Keeps You Updated!

Asia-Pacific stocks mostly rise as oil prices continue upward trek

SINGAPORE – Shares in Asia-Pacific were largely higher in Thursday trade as US stocks bounced back overnight. Oil prices, however, continued to move higher following a price surge in recent days.

The Nikkei 225 in Japan gained 0.9% while the Topix index climbed 1.45%. South Korea’s Kospi also gained 1.44%.

Mainland Chinese stocks were mixed, with the Shanghai composite up about 0.1% while the Shenzhen component slipped 0.725%. Hong Kong’s Hang Seng index edged 0.3% higher.

A private survey released Thursday showed slowing Chinese services activity growth in February, with the Caixin / Markit services Purchasing Managers’ Index coming in at 50.2 for that month. That compared against January’s reading of 51.4.

The 50-point mark in PMI readings separates growth from contraction. PMI readings are sequential and represent month-on-month expansion or contraction.

In Australia, the S & P / ASX 200 advanced 0.73%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.54% higher.

Brent briefly tops $ 118

Stock picks and investing trends from CNBC Pro:

Overnight on Wall Street, the Dow Jones Industrial Average surged 596.40 points to 33,891.35. The S&P 500 gained 1.86% to 4,386.54 while the Nasdaq Composite advanced 1.62% to 13,752.02.

Currencies

The US dollar index, which tracks the greenback against a basket of its peers, was at 97,519 – still higher as compared to levels below 96.6 seen last week.

The Japanese yen traded at 115.64 per dollar, having weakened yesterday from below 115.2 against the greenback. The Australian dollar changed hands at $ 0.7285, largely holding on to gains from its climb below $ 0.72 earlier in the week.

Leave a Reply

Your email address will not be published. Required fields are marked *