The new week’s start led most stocks in Asia rallying, and traders seemed to focus increasingly on the bullish Q1 growth for GDP in Japan, and not much on the swing of unenthusiastic Chinese data points.
In the trading Monday at Asia, the Nikkei 225 in Japan advanced by 3.05% soon after Japan’s Q1 reading showed a growth slowdown of 4.1%. The Shanghai Composite Index is close on Monday due to a public holiday. Meanwhile, the Hang Seng in Hong Kong climbed by 0.50%, just after the release of many significant Chinese data points. The Hang Seng index, which appeared to be the worst performing benchmark this year, added 0.4% to 21,652.73, following a trend of three shares advancing for every two declining.
The NZSE 50 in New Zealand climbed up by 0.61%, surprising all, that like Australia; New Zealand too relies on China as its biggest trading associate. In the meantime, Kospi in South Korea advanced by 0.31% and the Straits Index in Singapore moved up by 0.81%. On the other hand the S&P Futures climbed by 0.09%. In previous week, the benchmark U.S. Index advanced by 2% in the last two sessions.
Taeix Index in Taiwan rose by 1%, shattering a five-day plunge. The stock exchange index in Philippines moved up by 2.3%, the maximum since 22 April. The HSCEI in Hong Kong, listed among the mainland companies, plummeted by 1.3%. Market in China will remain close for holiday.
Meanwhile, the Topix Index advanced the most in two years, after a three-week defeat of $600 billion, the shares, and weakened yen rose on the board. Stocks advanced based on the statement of the government for the pension fund indicating increased bond selling to purchase equities. The TPX, which includes 33-industries group in Topix moved up, led by brokerages, car manufacturers, and steel producers.
Elsewhere, the Jakarta Composite Index plummeted by 1.6% to 4,789.07, displaying its lowest since 22 March. SENSEX in India advanced, exhibiting the first gain in three days, after the Japanese and U.S. data improved confidence in the global economy. In addition, the Bank of New York Mellon India ADR Index of U.S.-traded shares mount 0.3 percent.