Asian Shares Close Mostly Higher

November 8, 2017
Asian Shares Close Mostly Higher

By Investors Hub

Asian stocks finished mostly higher on Tuesday after the major U.S. averages hit fresh record closing highs overnight, boosted by rallying oil prices and corporate deal making news.

Higher commodity prices, including the overnight surge in crude oil prices after a purge of the royal family’s political rivals in Saudi Arabia helped investors shrug off U.S. President Donald Trump’s fiery rhetoric on North Korea and uncertainties related to proposed U.S. tax reform.

Chinese shares hit a two-year high, with banking and energy firms leading the surge on optimism over global growth. The benchmark Shanghai Composite Index climbed 26.97 points or 0.8 percent to finish at 3,415.14, while Hong Kong’s Hang Seng Index jumped 397.54 points or 1.4 percent to 28,994.34.

Japanese shares rose for a fourth straight session to end at their highest level in more than 25 years, with a weaker yen and optimism over corporate earnings buoying investor sentiment. The Nikkei 225 Index surged up 389.25 points or 1.7 percent to 22,937.60, its highest level since January of 1992. The broader Topix Index closed 1.2 percent higher at 1,813.29.

Inpex Corp jumped 3.7 percent and Japan Petroleum Exploration soared 6 percent amid the rally in oil and other commodities. Mitsubishi Estate rallied 3.9 percent after the realty firm raised its net profit outlook.

Australian shares rallied sharply to finish near 10-year highs, with mining and energy stocks leading the way higher after Brent crude and iron ore prices surged overnight.

The benchmark S&P/ASX 200 Index advanced 60.50 points or 1 percent to 6,014.30, marking its biggest intra-day gain in more than a month. The broader All Ordinaries Index also gained 1 percent to end at 6,087.40.

Oil majors Oil Search, Woodside Petroleum, Santos and Beach Energy climbed 3-6 percent, while miners Rio Tinto, BHP Billiton and Fortescue Metals Group jumped 2-5 percent. Gold miners Northern Star, Newcrest and Evolution Mining rose 1-2 percent.

Investors largely shrugged off disappointing consumer confidence and construction data as well as the Reserve Bank’s widely expected decision to keep its cash rate at a record low of 1.5 percent.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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