Tags: Asia | stocks | Hong Kong | protest

Asian Stocks Advance on Easing Hong Kong Tensions With Protesters

Tuesday, 07 October 2014 09:54 AM

Asian stocks rose as agreement on formal talks between protesters and Hong Kong officials boosted shares in the city. Japan’s Topix index slid as the yen climbed after the Bank of Japan refrained from adding stimulus.

China Mobile Ltd. added 1.1 percent, providing the biggest boost to Hong Kong’s Hang Seng Index. Rio Tinto Group surged 4.3 percent in Sydney, the most in more than a year, after saying it rejected a merger approach from Glencore Plc that would have created the world’s largest miner. Sony Corp., a maker of consumer electronics, dropped 1.2 percent in Tokyo.

The MSCI Asia Pacific Index added 0.3 percent to 139.62 as of 4:03 p.m. in Hong Kong. The Hang Seng Index gained 0.5 percent at the close after sinking 2.6 percent last week, the biggest such drop since March, after police used tear gas and pepper spray in attempts to quell demonstrations in the city. Markets reopen tomorrow in China after the Golden Week holiday.

Hong Kong’s “market is still continuing its rebound from last week,” said William Fung, investment manager at Tanrich Securities Co. in Hong Kong. “The political situation is better compared to last week, though the market may not be able to rebound further as uncertainty continues.”

Japan’s Topix slipped 0.4 percent. The Bank of Japan kept its pledge to increase the monetary base at an annual pace of 60 trillion yen to 70 trillion yen ($644 billion), in line with all 33 economists surveyed by Bloomberg News. The yen climbed 0.1 percent to 108.65 per dollar after strengthening 0.9 percent Monday, the biggest gain since April.

South Korea’s Kospi index added 0.2 percent. Australia’s S&P/ASX 200 Index slid 0.2 percent, while New Zealand’s NZX 50 Index slipped 0.1 percent. India’s S&P BSE Sensex Index declined 0.7 percent. Taiwan’s Taiex Index lost 0.6 percent, and Singapore’s Straits Times Index declined 0.2 percent.

Formal Talks

A preparatory meeting late Monday between Hong Kong officials and protest leaders resulted in agreement that there will be several rounds of talks and that the government must confirm and implement the outcome of the negotiations. Both sides said they hope to start formal talks before Oct. 12.

While the number of protesters on the streets picked up in the evening it remained well below the peak of the demonstrations, which started almost two weeks ago. Student leaders urged their supporters to stay in place and said no agreement will be possible if the government forcibly clears the main protest sites.

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Asian stocks rose as agreement on formal talks between protesters and Hong Kong officials boosted shares in the city.
Asia, stocks, Hong Kong, protest
Tuesday, 07 October 2014 09:54 AM
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