Asian stocks advance on strong Japanese shares, weak yen
November 4, 2014 10:27 am
Asian stocks rallied led by the Nikkei as it reached past the 17,000 mark with the yen weakening in several monetary expansion from the BOJ.
The MSCI Asia Pacific Index added 1.6% to 142.56, 9:03 am, Tokyo time. The Nikkei 225 Stock Average surpassed the 17,000 mark in intraday trading before settling at a 2.7% increase to 16,862.47. The last time the gauge surpassed the 17,000 mark was in 2007. Hong Kong’s Hang Seng Index and South Korea’s KOSPI Index shed 0.29% or 70.31 points to 23,845.66 and 0.91% or 17.78 points to 1,935.19 respectively. Meanwhile, Australia’s S&P/ASX 200 and China’s Shanghai Composite Index rose by 0.24% or 13.04 points to 5,519.92 and 0.03% or 0.70 points to 2,430.74 respectively.
In China, Great Wall Motor surged by 7% following the vehicle sales report that showed an increase of 12% for the month of October from September sales. China Railway Construction Corp. surged by at least 4% while China Communications Construction Co. jumped by 9.6%. Japan’s currency was able to cut down its losses to match the dollar at 113.35 yen per dollar. Yesterday, the currency touched a near-seven year low. In Sydney, the Reserve Bank of Australia kept its interest rates steady at a record low of 2.5%. South Korea’s Hyundai Motor and Kia Motors shed 3% and 0.3% respectively.
Last week, the Bank of Japan announced that voters voted 5-4 to increase monetary target expansion to 80 trillion yen or $726 billion. Earlier in the week, last week, stocks has already bolstered due to the $1.2 trillion pension fund increase to bolster shares following the stronger-than-expected US economic growth from the Government of Pension Investment Fund. The monetary hike may trigger a global liquidity increase spurring speculations of increased demand for assets with higher risks.
The material has been provided by InstaForex Company – www.instaforex.com
Asian stocks rallied led by the Nikkei as it reached past the 17,000 mark with the yen weakening in several monetary expansion from the BOJ.
The MSCI Asia Pacific Index added 1.6% to 142.56, 9:03 am, Tokyo time. The Nikkei 225 Stock Average surpassed the 17,000 mark in intraday trading before settling at a 2.7% increase to 16,862.47. The last time the gauge surpassed the 17,000 mark was in 2007. Hong Kong’s Hang Seng Index and South Korea’s KOSPI Index shed 0.29% or 70.31 points to 23,845.66 and 0.91% or 17.78 points to 1,935.19 respectively. Meanwhile, Australia’s S&P/ASX 200 and China’s Shanghai Composite Index rose by 0.24% or 13.04 points to 5,519.92 and 0.03% or 0.70 points to 2,430.74 respectively.
In China, Great Wall Motor surged by 7% following the vehicle sales report that showed an increase of 12% for the month of October from September sales. China Railway Construction Corp. surged by at least 4% while China Communications Construction Co. jumped by 9.6%. Japan’s currency was able to cut down its losses to match the dollar at 113.35 yen per dollar. Yesterday, the currency touched a near-seven year low. In Sydney, the Reserve Bank of Australia kept its interest rates steady at a record low of 2.5%. South Korea’s Hyundai Motor and Kia Motors shed 3% and 0.3% respectively.
Last week, the Bank of Japan announced that voters voted 5-4 to increase monetary target expansion to 80 trillion yen or $726 billion. Earlier in the week, last week, stocks has already bolstered due to the $1.2 trillion pension fund increase to bolster shares following the stronger-than-expected US economic growth from the Government of Pension Investment Fund. The monetary hike may trigger a global liquidity increase spurring speculations of increased demand for assets with higher risks.
The material has been provided by InstaForex Company – www.instaforex.com
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