Chinese, Australian Shares Gain Strength

November 12, 2018
Chinese, Australian Shares Gain Strength

By Investors Hub

Asian stocks turned in a mixed performance on Monday, as global growth worries persisted and investors awaited key Chinese economic indicators due Wednesday for directional cues.

Chinese stocks posted strong gains after the China Securities Regulatory Commission rolled out a series of measures over the weekend to support the private sector.

The benchmark Shanghai Composite Index surged up 31.65 points or 1.2 percent to 2,630.52, while Hong Kong’s Hang Seng Index inched up 31.26 points or 0.1 percent to 25,633.18.

Japanese shares ended little changed amid lack of fresh catalysts after the U.S. midterm elections. The Nikkei 225 Index finished crept up 19.63 points or 0.1 percent to 22,269.88, while the broader Topix Index closed a tad lower at 1,671.95.

Defensive stocks such as Tokyo Gas and East Japan Railway rose around 1 percent. Real estate developer Mitsui Fudosan also jumped 3.5 percent after raising its net profit forecast for the year ending March 2019.

On the other hand, tech shares underperformed, with Advantest losing 5.5 percent and TDK Corp declining 4 percent. Sony tumbled 3.1 percent and Panasonic declined 1.6 percent despite a modestly softer yen.

Australian stocks saw modest strength, with energy stocks leading the way higher after oil prices rose over 1 percent in Asian trading on the back of news that Saudi Arabia would reduce crude sales in December.

The benchmark S&P/ASX 200 Index rose 19.50 points or 0.3 percent to 5,941.30, a three-week high, while the broader All Ordinaries Index climbed 16.20 points or 0.3 percent to 6,027.20.

Woodside Petroleum, Santos, Oil Search and Origin Energy jumped 1-2 percent as oil prices climbed after a record run of losses. Healthscope shares soared 14.4 percent after the company said it had received a second takeover offer, this time from Brookfield Capital Partners.

Agribusiness Elders also spiked 19.7 percent after it reported a 9.1 percent increase in full-year underlying profit.

Meanwhile, South Korean stocks ended slightly lower as large-cap bio shares fell heavily. The benchmark Kospi dropped 5.65 points or 0.3 percent to 2,080.44.

Samsung BioLogics plunged 22.4 percent ahead of an announcement by South Korea’s financial regulator over its accounting practices.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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