TOKYO: Asian stocks increased on Monday in early trade, led by materials companies, after oil bounced back and US consumer confidence soared to an 11-year high.
The MSCI Asia Pacific Index gained 0.4% to 138 as of 11:45 a.m. in Tokyo. Japan’s Nikkei Stock Average 225 added 0.74%. Australia’s S&P/ASX 200 Index rose 1%. New Zealand’s NZX 50 Index advanced 0.3%. South Korea’s Kospi index added 0.7%.
Investors were wary of being disappointed yet again by economic data from China and policy stimulus in the eurozone.
Adding to the air of caution was a retreat in Chinese equities, in part on news the securities regulator had barred three major brokerages from opening new margin trading accounts for clients for three months.
In Hong Kong, the Hang Seng Index was down 0.46%, while China’s Shanghai Composite Index plunged 4.42%.
Economic data showed on Sunday Chinese new home prices in December declined an average 4.3% year-on-year in 68 of the 70 major cities monitored.
On Tuesday, a report on gross domestic product is expected to show China’s annual growth slowed to 7.2% in the last quarter, meaning full-year growth would undershoot Beijing’s 7.5% target and would be the weakest in 24 years.
In corporate news, OZ Minerals Ltd., which gets 75% of revenue from copper, jumped 7.4% and Sandfire Resources NL, also a copper miner, rose 7.9%. Copper for three month delivery on the London Metal Exchange added 0.2% in London.
West Texas Intermediate crude for February delivery was little changed after surging 5.3% to $48.69 a barrel in New York on 16 January.
shanghai shares start week with losses 25 june 2018
Hong Kong, (UrduPoint / Pakistan Point News - 25th Jun, 2018 ) :Hong Kong and mainland Chinese stocks fell on...
