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Asian shares gain on upbeat US corporate earnings report

Asian shares gain on upbeat US corporate earnings report

Asian stock markets rose on Monday in morning trade following a global rebound as investors set aside geopolitical concerns to focus on the generally upbeat flow of US corporate earnings ahead of a host of results due this week.

The MSCI Asia Pacific excluding Japan Index climbed 0.3% to 501 as of 9:40 a.m. in Hong Kong. South Korea’s Kospi index added 0.5%. Australia’s S&P/ASX 200 Index gained 0.1%, with trading volume 22% below its 30-day average for the time day.

New Zealand’s NZX 50 Index and Singapore’s Straits Times Index rose 0.2%. Taiwan’s Taiex index increased 0.7%. Hong Kong’s Hang Seng Index gained 0.1%. Markets are closed in Japan for a holiday.

Russian President Vladimir Putin is facing intensified international pressure to respond to claims that Malaysia Airlines flight MH17 was downed using a missile system supplied by his nation’s military.

Circumstantial evidence suggests that Russia provided the missile that Ukrainian rebels used to shoot down the jetliner on 17 July, killing 298 passengers and crew, US Secretary of State John Kerry said in television interviews.

In Gaza, Hamas's armed wing said on Sunday it had captured an Israeli soldier in a nearly two-week military offensive that has killed hundreds of Palestinians and 13 Israeli soldiers.

In corporate news, Hon Hai Precision Industry Co., an assembler of Apple Inc.’s iPhones, surged 2.3% in Taipei, leading technology firms to the largest gain on the regional gauge.

Woori Investment & Securities Co. posted the biggest advance, rising 5.4% in Seoul for a eighth day of gains. China Coal Energy Co., the nation’s second-largest producer, sank 1.7% in Hong Kong after saying it expects profit will drop.

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