Asian Stocks Open Higher, Major Indexes Gain

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Asian Stocks Open Higher, Major Indexes Gain
Asian Stocks Open Higher, Major Indexes Gain

Asian Stocks Open Higher, Major Indexes Gain

Today’s trade in Asia opened at brighter note as stocks rose for the first time in four days. This all happened after better-than-forecast growth in U.S. jobs. The market has also got a boost from the data that shows that Chinese exports have gone up and investor confidence too is moving upward and it may not be affected by any cuts to Federal Reserve stimulus.

Most of the indexes in the region gained today. The MSCI Asia Pacific Index gained 0.7 percent to 140.50 as of 4:17 p.m. in Hong Kong. Earlier, it was on the losing streak for most of the time since August. In today’s trading all 10 industry groups on the measure gained strength; however, major gainers were information technology and industrial companies.

Major Gainers and losers in Today’s Trading

The major loser in Asian market today is QBE Insurance Group Ltd. (QBE) which fell 22 percent. It is Australia’s largest insurer by market value forecast; however, its fortunes are dwindling as it got an unexpected loss of about $250 million due to write downs at its North American operations lately.

The company that gained maximum today is, Techtronic Industries Co., a maker of power tools that gets about 73 percent of sales from North America. In today’s trading it gained 1.2 percent in Hong Kong. Following the pattern State Bank of India, the country’s biggest lender, too gained today and climbed 2.1 percent.

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In the Indian stock market the benchmark S&P BSE Sensex Index headed for a record close after the recently held legislative elections showed that the main opposition party has won elections in four states. The opposition party, BJP is pro-market and pro-reforms and expected to win the national elections next year.

Regarding major indexes, Japan’s Topix index advanced 1.6 percent. The trend was followed by South Korea’s Kospi index which added 1 percent. Similarly, whereas New Zealand’s NZX 50 Index rose 0.1 percent, Australia’s S&P/ASX 200 Index could not maintain the momentum and fell 0.8 percent.

There was better performance recorded for futures on the Standard & Poor’s 500 Index which added 0.1 percent. However, Singapore’s Straits Times Index slid 0.1 percent and Taiwan’s Taiex Index climbed 0.9 percent. A positive trend was seen in Hong Kong’s Hang Seng Index that rose 0.3 percent. While China’s Shanghai Composite was little changed, India’s Sensex (SENSEX) increased 1.5 percent.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com