Hong Kong and Other Asian Markets up Today

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Hong Kong and Other Asian Markets up Today
Hong Kong and Other Asian Markets up Today

Hong Kong and Other Asian Markets up Today

After seeing a lot of bullishness last week, Asian stocks rose for a third day amidst the news that China vowed to carry out the broadest expansion of economic freedoms after a marathon discussion among the communist leaders. It will be the largest expansion in more than two decades.

Asian markets also strengthened as India’s rupee headed for its biggest gain in a month, particularly when the prices for oil and metals went down. Whereas the MSCI Asia Pacific Index added 1 percent at 3:28 p.m. in Tokyo, Standard & Poor’s 500 Index (SPX) futures and FTSE 100 Index contracts slid 0.1 percent.

Though the cost of insuring corporate and sovereign bonds in Asia from non-payment was poised for the lowest since Oct. 31, on one of the best opening day for traders, Chinese shares listed in Hong Kong headed for the biggest one-day gain in two years of time. On the other hand, Indian economy is gaining strength as its national currency emerges stronger.

As oil prices are falling, the rupee gained 0.8 percent to its highest level in more than a week. Thus, from India to China to Hong Kong, today’s trading sounds on a positive track.

In fact, large state-owned companies like Industrial and Commercial Bank of China and China Petroleum & Chemical Corp. are the two major gainers in today’s trading whose shares soared higher.

India BSE Index Up

In today’s trading the benchmark BSE index is up 1.4 percent. On the other hand, the broader NSE index also followed the trend to climb 1.37 percent amidst the news that banking companies are faring better. In government bonds’ front, the most traded bond yield at 9.08 percent whereas it was 9.11 percent on Thursday.

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Regarding interest rate swaps the benchmark five-year swap rate is lower at 1 basis point at 8.48 percent which is the one-year rate down 2 bps at 8.58 percent. Earlier India received bumper investment from foreign investors who poured in over Rs 4,000 crore in the equity market.

According to data from Securities and Exchange Board of India (SEBI), the capital market regulator, the total foreign investment in the stock market has reached Rs 92,936 crore or $16.8 billion in 2013.

On the other hand, the pullout rate is also higher as FIIs pulled out Rs 4,070 crore from debt securities so far in the month of October. The total withdrawal amount goes to Rs 54,225 crore from the debt market since the beginning 2013.