Asian stocks turn higher as global equities attempt rebound
An uncertain start for some Asian stock markets following Thursday’s drubbing evolved into broad gains Friday as trading progressed. Still, the region will post big weekly declines absent a huge move higher by…
From the Equity Insider archive. This article dates from Oct 12, 2018 and is preserved as first published.
An uncertain start for some Asian stock markets following Thursday’s drubbing evolved into broad gains Friday as trading progressed. Still, the region will post big weekly declines absent a huge move higher by the day’s end.
Japan recovered from early weakness, with the Nikkei NIK, +0.46% closing 0.5% higher, but leaving it with a weekly decline of 4.7%.
Chinese stocks, weak early after their worst day in 2½ years, slid to session lows following the release of September trade data, but managed to pare losses or turn higher amid the broader rally in Asia. The Shanghai Composite SHCOMP, +0.91% was up 0.5%, while and the Shenzhen Composite 399106, +0.19% traded near unchanged.
Hong Kong stocks opened higher following Thursday’s beatdown and helped lead gains. The Hang Seng HSI, +2.12% was up 1.7% after a 17-month closing low Thursday. A technical indicator suggests the Hang Seng’s finish Thursday put the index at its most-oversold level since the start of 2016. After a record 10 straight drops, Tencent 0700, +8.01% was up nearly 6%. Meanwhile, insurer AIA 1299, +4.05% gained 2.5%.
Hong Kong stocks opened higher following Thursday’s beatdown and helped lead gains.
Benchmark indexes in New Zealand NZ50GR, +1.40% South Korea SEU, +1.51% and Taiwan Y9999, +2.44% all of which saw their worst days in at least 7 years Thursday, were putting in strong gains. Indexes in Singapore STI, +0.71% and Malaysia FBMKLCI, +1.30% also rose, while Australia’s ASX 200 XJO, +0.20% edged higher.
