The Lexington Group Reports China Leads Gains in the Region after Positive Reports
Most Asian markets rose on Monday, with the notable exception of Japan. Hopes of delayed tapering by the US Fed drove gold and oil prices higher, boosting stocks in the sector.
- (1888PressRelease) October 08, 2013 - Most Asian markets performed well as investors in the region hope that the US Federal Reserve will delay tapering of its $85 billion a month bond buying program as well as positive reports from Chinese firms. The Shanghai Composite Index climbed 1.9%, on Monday; its biggest gain in two weeks following a statement from the National Bureau of Statistics, saying that the country is on track to reach its growth target of 7.5% for the year.
In Hong Kong, the Hang Seng Index climbed 0.7%. in Seoul the Kospi rose 1%, and in Australia the S&P/ASX 200 finished up slightly, rising 0.2%, while in Tokyo the Nikkei Stock Average fell 0.2%.
Japanese property developers performed well, after a local newspaper reported that the housing market was beginning to strengthen due to the benefits of government stimulus and housing purchases before the consumption tax rises in April. Both Mitsui Fudosan Co. and Mitsubishi Estate Co. rose 1%.
The delay of tapering by the US Federal Reserve drove oil and gold futures higher, which in turn boosted stocks in the resource sector. In Australia Gold mining giant Newcrest Mining Ltd. climbed 4.9% and Kingsgate Consolidated Ltd. soared 6%. In Seoul, Korea Zinc Co. took 5.3%, and Zinjin Mining Group Co. gained 2.4% in Shanghai and 1.6% in Hong Kong. Oil refiner China Petroleum & Chemical Corp. rose 1.9% and 1.6% in Hong Kong and Shanghai respectively, following the report of a 24% increase in first half of the year profits.
Lender China Construction Bank Corp. picked up 0.9% in Shanghai and 0.7% in Hong Kong after reporting a 13% rise in first half of the year profits.
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