Asian stocks settled mostly higher on Monday, with Japan climbing to its highest level in seven weeks on a softer yen.
Japan’s Nikkei 225 index gained 140.35 points, or 1%, to 14,602.52, its highest level since early April. Meanwhile, the Japanese yen weakened to ¥101.916 against the U.S. dollar from ¥101.971 in the prior session.
The Hang Seng Index in Hong Kong dipped 2.68 points to 22,963.18
Australian indices also finished higher, and the Australian dollar held firm against the U.S. dollar, rising to 92.45 U.S. cents from 92.31 U.S. cents in the previous session.
Some of the market movers included Japanese camera maker Nikon Corp., jumping 4.3%, IT service provider NEC Corp., climbing 3.3%, electronics giant Sony Corp. , gaining 3.1%, and technology firm Fujitsu, up 3%.
In Hong Kong, tech stocks gained, with software provider Kingdee International Software Group up 5.9%, and bigger rival Kingsoft Corp. adding 4.9%. However, several major Chinese developers declined, with Sino-Ocean Land Holdings falling 1.6%, Shimao Property Holdings down 1%, and Evergrande Real Estate Group off 0.6%.
CHINA
Shanghai’s CSI 300 Composite gained 8.30 points, or 0.4%, to 2,156.44
Shares of battery makers and aircraft manufacturers rallied after the Chinese President Xi Jinping showed support for China’s development of renewable-energy vehicles and larger aircraft production during his visit in Shanghai.
In Shanghai, battery maker Shanghai Potevio Co. rose nearly 10%, and state-owned aircraft manufacturer Jiangxi Hongdu Aviation Industry advanced 1.5%. In the Shenzhen market, Shanghai’s counterpart, electric-car and battery maker BYD Co., partly owned by Warren Buffett, soared more than 10%.
Top U.S. consulting companies might be the latest victims in spiraling U.S.-China tensions over spying and trade issues, with their smaller Chinese rivals poised to benefit from a reported ban.
Stocks of CCID Consulting Co., a state-owned Chinese consulting company, initially rose 2% in early Monday trading after a Financial Times report said Sunday that China had ordered state-owned enterprises to sever ties with U.S. consultants.
The move was reportedly made out of fear of alleged spying activities, with those excluded from Chinese contracts including U.S. industry majors McKinsey and Boston Consulting Group, the report said.
In other markets;
Taiwan’s Taiex Index acquired 27.90 points, or 0.3%, to 9.036.12
Singapore’s Straits Times Index took on 4.86 points, or 0.2%, to 3,282.88
Korea’s Kospi index slid 6.82 points, or 0.3%, to 2,010.35
New Zealand NZX 50 index gained 2.31 points to 5,153.68
Australia’s S&P/ASX 200 hiked 20.05 points, or 0.4%, to 5,512.83
