Asian stocks were generally positive Monday, led by a surge in issues in mainland China.
In Hong Kong, the Hang Seng index hiked 149.19 points, or 0.6%, to 23,413.26
Japanese markets were closed Monday for Coming of Age day, but the yen lost more ground against major rivals, extending its steep recent losses on hopes for further monetary easing.
Financials also outperformed in Hong Kong, where BOC Hong Kong Holdings Ltd. rose 3.2% and Ping An Insurance Group Co. gained 2.9%.
Missing out the rally, logistics giant Li & Fung Ltd. plunged 15.4% after warning core operating profit for the past year could tumble as much as 40%.
The gains in broader Asia came after Wells Fargo & Co. kicked off the fourth-quarter reporting season for major U.S. banks Friday, posting revenue and earnings that topped analyst expectations, but with lower net interest income.
Crédit Agricole’s Hong Kong-based strategists said that earnings out this week, especially from the financial sector, would help dictate the direction of global stock-market action and appetite for risk-taking over the coming days.
In Seoul, meanwhile, Hyundai Motor Co. advanced 1.5% and heavyweight Samsung Electronics Co. added 1.2% to lead broad market gains.
In Sydney, real-estate firms saw some buying, with Mirvac Group up 1.3%, Stockland Australia adding 1.4% and Fkp Property Group 3.2% higher.
CHINA
Mainland Chinese shares surged Monday to lead Asian equities by a wide margin after a regulator said the country will grant foreigners greater access to its stock markets, with financials fronting the rally.
The Shanghai CSI 300 jumped 94.50 points, or 3.8 %, to 2,577.73
The rally in China followed comments after Guo Shuqing, chairman of the China Securities Regulatory Commission, reportedly said the country could substantially increase the amount foreigners are allowed to invest in local equity markets.
Reports of strong recent inflows into global equity markets and hopes that strong liquidity would further push up stocks also aided the broad advances.
In Monday’s trade on mainland bourses, Sinolink Securities Co. in Shanghai and Ping An Bank Co. in Shenzhen jumped by the day’s 10% limit.
Among other notable gainers, Citic Securities Co. rose 6.9% and Haitong Securities Co. advanced 7% in Shanghai, while Hong Yuan Securities Co. and Guoyuan Securities Co. added 6.2% and 5.5%, respectively, in Shenzhen.
Also contributing to the rally, Shanghai-listed shares of Great Wall Motor Co. climbed 6.2% after a Xinhua news report Saturday cited a company spokesman as saying the vehicle maker was targeting sales of 700,000 units this year, up from 620,000 units in 2012. In Hong Kong, the stock added 5.1%.
In other markets
In Singapore, the Straits Times Index slid 9.91 points, or 0.3%, to 3,206.59
Korea’s Kospi Index reacquired 10.37 points, or 0.5%, to 2,007.04
Taiwan’s Taiex Index gained 4.82 to 7,823.97
The NZX 50 tacked on 22.16 points, or 0.5%, to 4,153.92
Australia’s ASX Index gained back 10.22 points, or 0.2%, to 4,710.71
