Market Update
Asian markets ended higher Friday after an upbeat finish for Wall Street overnight boosted investor confidence. However, volumes were light as the Japanese bourses remained closed for a public holiday.
Among others, the Shanghai Composite gained 2.7% while the Hang Seng was up 1.2%. The Sensex edged up 0.1% while the All Ordinaries gained 0.8%.
Overnight action at Wall Street was supportive. Stocks ended with gains there on heels of better-than-expected U.S. manufacturing data.
Going ahead, markets in China may go in for some consolidation as investors take position ahead of the HSBC's flash purchasing managers' index due to be released on Monday.
Stocks on the Move
Property developers were sharply higher in Hong Kong. Poly Property Group soared 4.2% while Poly Real Estate Group jumped 6.8%. China Overseas Land & Investment and China Resources Land rallied 6.9% and 6.6% each, respectively.
Global trading company Li & Fung Ltd. surged 20% after announcing results that topped Street estimates. The company said it plans to spin off its global brands and licensing business under its Global Brands Group and list it in Hong Kong this year.
Banks were among top runners in Shanghai. China Merchants Bank rose 3.3%, China Construction Bank and Agricultural Bank tacked on 1.6% and 2% each.
Largest lender ICBC climbed 1.8% on the Shanghai Composite Index. Insurers Ping An and China Life Insurance added 3.9% and 2.7% each, respectively.
Sydney-listed financials were also modestly higher. Westpac Banking Group and ANZ scored 1.1% and 0.4% each while NAB was up 0.8%.
QBE Insurance Group gained 1.9% while Insurance Australia Group Ltd. rallied about 2%.
Among miners, index leader BHP Billiton gained 1.1%. Rio Tinto and Fortescue Metals Group added around 1% and 1.6% each.
Top gainers in Mumbai were Tata Steel, up 3.6%, followed by Hindalco Industries and Wipro, both up 3.1% each.
Axis Bank gained 2.7% after the government sold a stake in the lender.
Tata Motors added 2.4% while Tata Power was up 2.1%.