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Asian stocks inch higher as China money rates dip

by Himanshu Singh on Jan 21, 2014 at 03:09

Asian stocks inch higher as China money rates dip

Asian shares inched higher on Tuesday in late morning trade as Japanese stocks bounced back and China’s money-market rates dropped after the central bank pumped funds into the financial system.

The MSCI Asia Pacific Index added 0.4% to 140 as of 10:59 a.m. in Tokyo. China’s Shanghai Composite Index rose 0.8% after the nation’s seven-day reverse repurchase rate declined to 5.25% today from 6.5920% yesterday.

The central bank will conduct 180 billion yuan of 21-day and 75 billion yuan of seven-day reverse repurchase agreements on Tuesday, according to a trader at a primary dealer required to bid at the auctions. Hang Seng Index added 0.5%.

Japan’s Topix index gained 0.6% as the BOJ began its meeting to review monetary policy. South Korea’s Kospi index added 0.4% and Taiwan’s Taiex index rose 0.1%. Australia’s S&P/ASX 200 Index climbed 0.5%. New Zealand’s NZX 50 Index climbed 0.2%. Singapore’s Straits Times Index increased 0.3%.

In corporate news, Industrial & Commercial Bank of China Ltd. surged 2.1% in Hong Kong.

LG Display Co., a supplier of panels for Apple Inc. devices, rose 1.9% in Seoul after Bank of America Corp.’s Merrill Lynch raised its rating on the stock.

Fortescue Metals Group Ltd., Australia’s third-largest iron-ore miner, dropped 3.2% in Sydney after a benchmark for the metal’s price fell in China, the biggest consumer of the commodity.

Wall Street was closed on Monday for the Martin Luther King Jr. Day holiday.

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