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Hong Kong shares hit 6 1/2-year high, most Asian markets advance

Hong Kong shares hit 6 1/2-year high, most Asian markets advance

Stock prices on Thursday surged in Hong Kong to a 6 1/2-year high and in Tokyo rose on buying in car makers and electronic companies, as most Asian markets moved higher.
Hong Kong's blue chip Hang Seng Index jumped 278.46 points, or 1.6 percent, to 17,907.67 _ its highest closing level since March 29, 2000.
Traders bought bank HSBC and China Mobile. HSBC rose 2.4 percent.
"People are awakening to the value in HSBC. It has been undervalued for so long," said Francis Lun, general manager of Fulbright Securities.
China Mobile soared 2.1 percent to an all-time closing high.
Trading company Li & Fung extended recent gains, also rising to an all-time high after the company announced its purchase of the sourcing business of German retailer KarstadtQuelle.
In Tokyo, Japan's benchmark Nikkei 225 index rose 366.78 points, or 2.28 percent, to finish at 16,449.33. Investors welcomed the advance on Wall Street, where the Dow Jones industrial average climbed to 11,950.61, a second straight record close as investors grew more optimistic about a possibility that the U.S. Federal Reserve will lower interest rates.
Good news in the U.S. tends to buoy sentiment in Japan because the U.S. is Japan's biggest export destination.
Nissan Motor Co.'s stock jumped 3.48 percent after General Motors Corp. called off talks between Nissan and France's Renault SA about a possible three-way tie-up.
Other gainers included Mazda Motor Corp., which added 2.62 percent, and Canon Inc., which advanced 4.80 percent.
Technology stocks also climbed, with Advantest Corp. rising 4.15 percent.
Meanwhile, Toshiba Corp. fell 5.96 percent over investor worries about the financial burden from its acquisition of Westinghouse Electric Co. Toshiba said the previous day it expects to complete its takeover of the U.S. producer of atomic power plant equipment by the end of this month.
In currency trading, the U.S. dollar fell against the Japanese yen but rose against the euro.
The greenback bought 117.66 yen in Tokyo late Thursday, down from 117.89 yen from late Wednesday in New York.
The euro fell to US$1.2704, from US$1.2713.
Elsewhere:
BANGKOK: Thai shares advanced 1.1 percent to 695.72 points, led by gains in key blue chips.
JAKARTA: Indonesian shares moved up 7.89 points, or 0.5 percent, to 1,544.97.
KUALA LUMPUR: Malaysian shares edged up 4.83 points, or 0.5 percent, to 968.89.
MANILA: Philippine shares soared after three days of losses on favorable September inflation data, which spurred hopes that the local central bank may soon ease monetary policy to fuel economic activity next year. The benchmark 30-company Philippine Stock Exchange Index advanced 3 percent to 2,561.06.
MUMBAI: Indian shares got a boost from local technology stocks and other Asian markets. The Sensex rose 185.40 points, or 1.5 percent, to 12,389.41.
SINGAPORE: Singapore shares jumped 38.56 points, or 1.5 percent, to 2,641.48.
SYDNEY: Australian shares were lifted to five-month highs by gains in Tokyo and U.S. markets. The benchmark S&P/ASX200 index rose 76.6 points, or 1.5 percent, to 5,219.3, while the All Ordinaries gained 73.3 points to 5,174.8.
TAIPEI: Taiwan's shares surged as U.S. blue chips powered Wall Street to new highs. The island's key stock index rose 1.8 percent, or 122.26 points, to 6,997.24.
WELLINGTON: New Zealand shares inched up, with sentiment hurt by the strong local currency, which makes the country's exports more expensive. The NZX-50 index edged up 2.3 points to 3,595.70.
The stock markets in Seoul, Shanghai and Shenzhen were closed.


Updated : 2021-08-04 20:57 GMT+08:00