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
Brewin's Gutteridge: the opportunities in UK challenger banks

Brewin's Gutteridge: the opportunities in UK challenger banks

In this week's podcast, Brewin Dolphin's Ben Gutteridge and Guy Foster, discuss opportunities in the global financials sector with Aptus' Johnny De La Hey.

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Your Business: Cover Star Club

Profile: how Close Brothers gave power back to the regions

Profile: how Close Brothers gave power back to the regions

Almost a year into the role, Close Brothers Asset Management head of wealth management Andy Cumming has highlighted three keys areas of focus

Wealth Manager on Twitter