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Most Asian shares advance ahead of BOJ statement

by Himanshu Singh on Feb 18, 2014 at 04:08

Most Asian shares advance ahead of BOJ statement

Most Asian shares advanced on Tuesday in late morning session as the yen weakened before the Bank of Japan issues a policy statement.

The MSCI Asia Pacific Index added 0.2% to 137 as of 11:34 a.m. in Tokyo. Japan’s Topix index gained 0.6% as the yen weakened against 16 major currencies.

New Zealand’s NZX 50 Index added 0.1%. South Korea’s Kospi index fell 0.4%, while Taiwan’s Taiex index was little changed. Singapore’s Straits Times Index lost 0.1%. Hong Kong’s Hang Seng Index slid 0.3%.

China’s Shanghai Composite Index fell 0.6%, retreating from a two-month high, after money-market rates surged as the central bank drained funds from the banking system after new lending reached a record.

The country’s foreign direct investment rose 16.1% to $10.76 billion in January from a year earlier, according to a government report released on Tuesday. That compares with the 2.5% median growth forecast by analysts in a Bloomberg survey and a 3.3% rise in December.

In corporate news, Nissan Motor Co., a carmaker that gets nearly 80% of sales outside Japan, jumped 1.9% in Tokyo.

BHP Billiton Ltd., the world’s biggest mining company, gained 1.9% in Sydney after first-half profit jumped more than expected.

On the negative side, Bank of Communications Co. fell 1.2% in Hong Kong, pacing declines among Chinese lenders.

US markets were closed on Monday for a holiday.

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