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Asian Shares Rise After Wall Street Surge

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Asian stocks closed broadly higher on Tuesday after the major U.S. averages rose between 1.4 percent and 1.7 percent overnight to rebound from their worst weekly performances in two years.

The day's gains in New York came after the Trump administration unveiled a long-awaited infrastructure plan that includes $200 billion in federal infrastructure spending over 10 years.

Chinese shares rebounded as the global rout faded and data from the People's Bank of China revealed that China's banks lent a record amount of new yuan loans in January.

The benchmark Shanghai Composite index jumped 31.47 points or 1.0 percent to 3,185.60, while Hong Kong's Hang Seng index surged up 379.90 points or 1.29 percent to 29,839.53.

Japanese shares gave up initial gains to end lower as traders returned to their desks after a long holiday weekend.

The benchmark Nikkei dropped 137.94 points or 0.65 percent to 21,244.68 as the dollar dropped nearly half a percent to move closer to Friday's five-month low of 108.05 yen. The broader Topix index shed 15.19 points or 0.88 percent to close at 1,716.78.

Exporters ended on a mixed note. Canon lost 1 percent, Sony declined 1.5 percent and Toyota Motor fell as much as 2.5 percent while Panasonic rose half a percent. Banks Mitsubishi UFJ Financial and Sumitomo Mitsui Financial ended down over 1 percent each.

Fujifilm tumbled 3.2 percent after activist investor Carl Icahn and Darwin Deason urged Xerox shareholders to vote against the Fujifilm deal, saying the transaction "dramatically undervalues Xerox and disproportionately favors Fuji."

Australian shares bounced back in thin trade after Wall Street's three major indexes rose for the second day on Monday. The benchmark S&P/ASX 200 index rose 35.20 points or 0.60 percent to 5,855.90 despite some underwhelming earnings reports. The broader All Ordinaries index ended up 37.30 points or 0.63 percent at 5,957.

Mining heavyweights BHP Billiton and Rio Tinto rose over 1 percent each. Annuity provider Challenger, hearing implant maker Cochlear and building materials maker Boral closed in negative territory in view of disappointing interim results.

On the data front, business confidence in Australia ticked higher in January, the latest survey from the National Australia Bank revealed with an index score of +12, up from the downwardly revised +10 in December.

Seoul stocks rose amid buying by foreign investors. The benchmark Kospi inched up 9.81 points or 0.41 percent to 2,395.19. Market heavyweight Samsung Electronics jumped 4 percent and chipmaker SK Hynix advanced 4.3 percent.

New Zealand shares gained ground as bargain hunters stepped in after five days of losses. The benchmark S&P NZX-50 index rose 63.16 points or 0.78 percent to 8,122.22 as investors waited for Fletcher Building to come out of its trading halt.

Indian markets were closed for the Maha Shivaratri holiday. Indonesia's Jakarta Composite index was rallying 0.9 percent and Singapore's Straits Times index was climbing 0.8 percent while Malaysia's KLSE Composite index was up 0.1 percent.

by RTTNews Staff Writer

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