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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.

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