Stocks in Asia rose sharply on Monday in Japan’s Nikkei and Hong Kong’s Hang Seng index. Australian shares were also strong.
Japanese stock NIK,
The market collapsed on Friday after news of President Trump’s infection with coronovirus. Auto, Railways and Financial stocks topped. Automaker Subaru Corp 7270,
Central Japan Railway 9022, up 4.7%
4.1% higher and Dai-ichi Life Holdings 8750,
, Close to Friday’s Tokyo Stock Market from 105.09. US and Japan policy development is being closely watched. Nikkei stock average 1.3% early.
Hang Seng Hsi,
In early trade it was just over 1.5%.
Tech stocks are the best performers, with Tencent Holdings 700,
Growing 2.8%, Xiaomi Corp. 1810,
1.5% and Sunny optical technology is growing 0.5% to 2382,
. Property stocks are also high, with Hang Lung Properties 101,
Achieving 2.7%, Henderson Land Development 12,
Rising 1.8% and Sun Hung Kai properties 16,
Up to 0.7%. Semiconductor Manufacturing International Corp. 981,
This is down 4.5% after saying that export controls imposed by the US could have an adverse effect on its operations.
But Macau’s Golden Week visitor data disappoints as Hong Kong-listed casino operators may remain under pressure, Jefferies says. The bank says visitor numbers in the Special Administrative Region for the first three days of China’s weeklong holiday stood at 13% in 2019.
Australia’s benchmark stock index rose more than 2% in early Monday, as analysts saw reason for optimism in the country’s retail sales data. Excluding the state of Victoria, where there were strict lockout measures, August sales were better, up 13% compared to 15% in July.
UBS says the stock’s valuation is already pricing in strong sales for many Australian retailers, so investors should choose the exposure carefully. Banks favor retailers with attractive valuations that may benefit from coronavirus virus status because they have a strong online presence, or have long-term growth opportunities.
Its name is Woolworths WOW,
, Harvey Norman HVN,
, Add ADH,
, Metcash MTS,
, Bapcore BAP,
And Collins CKF,
UBS notes that August retail spending growth slowed to 7% compared to 12% in July.
NZX-50 NZ50GR, New Zealand
In early trade it was slightly higher. Jain Milk is operated by ATMs,
, Synlait Milk SML,
Ryan Ryan, Healthcare
, Auckland International Airport and Port of Tauranga. Infant formula marketing company a2 milk climbed 0.7% after falling nearly 18% last week on downgraded earnings for FY 2021. Property for the industry was up 1.5% after adding NZ $ 65 million of industrial property to Auckland to its portfolio of commercial tenants.
The story was compiled from Dow Jones Newswire and Associated Press reports.