Snapping a four-day drop on the regional equities benchmark, Asian stocks are on the right track. This is all happening amidst the reports that Japanese shares are doing better today as their exports has gone up thanks to the weakening of their national currency. On the positive note even Aussie stocks are doing better as the Commonwealth Bank of Australia posted profits.
Major Indexes Gain in Better Trading Day
After losing streak in the last four trading days, the MSCI Asia Pacific Index gained 0.3 percent to 141.39 as of 12:29 p.m. in Hong Kong. Today, nine out of the 10 industry groups on the measure advanced to an extent that led to better performance of the local index which was heading southward recently.
Following the trend, Japan’s Topix index rose 0.9 percent today; thus, it has become the best-performing developed equity market in 2013. Moreover, as Prime Minister Shinzo Abe is able to generate policies that are going to help the national economy is complemented well by the Bank of Japan’s monetary easing to stoke inflation.
The better performance by the MSCI Asia Pacific Index which climbed 9 percent this year through yesterday when the Japanese central bank is issuing positive vibes to investors. The outcome is also likely amidst the news that the Federal Reserve will continue its monthly bond buying into 2014 as the U.S. economy has still not recovered fully.
Better than the expected performance on the part of Japan’s Topix and Nikkei 255 Stock Average where they both surged to an extent, the market observers are speculating that the next couple of days will be bringing bright trading for investors. More than 8000 Nikkei 225 futures contracts were traded today in a 10-minute window ending at 12:30 p.m. local time.
Following the better trading trend in Asian market, South Korea’s Kospi index added 0.1 percent. Whereas New Zealand’s NZX 50 Index advanced 0.1 percent, Australia’s S&P/ASX 200 Index fell 0.1 percent. Similarly, Singapore’s Straits Times Index slid 0.1 percent. However, Taiwan’s Taiex Index gained 0.1 percent.
On the other hand, Hong Kong’s Hang Seng Index added a slight growth of 0.3 percent amidst the reports that China’s Shanghai Composite Index was little changed from the yesterday’s trade. Chinese ministers are holding an important meeting that is going to discuss the national economy at large; this will also determine the state of the stocks.
To contact the reporter of this story: Jonathan Millet at email@example.com