Asian stocks rise to four-day streak on upbeat China PMI
July 24, 2014 7:24 am
Asian stocks advanced for the fourth day in a row with the regional benchmark index prolonging its six-year high, bolstered by Chinese PMI that showed that the Chinese manufacturing gauge hit its highest in 18 months.
The MSCI Asia Pacific Index gained 0.2% to 148.76, 10:03 am, Hong Kong time. The index saw seven of its ten industry group rise following up the previous trading day’s close that was the highest since June of 2008.
Japan’s Nikkei 225 Index and South Korea’s KOSPI Index fell by 0.29% or 44.14 pips to 15,284.42 and 0.08% or 1.70 pips to 2026.62 respectively. Hong Kong’s Hang Seng Index and China’s Shanghai Composite Index are up by 0.62% or 148.87 pips to 24,120.74 and 1.28% or 26.57 pips to 2105.06 respectively. Australia’s S&P/ASX 200 and the CNBC 100 gained 0.20% or 11.06 pips to 5587.80 and 0.16% or 11.80 pips to 7,538.94 respectively.
Seoul’s LG Display Co. hiked by 2.5% following Apple Inc.’s corporate earning report that went beyond the estimates of analysts. As the supplier of panels of the iPhone producer, LG Display Co. was lifted. Tokyo’s Fujifilm Holdings Corp. climbed by 2.1% following sales report that profit from high-end cameras helped bolster the earnings of the company for the second quarter. Australia’s largest producer of gold, Newcrest Mining Ltd. shed 4% after speculations that the company might write down its assets’ value by as much as $2.4 billion or A$ 2.5 billion.
US stocks added sentiment to the Asian market as S&P 500 reached a new record close following the positive reports of PepsiCo Inc., Apple Inc., and Dow Chemical Co. who all had better-than-expected earnings along with some 77% of the gauge’s members.
Portfolio manager at Pengana Capital Ltd., Tim Schroeders, commented that the market may extend its upward trend as the “backdrop of improving earnings and benign US inflation” proliferate. Schroeders adds that investors are a little positive on the growth of China with the previously feared scenarios disappearing. The material has been provided by InstaForex Company – www.instaforex.com
Asian stocks advanced for the fourth day in a row with the regional benchmark index prolonging its six-year high, bolstered by Chinese PMI that showed that the Chinese manufacturing gauge hit its highest in 18 months.
The MSCI Asia Pacific Index gained 0.2% to 148.76, 10:03 am, Hong Kong time. The index saw seven of its ten industry group rise following up the previous trading day’s close that was the highest since June of 2008.
Japan’s Nikkei 225 Index and South Korea’s KOSPI Index fell by 0.29% or 44.14 pips to 15,284.42 and 0.08% or 1.70 pips to 2026.62 respectively. Hong Kong’s Hang Seng Index and China’s Shanghai Composite Index are up by 0.62% or 148.87 pips to 24,120.74 and 1.28% or 26.57 pips to 2105.06 respectively. Australia’s S&P/ASX 200 and the CNBC 100 gained 0.20% or 11.06 pips to 5587.80 and 0.16% or 11.80 pips to 7,538.94 respectively.
Seoul’s LG Display Co. hiked by 2.5% following Apple Inc.’s corporate earning report that went beyond the estimates of analysts. As the supplier of panels of the iPhone producer, LG Display Co. was lifted. Tokyo’s Fujifilm Holdings Corp. climbed by 2.1% following sales report that profit from high-end cameras helped bolster the earnings of the company for the second quarter. Australia’s largest producer of gold, Newcrest Mining Ltd. shed 4% after speculations that the company might write down its assets’ value by as much as $2.4 billion or A$ 2.5 billion.
US stocks added sentiment to the Asian market as S&P 500 reached a new record close following the positive reports of PepsiCo Inc., Apple Inc., and Dow Chemical Co. who all had better-than-expected earnings along with some 77% of the gauge’s members.
Portfolio manager at Pengana Capital Ltd., Tim Schroeders, commented that the market may extend its upward trend as the “backdrop of improving earnings and benign US inflation” proliferate. Schroeders adds that investors are a little positive on the growth of China with the previously feared scenarios disappearing.
The material has been provided by InstaForex Company – www.instaforex.com
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