Asian Stocks Finish Higher as Oil Prices Inch up

October 24, 2017
Asian Stocks Finish Higher as Oil Prices Inch up

By Investors Hub

Asian stocks finished mostly higher on Tuesday as the yen held steady, oil prices inched higher and China’s ruling Communist Party voted to endorse a second five-year term for President Xi Jinping.

Japanese shares extended gains for a 16th consecutive session on the back of a weaker yen and amid relief over the BOJ policies.

The Nikkei 225 Index closed 108.52 points or 0.5 percent higher at 21,805.17, with exporters and banks leading the surge. The broader Topix index gained 0.7 percent to finish at 1,756.92. Yaskawa Electric shares fell 3.6 percent after the company unveiled its first-half earnings.

On the economic front, the latest survey from Nikkei revealed that activity in Japan’s manufacturing sector continued to expand in October, albeit at a slightly slower pace with a manufacturing PMI score of 52.5, down from 52.9 in September.

Chinese stocks rose as the Communist Party of China endorsed a second five-year term for President Xi Jinping.

The benchmark Shanghai Composite rose 7.55 points or 0.2 percent to 3,388.25, although Hong Kong’s Hang Seng Index fell 150.91 points or 0.5 percent to 28,154.97.

Australian shares closed marginally higher as strong metal prices boosted miners, offsetting losses in the financial sector. The benchmark S&P/ASX 200 Index and the broader All Ordinaries index both rose less than 0.1 percent to close at 5,897.60 and 5,962.50, respectively.

Mining heavyweights BHP Billiton and Rio Tinto eked out modest gains, while Fortescue Metals Group and South32 ended up more than 1 percent each. Gold miners Newcrest and Regis rose over 1 percent and Northern Star climbed 3.6 percent as gold edged up on a softer dollar.

The big four banks finished flat to marginally lower and grocery giant Woolworths shed 0.8 percent. Energy stocks also ended a tad lower despite crude oil prices edging higher overnight.

Nufarm shares entered a trading halt after the company agreed to buy a European portfolio of crop protection products from Adama and Syngenta for A$691 million.

In economic news, a weekly survey compiled by the ANZ bank and Roy Morgan Research showed that Australia’s consumer confidence index rose to 113.3 during the week ended October 22nd from 112.4 in the preceding week, driven by improvements in expectations for the near and long-term economic outlook.

Modupe Gbadeyanka

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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