By Investors Hub
Asian stocks moved modestly higher on Wednesday as China’s ruling Communist Party began its week-long, once-in-five-years Congress and a survey showed Japanese Prime Minister Shinzo Abe’s coalition is on track for a roughly two-thirds majority in Sunday’s general election.
Chinese shares firmed up after President Xi Jinping conveyed a positive view of the economy but made a rare acknowledgement of grim challenges facing the country. The benchmark Shanghai Composite Index rose 9.33 points or 0.3 percent to 3,381.37, while Hong Kong’s Hang Seng Index inched up 14.27 points or 0.1 percent to 28,711.76.
Japanese shares closed higher for a 12th day in a row, with underlying sentiment supported by earnings expectations and hopes that Abe’s ruling coalition will stay in power. The Nikkei 225 Index edged up 26.93 points or 0.1 percent to 21,363.05, and the broader Topix Index ticked up 0.1 percent to 1,724.64.
Exporters closed mostly higher, with Sony rising 1.7 percent to 4,226 yen. Meanwhile, Kobe Steel shares fell over 3 percent after it came under scrutiny in the U.S. Kansai Electric dropped 1.7 percent after it decided to close two large, aging nuclear reactors.
Australian shares ended roughly flat after five days of gains. The benchmark S&P/ASX 200 inched up marginally to close at a new five-month high, while the broader All Ordinaries Index closed marginally lower at 5,954.80.
Banks ended narrowly mixed. Logistics giant Brambles rose 0.8 percent as it reported 6 percent growth in first-quarter sales. Biotech company CSL advanced 1.8 percent as it moved to change CEO pay structure.
Mining giant BHP Billiton slid half a percent after a weak quarterly production report. Rival Rio Tinto lost 0.8 percent after it has been charged with fraud by U.S. regulators.
Crown Resorts tumbled 4.3 percent after whistleblowers claimed the casino operator deliberately tampered with poker machines to increase losses.
Adedapo Adesanya