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Asian Stocks Grow Amid Holidays in China, South Korea

By Investors Hub

Asian stocks rose broadly in holiday-thinned trade Tuesday amid holidays in China and South Korea. The dollar was bolstered by upbeat U.S. economic data and tax reform hopes while oil prices slipped further in Asian deals after falling more than 2 percent on Monday amid signs of higher output.

Markets in South Korea and China remained closed for the Harvest Festival and National Day, respectively. Hong Kong’s Hang Seng index was up more than 2 percent at 28,172 in late trade as trading resumed after a long holiday weekend.

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Japanese shares rallied to hit two-year highs as the yen held weak in the wake of new data pointing to strength in the world’s largest economy. The Nikkei average climbed 213.29 points or 1.05 percent to finish at 20,614.07, the highest level since mid-August 2015. The broader Topix index closed 0.65 percent higher at 1,684.46.

Advantest, Kansai Electric Power and Mitsui Fudosan were among the top gainers. Advertising agency Asatsu-DK Inc soared almost 20 percent after U.S. investment fund Bain Capital said it would buy all outstanding shares in the company through a tender offer.

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Australian shares fell as oil retreated and QBE Insurance, the country’s largest insurer, said it would increase its allowance for large individual risk and catastrophe claims.

The benchmark S&P/ASX 200 index dropped 27.90 points or 0.49 percent to 5,701.40 while the broader All Ordinaries index finished 27.10 points or 0.47 percent lower at 5,764.20.

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QBE Insurance shares tumbled 3.5 percent. Woodside Petroleum, Santos and Origin Energy lost about 1 percent each as oil extended overnight losses.

Mining giant BHP Billiton edged up 0.1 percent and rival Rio Tinto gained 0.7 percent while banks Commonwealth and NAB ended down 1.6 percent and 0.7 percent, respectively. TechnologyOne plummeted 10.3 percent after lowering its annual profit guidance.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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