Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Telecoms sector leads Asian stocks higher

Telecoms sector leads Asian stocks higher

Asian shares rose on Monday in morning trade as telecommunication stocks led the gain and Chinese equities traded in Hong Kong headed for a bull market.

The MSCI Asia Pacific Index advanced 0.2% to 149 as of 9:55 a.m. in Hong Kong. The Hang Seng Index added 0.6% the Shanghai Composite Index climbed 1.3%.

Japan’s Topix index and South Korea’s Kospi index both added 0.4%. Australia’s S&P/ASX 200 Index and New Zealand’s NZX 50 Index both slipped 0.2%. Taiwan’s Taiex index was little changed. Singapore’s market is closed today.

Profit at industrial companies in China increased by 17.9% in June from a year earlier, after gaining 8.9% in May, data from China’s statistics bureau yesterday showed. It was the biggest advance since an 18.4% jump in September and came after a private gauge of Chinese manufacturing last week rose to an 18-month high.

In corporate news, SK Telecom Co. surged 3.6% in Seoul. NTT Docomo Inc. gained 2.1% after Nomura Holdings Inc. recommended shares of the Japanese wireless carrier.

Hitachi Chemical Co. soared 11% in Tokyo after announcing job cuts and reporting a quarterly profit.

In the US, the Federal Reserve meets 29-30 July to review monetary policy before monthly US payrolls data is released 1 August. Employers probably added 231,000 workers to nonfarm payrolls in July, after a 288,000 increase in June, according to economists’ estimates compiled by Bloomberg.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter