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Asian Markets Climb in Light Session

Asian markets notched higher Friday after upbeat finish for Wall Street overnight boosted investor confidence. Volumes were, however, light as Japanese bourses remained closed for a public holiday.

Among others, the Shanghai Composite gained 0.8%, the Hang Seng edged up 0.1%. The Sensex rallied 0.4% while the All Ordinaries traded 0.5% higher.

Overnight action at Wall Street was supportive. Stocks ended with gains there on heels of better-than-expected U.S. manufacturing data.

Going ahead, markets in China may go in for some consolidation as investors take position ahead of the HSBC's flash purchasing managers' index due to be released on Monday.

Stocks on the Move

Property developers were sharply higher in Hong Kong. Poly Property Group soared over 6% while Poly Real Estate Group jumped 4%. China Overseas Land & Investment and China Resources Land rallied over 3.5% each.

Global trading company Li & Fung Ltd. surged over 16% after announcing results that topped Street estimates. The company said it plans to spinoff its global brands and licensing business under its Global Brands Group and list it in Hong Kong this year.

Banks were among top runners in Shanghai. China Merchants Bank rose 2.4%, China Construction Bank and Agricultural Bank tacked on over 1% each.

Largest lender ICBC climbed 1.2% on the Shanghai Composite Index even as insurers Ping An Insurance and China Life Insurance added 1.8% and 0.7% respectively.

Sydney-listed financials were also modestly higher. Westpac Banking Group and ANZ scored around 0.7% while NAB was up 0.2%.

QBE Insurance Group gained 1.6% while Insurance Group Ltd. rallied over 2%.

Among miners, index leader BHP Billiton edged up 0.6%. Rio Tinto and Fortescue Metals Group added around 0.3% each.

Top gainers in Mumbai included Hindalco Industries, up 2.6%, Tata Steel up 1.7%, Wipro and SBI added 1.3% while SSLT, Tata Power and BHEL improved around a percent each.