Asian Stock Markets
Chinese financial markets started the new year in celebratory mode, with
the MSCI China Index extending a 12-month rally and the yuan climbing
to the highest level in almost four months.
The gauge of offshore-traded shares rallied 1.8 percent at 11:50 a.m. in Hong Kong. Real estate developers accounted for the top five gainers, buoyed by improving contracted sales, while Sunny Optical Technology Group Co. led an advance by tech shares. Casinos slumped in the wake of disappointing Macau revenue.
The currency strengthened beyond 6.5 per dollar for the first time since September. And the yield on 10-year government debt fell two basis points to 3.88 percent.
The MSCI China index jumped 52 percent in 2017, led by property companies and technology shares, while the yuan defied bearish predictions to advance almost 7 percent against the greenback. Mainland-traded stocks had a more muted year, with the Shanghai Composite Index advancing just 6.6 percent, as China’s deleveraging campaign weighed on smaller caps.
Hong Kong’s Hang Seng Index advanced 1.6 percent to climb above 30,000, while the Hang Seng China Enterprises Index surged 2.5 percent, led by Great Wall Motor Co.
A Bloomberg index tracking 22 leading Chinese builders, mostly listed in Hong Kong, jumped 5.8%. Sunac China Holdings Ltd., whose sales more than doubled last year according to data collector China Real Estate Information Corp., advanced 9.6% in Hong Kong
Sunny Optical climbed 7.9%. The shares plunged 23% last month, though still ended the year almost 200% higher
Wynn Macau Ltd. dropped as much as 7%, its biggest tumble in more than a year, while Galaxy Entertainment Group Ltd. and Sands China Ltd. slid more than 3%. Gaming revenue rose almost 15 percent in December to 22.7 billion patacas ($2.8 billion) -- missing the median estimate of a 20 percent increase in a Bloomberg survey
The gauge of offshore-traded shares rallied 1.8 percent at 11:50 a.m. in Hong Kong. Real estate developers accounted for the top five gainers, buoyed by improving contracted sales, while Sunny Optical Technology Group Co. led an advance by tech shares. Casinos slumped in the wake of disappointing Macau revenue.
The currency strengthened beyond 6.5 per dollar for the first time since September. And the yield on 10-year government debt fell two basis points to 3.88 percent.
The MSCI China index jumped 52 percent in 2017, led by property companies and technology shares, while the yuan defied bearish predictions to advance almost 7 percent against the greenback. Mainland-traded stocks had a more muted year, with the Shanghai Composite Index advancing just 6.6 percent, as China’s deleveraging campaign weighed on smaller caps.
Hong Kong’s Hang Seng Index advanced 1.6 percent to climb above 30,000, while the Hang Seng China Enterprises Index surged 2.5 percent, led by Great Wall Motor Co.
A Bloomberg index tracking 22 leading Chinese builders, mostly listed in Hong Kong, jumped 5.8%. Sunac China Holdings Ltd., whose sales more than doubled last year according to data collector China Real Estate Information Corp., advanced 9.6% in Hong Kong
Sunny Optical climbed 7.9%. The shares plunged 23% last month, though still ended the year almost 200% higher
Wynn Macau Ltd. dropped as much as 7%, its biggest tumble in more than a year, while Galaxy Entertainment Group Ltd. and Sands China Ltd. slid more than 3%. Gaming revenue rose almost 15 percent in December to 22.7 billion patacas ($2.8 billion) -- missing the median estimate of a 20 percent increase in a Bloomberg survey
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