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Most Asian markets advance as Japanese shares rise for 3rd straight session

Most Asian markets advance as Japanese shares rise for 3rd straight session

Most Asian markets rose Wednesday, with Tokyo advancing for a third session and stocks in mainland China, South Korea, Singapore, Indonesia and New Zealand all climbing to records.
In Japan, buying in autos and banks lifted the benchmark Nikkei 225 stock index 25.07 points, or 0.14 percent, to 17,705.12.
Still, traders said the market was vulnerable to overseas factors, particularly a drop on Wall Street or signs of a slowdown in the U.S. economy, Japan's biggest export market.
"The Nikkei is still top-heavy at 17,500, so banks may be sold on dips if negative factors hit, such as a U.S. stocks fall overnight," said Yutaka Miura, manager at Shinko Securities.
Gainers included Shinsei Bank Ltd., which rose 2.35 percent to 524 yen (US$4.30), Mazda Motor Corp., up 2 percent to 661 yen (US$5.42), and Toyota Motor Corp., up 0.83 percent to 7,300 yen (US$60.33).
Chinese stocks rallied to a new record for a third straight session on optimism over reports the government may triple quotas for foreign investment in local bourses.
The benchmark Shanghai Composite Index gained 1.5 percent to 4,173.71. The Shenzhen Composite Index rose 2.1 percent to 1,223.98, also a record close.
The state-run newspaper China Business News, citing unnamed sources, said Wednesday that China plans to increase the quota for approved foreign investors to buy local-currency securities to US$30 billion from US$10 billion. Such shares are otherwise off-limits for most foreign investors.
"The upside momentum is still strong partly due to the report, though the government has warned against asset bubbles recently through a variety of measures," said Xu Yinhui, an analyst at Guotai Junan Securities.
Hong Kong's stock market slipped as gains in newcomer Belle International and mobile operator China Unicom was offset by decline in heavyweight China Mobile. The Hang Seng Index fell 44.95 points, or 0.22 percent, to 20,798.97. The market will be closed Thursday for public holiday marking Buddha's birthday.
Many investors are also reluctant to pile into the market at the moment until they see more hints from the Chinese government on its measures to cool the country's red-hot stock market, said Castor Pang, a Hong Kong-based strategist at Sun Hung Kai Research Ltd.
Belle International, China's largest women footwear retailer by sales, ended at HK$8.14 in its debut, 31.2 percent above its initial public offering price of HK$6.20. It was also the most heavily traded stock on the exchange with HK$5.79 billion (US$740 million; euro 551 million) worth of shares changing hand.
China Unicom, China's second largest mobile operator after China Mobile by subscribers, was the best-performing blue chip stock. It rose 4.2 percent to HK$11.96 after Citigroup raised the target price of China Unicom to HK$14.20 from HK$13.90.
Bigger rival China Mobile (Hong Kong) Ltd. fell 0.8 percent to HK$73.55 on profit-taking, according to traders.
In currencies, the U.S. dollar was trading at 121.64 yen mid Wednesday, up from 121.57 yen late Tuesday in New York. The euro rose to US$1.3460 from US$1.3454.
Elsewhere:
JAKARTA: Indonesian shares ended at a new high on expectations of benign May inflation, which could encourage central bank to cut interest rate. The Jakarta Stock Exchange Composite index closed 25.492 points, or 1.2 percent, up to 2,104.246.
KUALA LUMPUR: Malaysia's key stock index slipped as investors locked in profits following recent gains in select blue chips. The Kuala Lumpur Composite Index of 100 heavyweight stocks sank 0.9 percent to 1,354.98 points.
MANILA: Philippine shares slid after reaching record highs, as investors locked in profits in Philippine Long Distance Telephone Co. and other recent gainers. The benchmark 30-company Philippine Stock Exchange Index lost 38.47 points, or 1.1 percent, at 3,466.56.
SEOUL: South Korean shares hit another fresh record, led by gains in shipbuilding and construction stocks. The Korea Composite Stock Price Index rose 3.71 points, or 0.2 percent, to 1,646.59. The Kospi has closed at record highs in 12 of the 16 trading sessions this month.
SINGAPORE: Singapore shares closed at a record high for a second straight session, lifted by gains in Parkway Holdings and Singapore Airlines. The benchmark Straits Times Index closed up 19.19 points, or 0.5 percent, at 3,559.01.
SYDNEY: Australian stocks rose on gains in the banking and mining sectors. The benchmark S&P/ASX200 index rose 16.3 points, or 0.3 percent, to 6,355.1.
TAIPEI: Taiwan shares rose at their highest level in nearly seven years, buoyed by strength on regional bourses. The Weighted Price Index of the Taiwan Stock Exchange rose 33.16 points, or 0.4 percent, to close at 8,221.79 points.
WELLINGTON: New Zealand stocks posted a new all-time high, buoyed by news Fletcher Building agreed to buy U.S.-based Formica Corp., and an on-target fiscal year result from Fisher & Paykel Healthcare. The benchmark NZX-50 index rose 22.98 points, or 0.5 percent, to 4,312.58.


Updated : 2021-10-24 20:23 GMT+08:00