Nikkei 225 was up at 3:00 PM Asian time, and trading at 14396.04 which is a gain of 307.85 points that is 2.19% overall. Earlier it opened at 14261.65 and reached as low as 14194.42. Some observers believe that the rise is due to speculation that the Federal Reserve of the U.S. will continue its stimulus amidst weak forecast of U.S. consumer confidence.
Amidst the good trading day the MSCI Asia Pacific Index gained 0.7 percent to 142.32 as of 12:29 p.m. in Tokyo. Interestingly, all 10 industry groups on the gauge are rising as investors are awaiting industrial production data from the U.S. government. This data is going to determine the quantum of stimulus from the Fed.
Growth trend was followed by Hong Kong’s Hang Seng Index which gained 0.4 percent. A similar trend was seen with Taiwan’s Taiex Index, which added 0.7 percent and Singapore’s Straits Times Index gained 0.2 percent. However, in contrast to other stock markets, China’s Shanghai Composite slid 0.3 percent.
Major gainers in today’s trade are CSL Ltd. (CSL), and Toyota Motor Corp. CSL Ltd., a maker of blood-derived therapies which has a market in the U.S., fared better today and advanced 3.1 percent in Sydney. Similarly, Toyota Motor Corp. gained 1.1 percent in Tokyo as the yen depreciated against the dollar. A weak yen boosts the earnings outlook for Asia’s largest carmaker.
The profits for CCBC or China Construction Bank Corp. advanced 0.7 percent to HK$5.75 in Hong Kong. Earlier the bank reported growth in loan and fee income which led to profits in its third-quarter performance. CCBC is the nation’s second-largest lender now with 9.4 percent growth which is higher than what was expected from it by the analysts.
The trend was followed by Ping An Insurance (Group) Co. The insurance company gained 2.1 percent to HK$58.25 when China’s second-largest insurance provider recorded more profits that what the analysts had expected from it. In fact, the insurer gains more than doubled in the third quarter as a stock-market rally boosted investment returns.
Following the Trend in Asian Markets Indian Stocks Up
Following the trend in the Asian market, India’s benchmark BSE index was up 0.3 percent and the broader NSE index 0.2 percent higher. The gain is attributed to heavy buying of Indian stocks by the foreign investors amidst the news that India’s benchmark 10-year bond yield up 1 basis point (bp) at 8.59 percent.
To contact the reporter of this story: Jonathan Millet at email@example.com