Interest Rate Outlook Lifts Asian Stock Markets

MT Newswires Live
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Asian stock markets gained ground Monday, after the soft US jobs report on Friday decreased the outlook for a Federal Reserve rate boost, at the central bank's pending late October policy session.

Hong Kong and Tokyo finished in the green, while trading floors in Seoul and Shanghai were dark on holiday. Other regional exchanges closed on the upside.

Brent crude oil futures rose 0.6% to $102.81, during Asian market hours.

In Japan, the Nikkei 225 opened higher and rose to the close, finishing up 2.4% on strong tech shares.

The benchmark Nikkei 225 rose 1,637.40 to 69,946.86, as gaining issues outnumbered losers 156 to 68.

Leading the upside was semiconductor-maker Renesas Electronics, up 8%, while drugmaker Shionogi declined 4.5%.

In economic news, Japan's composite purchasing managers index eased to 52.3 in September from 53.5 in August, but still struck above the 50-mark that separates growth from contraction for the 18th-straight month, reported S&P Global.

In Hong Kong, the Hang Seng Index opened lower but inclined through the day, closing up 0.3% on strength in tech issues.

The broad gauge Hang Seng rose 68.05 to 24,040.34, although losing issues outnumbered gainers 45 to 43. The Hang Seng TECH Index gained 0.6% on the day, while the Mainland Properties Index fell 0.6%.

Leading the upside was computer-maker Lenovo, gaining 4.7%, while subway operator MTR declined 3.4%.

On the other regional exchanges, the Taiwan TWSE inclined 2.6%; the Australian ASX 200 inclined 0.1%; the Singapore Straits Times Index rose 0.5%, and the Thai Set inclined 0.2%.

In Mumbai, the Sensex was up 0.7%.

The MSCI All Country Asia Pacific Index rose 1.2% on the day.

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