Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a696860
Hong Kong leads gains in Asian stocks
by Himanshu Singh on Aug 12, 2013 at 04:25
Asian markets gained on Monday in morning trade after shares in China and Hong Kong advanced and commodities companies surged.
The MSCI Asia Pacific Index advanced 0.3% to 134 as of 10:17 a.m. in Hong Kong. Hong Kong’s Hang Seng Index climbed 1.3%. China’s Shanghai Composite Index added 1.1% after trade and industrial output data last week suggested that Asia's largest economy was stabilising.
Japan’s Topix index was little changed as the country’s economy expanded an annualised 2.6% in the second quarter, slowing from a revised 3.8% in the previous three months. The Nikkei Stock Average was up less than 0.1%.
South Korea’s Kospi index advanced 0.3% and Australia’s S&P/ASX 200 Index climbed 0.6%. New Zealand’s NZX 50 Index fell 0.4%. Singapore’s Straits Times Index gained 0.2% and Taiwan’s Taiex Index advanced 0.6%.
Raw-materials suppliers led the gains, with BHP Billiton Ltd. (BHP) jumping 2.5% in Sydney. Rio Tinto Ltd. was up 2.6%. Newcrest Mining Ltd. jumped 4.7% after the gold miner's underlying profit beat expectations.
Nissan Motor Co. sank 1.3% as the yen traded near its strongest level against the dollar in almost eight weeks.
GCL-Poly Energy Holdings Ltd. fell 3.9% in Hong Kong after the world’s biggest producer of polysilicon forecast a wider loss for the first half, citing a drop in polysilicon wafer prices.
Among other earnings news, tire maker Bridgestone Corp. rose 4.9% after the company said net profit for the six months that ended June increased 56% on-year to a record high.
Insurance firm Tokio Marine Holdings rose 0.5% after reporting that its first quarter net profit jumped 68%.In Sydney, James Hardie Industries gained 1.9% after the company said it had more than doubled its first quarter earnings.
News sponsored by: