TOKYO:Chinese stocks rebounded from the biggest two-day losses in 18 months, as a powerful yen sent Japanese stocks weaker for the first time in five days. The yuan climbed in nine months.
The Shanghai Composite Index rallied 2.4 percent to 3,043.50 at 11:30 a.m. local time, led by construction companies. The gauge had lost 5 percent over the past two days on speculation the government will take action to cool rapid gains in equity prices. The yuan climbed 0.35 percent against the dollar, the most since March 24. Japan’s Topix (TPX) dropped 0.4 percent, while the Japanese currency appreciated for a second day, adding 0.3 percent to 120.17.
“Some investors are bottom-fishing after the pretty big correction over the past few days,” said Wu Kan, a fund manager at Dragon Life Insurance Co. in Shanghai. “Machinery companies are the favorite ones for investors now as the government looks like it’s starting to implement specific policies for Chinese companies to go overseas.”
Most other Asian markets were closed for the Christmas holiday, with stock gauges in Taiwan and Thailand dropping. Among commodities, rubber for June delivery on the Tokyo Commodity Exchange slid 0.3 percent to extend a 2.3 percent plunge. U.S. and European stock markets closed little changed yesterday, while oil dropped as a report showed U.S. crude inventories increased the most in two months.
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...
