Asian markets largely rally after weak start, led by Chinese stocks
Nikkei back in positive territory
From the Equity Insider archive. This article dates from Nov 12, 2018 and is preserved as first published.
Nikkei back in positive territory
After a soft opening, Asian equities closed broadly higher Monday, although investors remained wary of lingering U.S.-China trade tensions and shaky oil prices.
Japan’s Nikkei NIK, +0.09% made up early losses of almost 1% to close up about 0.1%. Major exporters lost ground behind a weaker yen. Sony 6758, -3.07% fell 3%, while Honda 7267, +0.06% firmed and Nintendo 7974, -0.41% slipped slightly. Robotics maker Fanuc 6954, +2.58% jumped 2.5%.
Hong Kong stocks traded slightly higher after Friday’s region-leading declines. The Hang HSI, +0.12% was up 0.1% following last week’s 3.3% skid, including 2.4% on Friday. HSBC 0005, +0.62% gained 0.6% and China Mobile 0941, +1.78% climbed 1.7%. Chinese oil majors also rose as crude prices LCOF9, +1.31% have bounced early Monday. But Tencent 0700, -3.08% dropped 3% and AAC 2018, -3.28% fell 3% after skidding 18% last week to 2½-year lows.
Smaller Chinese stocks were again outpacing their larger peer, continuing a trading pattern seen last week. The Shenzhen Composite 399106, +2.53% rose 2.5% while the Shanghai Composite SHCOMP, +1.22% was up 1.2%.
Smaller Chinese stocks were again outpacing their larger peer, continuing a trading pattern seen last week.
It was another record-setting Singles Day for Alibaba Group Holding Ltd. BABA, -0.56% Sunday, with consumers snapping up bargains despite China’s slowing economic growth, the trade fight with the U.S. and the diminished presence of Alibaba founder Jack Ma.
The e-commerce behemoth clocked in sales of $30.8 billion in the 24-hour span that began at 12 a.m. Sunday — preceded by a glitzy televised stage show in Shanghai featuring Cirque Du Soleil, Mariah Carey and Australian model Miranda Kerr. Alibaba zoomed past the previous year’s record of $25.3 billion by about 5:30 p.m.
South Korea’s Kospi SEU, -0.27% dropped 0.2%, while benchmarks in Taiwan Y9999, +0.01% and Singapore STI, -0.32% were mixed. Australia’s ASX 200 XJO, +0.33% was up 0.3% as bank shares tumbled, and New Zealand stocks NZ50GR, +0.28% were up 0.3%.
