Asian stocks mirrored the global rally seen around the world early Tuesday, induced by China’s move over the weekend to stimulate its cooling economy.
Mainland markets up
China’s Shanghai Composite index edged up 0.2 percent after tanking 1.6 percent in the previous session on concerns over regulatory curbs on margin financing.
ASX rises 0.7 percent
Buoyed by rises offshore, Australia’s S&P ASX 200 index recouped almost all of Monday’s losses, but analysts say gains may be short-lived.
Nikkei gains 0.8 percent
Japan’s Nikkei 225 index advanced as a 0.2 percent elevation in dollar-yen supported risk appetite. Among blue-chips, Mitsubishi Electric climbed 3 percent, while Toyota Motor and Sony charged up over 1 percent each. Japanese drug maker Daiichi Sankyo surged 2.7 percent following news that it is selling shares worth up to USD 3.6 billion in Indian drugmaker Sun Pharmaceutical Industries, on set to retreat from India after a roller-coaster seven years.
Kospi flat
South Korea’s benchmark Kospi index pulled back from a new three-and-a-half-year high attained in the first hour of trade, threatening to snap a 7-day winning streak.
Brokerage houses turned mixed; Hyundai Securities lost 0.8 percent, while Daewoo Securities lessened gains to 0.9 percent. Lagging heavyweight components Hyundai Motor and Kepco, which lost more than 1 percent each, also weighed on the bourse.
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