Asia shares advance as phone, electronics companies gain
May 29, 2014 10:01 am
The Asian stock market accelerated, with the regional benchmark index prolonging its surge to a six-month high, as phone carriers and electronics manufacturers ascended.
Singapore Telecommunications Ltd. escalated 1.6% as Southeast Asia’s largest phone carrier agreed to sell part of its stake in Singapore Post Ltd. to Alibaba Group Holding Ltd. Singapore Post bounced 9.4% to a record. Samsung Electronics Co., the biggest maker of smartphones, grew 2% in Seoul following it unveiled a prototype health-monitoring wristband. BHP Billiton Ltd., the world’s top mining company, plunged 1.3% in Sydney as copper futures decreased.
The MSCI Asia Pacific Index climbed 0.3% to 142.27 as of 11:53 a.m. in Hong Kong. The benchmark is gearing towards its highest close since November 19 and a 3.6% profit in May, its largest monthly increase since September. Earlier, the regional benchmark dropped 0.2% following Japan reported a worse than anticipated dive in retail sales for April.
“Investors are more positive on equities as bond yields drop on expectations the European Central Bank will do something big next week. Valuations in Asia look attractive, with those for Chinese equities incredibly low. Japan has become pretty cheap, too,” said Mark Matthews, Singapore-based Head of Asia Research for Julius Baer.
A surge in German joblessness and figures on euro-region money supply released yesterday bolstered bets the ECB would act to amplify inflation next week, igniting earnings in European bonds.
Japan’s Topix index gained 0.2%, wiping out a 0.4% loss. The nation’s retail sales plummeted 13.7% in April from March, the most in at least 14 years following the first consumption tax hike since 1997
depressed consumer spending.
The material has been provided by InstaForex Company – www.instaforex.com
The Asian stock market accelerated, with the regional benchmark index prolonging its surge to a six-month high, as phone carriers and electronics manufacturers ascended.
Singapore Telecommunications Ltd. escalated 1.6% as Southeast Asia’s largest phone carrier agreed to sell part of its stake in Singapore Post Ltd. to Alibaba Group Holding Ltd. Singapore Post bounced 9.4% to a record. Samsung Electronics Co., the biggest maker of smartphones, grew 2% in Seoul following it unveiled a prototype health-monitoring wristband. BHP Billiton Ltd., the world’s top mining company, plunged 1.3% in Sydney as copper futures decreased.
The MSCI Asia Pacific Index climbed 0.3% to 142.27 as of 11:53 a.m. in Hong Kong. The benchmark is gearing towards its highest close since November 19 and a 3.6% profit in May, its largest monthly increase since September. Earlier, the regional benchmark dropped 0.2% following Japan reported a worse than anticipated dive in retail sales for April.
“Investors are more positive on equities as bond yields drop on expectations the European Central Bank will do something big next week. Valuations in Asia look attractive, with those for Chinese equities incredibly low. Japan has become pretty cheap, too,” said Mark Matthews, Singapore-based Head of Asia Research for Julius Baer.
A surge in German joblessness and figures on euro-region money supply released yesterday bolstered bets the ECB would act to amplify inflation next week, igniting earnings in European bonds.
Japan’s Topix index gained 0.2%, wiping out a 0.4% loss. The nation’s retail sales plummeted 13.7% in April from March, the most in at least 14 years following the first consumption tax hike since 1997
depressed consumer spending.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: