Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Asian stocks inch higher as China money rates dip

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 or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: what's behind the second oil crash?

Brewin's Gutteridge: what's behind the second oil crash?

This week Brewin Dolphin's research head talks to Will Riley, co-manager of the Guinness Global Energy fund, about what next for oil.  

Play AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Richard Bullas has quietly been making a name for himself at the helm of the Franklin UK Smaller Companies fund.

Play Sector spotlight: how Harwood's Philbin is playing emerging markets

Sector spotlight: how Harwood's Philbin is playing emerging markets

Emerging markets have been a rollercoaster for investors, but amid the doom there have been have been bright spots, such as India. 

Your Business: Cover Star Club

Profile: CHI's bond supremo on liquidity and bond risk management

Profile: CHI's bond supremo on liquidity and bond risk management

'Some people have been extremely complacent about rate rise risk. Myself, I wish they would just get on with it.'

Wealth Manager on Twitter