Asian stocks pared losses as Chinese shares rose. Tencent Holdings Ltd. extended a record high while Qantas Airways Ltd. (QAN) dragged Australian equities lower.
The MSCI Asia Pacific Index dropped 0.1% to 137.79 in Hong Kong, having earlier lost 0.5%. The measure has gained 2.2% this month, with almost $2 trillion added to the value of stocks worldwide through yesterday as investors bet the global economic recovery is strong enough to withstand a reduction in the pace of monthly U.S. stimulus.
China’s Shanghai Composite Index advanced 0.3% today. The measure yesterday halted a four-day slide that sent valuations close to record lows. Forwards in China’s yuan traded within 0.2% of the weakest level since November today after the central bank reduced the onshore currency’s daily fixing.
Hong Kong’s Hang Seng Index rose 1.7% as Tencent, Asia’s biggest Internet company, surged 5.2% to HK$616.50. The Hang Seng China Enterprises Index of mainland Chinese stocks listed in the city gained 1.5%.
Australia’s S&P/ASX 200 Index declined 0.5% as Qantas dropped and a report showed business investment fell the most since 2009.
The Shanghai Composite Index (SHCOMP) climbed as China Petroleum & Chemical Corp. and technology companies rallied.
Tencent jumped 5.2%, contributing the most to the Hang Seng Index’s advance.
Qantas lost 9.1% in Sydney, the biggest decline since Dec. 5, after Australia’s largest airline said it will cut 5,000 jobs and defer new jets.
Mitsubishi Estate Co. sank 3.1% in Tokyo as developers led declines among the Topix (TPX) index’s 33 industry groups.
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