Asian Stocks Extend Gains, China Bucks the Trend
The sentiment on the Asian markets remain mixed this Wednesday, with the
Chinese stocks extending losses, while rest of Asia gains further and
rises to fresh four-month highs.
The overnight jump in the commodities, especially gold and iron-ore,
provided the much-needed boost to the resource and mining stocks. While
oil prices retreated on reports that a labour strike in Kuwait came to
an end.
Nikkei rises, despite yen’s strength
The Japanese stocks rose for the second straight session as the
overnight weakness in the yen, helped lift exports-oriented stocks.
However, the upside remains capped as the JPY bulls appear to fight back
control this session amid renewed weakness in the oil prices. While
poor Japanese trade data also weighs on the sentiment. The Japanese
benchmark index, the Nikkei 225 gains +0.61% to 16,977 points, while USD/JPY drops -0.12% to 109.06, fading a spike to 109.33 levels.
The Australian markets also kept moderate gains, with the benchmark
S&P/ASX 200 index advancing +0.32% to 5,205. While the Chinese
equities extended gains, with the bulls completely ignoring highest
injections by PBOC n two weeks on increased seasonal demand for cash.
The benchmark Shanghai Composite index drops -0.28% to 3,035 points, the
CSI300 index slides -0.94%, while Hong Kong’s Hang Seng also loses
-0.57% to trade around 21,330 levels.
