Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a729295

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.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Sponsored Video: Barings on investing in Frontier Markets


From Nigeria to Pakistan and from Kenya to Kuwait, frontier markets are catching investors' attention as never before.

More about this:

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet