changed even as data showed China’s major industrial firms posted increased profit growth in June.
The benchmark Shanghai Composite inched up 1.62 points or 0.1 percent to 3,249.29, while Hong Kong’s Hang Seng Index climbed 190.15 points or 0.7 percent to 27,131.17.
Japanese shares edged up on expectations that the Bank of Japan will maintain its monetary stimulus program longer than most other global central banks. The Nikkei 225 Index recouped early losses to end up 29.48 points or 0.2 percent at 20,079.64. The broader Topix index closed 0.4 percent higher at 1,626.84.
Game maker Nintendo soared 7.6 percent after posting stronger-than-expected profits. Likewise, communications equipment company Hitachi Kokusai Electric rallied 4.6 percent after raising its earnings outlook for 2018.
Australian shares extended gains for a third consecutive session, with firmer commodity prices and the Fed’s dovish inflation view offering support. The S&P/ASX 200 Index rose 8.40 points or 0.2 percent to 5,785, while the All Ordinaries Index ended up 8.90 points or 0.2 percent at 5,832.20.
Mining giant BHP Billiton advanced 1.1 percent and rival Rio Tinto rose 0.6 percent after copper surged to the highest level in more than two years on reports of a potential ban on scrap metal imports in China.
Banks ANZ, Commonwealth and NAB rose between 0.1 percent and 0.3 percent, while investment bank Macquarie Group gained 1.2 percent on healthy first-quarter earnings.
Energy majors Woodside Petroleum and Santos fell around 1 percent as oil paused after rallying as much as 1.8 percent on Wednesday.
