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Hong Kong Leads Gains in Asia

Hong Kong markets jumped to lead gains in Asia on Wednesday, powered by energy and basic material stocks.

In Japan, the Nikkei 225 index gained 88.65 points, or 0.2%, to 38,570.76.

Investors in Asia assessed Japan’s trade data for May, with exports beating expectations. Exports grew 13.5% year on year compared with a 13% increase expected by economists polled by Reuters. Imports growth of 9.5%, however, missed expectations of a 10.4% increase.

Investors also digested the Reuters Tankan index reading which showed business confidence among large Japanese manufacturers fell to +6 from +9 in May. On the flip side, business confidence among non-manufacturers climbed to +31 from +26 in May.

The Tankan measures business confidence among Japanese corporations, and a positive figure means optimists outnumber pessimists and vice versa.

In Hong Kong, the Hang Seng index recovered 514.84 points, or 2.9%, to 18,430.39.

Korean markets were heavily into the plus column, powered by a 1.75% gain in heavyweight Samsung Electronics.

LG Electronics jumped 6.09%, while SK Hynix reversed earlier gains to fall 0.43%.

The Taiwan Weighted Index closed the day with an almost 2% gain at 23,209.54, led by heavyweights Hon Hai Precision Industry (Foxconn), which rose 2.27% and Taiwan Semiconductor Manufacturing Corp, up 4.03%.


In Shanghai, the CSI 300 declined 16.84 points, or 0.5%, to 3,528.75

In China, the China Securities Regulatory Commission said it would publish new measures to deepen the reform of Shanghai’s tech-heavy STAR market, according to a Reuters report.

CSRC chairman Wu Qing said the commission will strengthen regulation of high-frequency trading and over-the-counter derivatives.

In other markets

In Singapore, the Straits Times Index dropped 2.22 points, or 0.1%, to 3,304.

In Korea, the Kospi index jumped 33.41 points, or 1.2%, to 2,797.33.

In Taiwan, the Taiex index popped 452.11 points, or 1.2%, to 23,209.54.

In New Zealand, the NZX 50 slumped 96.21 points, or 0.8%, to 11,671.19.

In Australia, the ASX 200 moved lower 8.36 points, or 0.1%, 7,769.72.