Asian stocks higher as investors appear more upbeat on China
Asian stocks were higher on Monday, after stronger-than-expected China data on Friday improved investor confidence.
In Japan, the Nikkei 225 rose 1.43 percent. The Topix index was up 1.47 percent.
South Korea’s Kospi gained 0.72 percent. Shares of Asiana Airlines and its affiliates soared in the morning session. Asiana Airlines shares were up 30 percent. Affiliates Air Busan and Asiana IDT rose 29.80 percent and 29.78 percent, respectively.
Local media reported that the South Korean carrier’s parent, Kumho Asiana Group, had agreed to sell a stake in the airline, according to Reuters. Last week, the news agency reported that creditors had rejected a restructuring plan, saying it was not sufficient to restore market trust in the indebted airline.
Amid ongoing negotiations, Kumho Asiana Group is expected to submit a fresh revamp plan after the top shareholder in Asiana, Kumho Industrial, holds a board meeting on Monday, Reuters reported.
In China, the Shanghai composite was up 1.8 percent while the Shenzhen composite added 1.46 percent. Hong Kong’s Hang Seng index added 1 percent.
Shares in Australia dipped as the benchmark ASX 200 fell 0.19 percent. Most sectors traded lower while the energy subindex was up 0.44 percent and the heavily weighted financial sector added 0.37 percent.
“Stronger than expected China trade and credit data triggered a risk on move on Friday,” Rodrigo Catril, senior foreign-exchange strategist at the National Australia Bank, wrote in a morning note.
Customs data showed China’s March exports were higher than expected: Dollar-denominated exports rose 14.2 percent on-year, topping prediction of a 7.3 percent gain, according to a Reuters poll. Still, imports fell short of expectations, indicating domestic demand in the world’s second-largest economy remained weak.
Asia Pacific markets were mostly higher Monday, after stronger-than-expected China data on Friday improved investor confidence.
In Japan, the Nikkei 225 rose 1.43 percent. The Topix index was up 1.47 percent.
South Korea’s Kospi gained 0.72 percent. Shares of Asiana Airlines and its affiliates soared in the morning session. Asiana Airlines shares were up 30 percent. Affiliates Air Busan and Asiana IDT rose 29.80 percent and 29.78 percent, respectively.
Local media reported that the South Korean carrier’s parent, Kumho Asiana Group, had agreed to sell a stake in the airline, according to Reuters. Last week, the news agency reported that creditors had rejected a restructuring plan, saying it was not sufficient to restore market trust in the indebted airline.
Amid ongoing negotiations, Kumho Asiana Group is expected to submit a fresh revamp plan after the top shareholder in Asiana, Kumho Industrial, holds a board meeting on Monday, Reuters reported.
In China, the Shanghai composite was up 1.8 percent while the Shenzhen composite added 1.46 percent. Hong Kong’s Hang Seng index added 1 percent.
Shares in Australia dipped as the benchmark ASX 200 fell 0.19 percent. Most sectors traded lower while the energy subindex was up 0.44 percent and the heavily weighted financial sector added 0.37 percent.
“Stronger than expected China trade and credit data triggered a risk on move on Friday,” Rodrigo Catril, senior foreign-exchange strategist at the National Australia Bank, wrote in a morning note.
Customs data showed China’s March exports were higher than expected: Dollar-denominated exports rose 14.2 percent on-year, topping prediction of a 7.3 percent gain, according to a Reuters poll. Still, imports fell short of expectations, indicating domestic demand in the world’s second-largest economy remained weak.
Source: CNBC
