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Business News/ Market / Stock-market-news/  Asian stocks rise first time in four days as energy, China rally
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Asian stocks rise first time in four days as energy, China rally

The MSCI Asia Pacific Index rose 0.3% to 140.1; shares rebounded from the lowest level in more than five years

China’s markets rallied amid speculation for further easing. Photo: AFPPremium
China’s markets rallied amid speculation for further easing. Photo: AFP

Sydney: Asian stocks rose for the first time in four days as energy shares rebounded from the lowest level in more than five years and China’s markets rallied amid speculation for further easing.

Inpex Corp., an oil explorer, climbed 3.2% in Tokyo. China Minsheng Banking Corp. jumped 10% in Shanghai as mainland financial shares advanced. Ping An Insurance (Group) Co. surged 6.1% in Hong Kong after people with knowledge of the matter said Jack Ma, the billionaire founder of Alibaba Group, agreed to invest in the company.

The MSCI Asia Pacific Index rose 0.3% to 140.1 as of 6.53pm in Hong Kong. The equity gauge’s energy group gained 1.1% as West Texas Intermediate crude rebounded overnight after posting the biggest monthly loss in almost six years in November after Opec signalled it would take no action to ease a global glut.

“The fall in oil prices will boost economic activity, and allow the Federal Reserve a greater degree of freedom to remain accommodative as growth accelerates," said Dominic Rossi, London-based chief investment officer for equities at Fidelity International Ltd, which manages about $308 billion. “Our conviction in this equity bull market, led by the US and the developed world, continues."

The Shanghai Composite Index jumped 3.1% to a three-year high. Hong Kong’s Hang Seng Index added 1.2%, while a gauge of mainland shares surged 2.8%.

Stimulus optimism

Chinese financial shares advanced on falling money-market rates as the People’s Bank of China refrained from draining liquidity from the financial system for a second week. Data on Monday showing slower factory activity boosted bets that last month’s surprise cut in interest rates will be paired with a reduction in lenders’ reserve requirements.

Japan’s Topix index climbed 0.4% as the yen weakened 0.4% to 118.89 per dollar and a gauge of energy explorers climbed 2.9%. Shares advanced even after Moody’s Investors Service on Monday reduced its rating on the nation’s economy one level to A1, citing uncertainty over whether Japan will achieve its deficit-reduction goals and succeed in boosting growth.

Australia’s S&P/ASX 200 Index gained 1.4%. New Zealand’s NZX 50 Index and South Korea’s Kospi index were little changed. Singapore’s Straits Times Index advanced 0.5%.

Futures on the Standard & Poor’s 500 Index added 0.1%. The underlying gauge slipped 0.7% yesterday as Apple fell 3.3% and weaker data on Black Friday shopping sales outweighed expansion in US factory activity. Bloomberg

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Published: 02 Dec 2014, 08:31 AM IST
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