Asian stocks moved higher on Monday, with Australia hitting a fresh-five year high, as shares bounced back from recent falls.
The Nikkei 225 index in Japan rebuilt 307.83 points, or 2.2%, Monday to 14,396.04
Hong Kong’s Hang Seng Index regained 108.24 points, or 0.5%, to 22,806.58
Early in Asia, the yen weakened slightly, with the U.S. dollar trading at ¥97.60, compared with ¥97.40 late Friday in New York.
The softer yen allowed the Nikkei Average to climb.
In Tokyo, telecoms firm KDDI Corp. rose 3% after a Nikkei report said that the firm will likely report a record first-half group operating profit, with a 50% on-year increase. TDK Corp., rose 1.5% after a separate Nikkei report said that the electronics-component producer will report an 8% increase in operating profit over the same period.
In Hong Kong, China Construction Bank, China’s second-largest bank by profits, despite its third-quarter net profit coming in slightly below market expectations.
China Life Insurance Co. rose 1.8% after China’s largest life insurer by premiums reported that it had made a 7.5-billion yuan ($1.2-billion U.S.) profit in the third quarter, reversing a 2.2-billion yuan loss in the same period last year.
Also in Hong Kong, Chong Hing Bank sank 8% after Chinese conglomerate Yuexiu Enterprises said on Friday it will acquire a majority stake in the Hong Kong lender for $1.5 billion U.S. — the first local-bank sale in several years.
CHINA
Looking ahead to November, markets are anticipating an important Communist Party meeting in China, where there are expectations that the country’s new government will unveil economic reforms.
Shanghai’s CSI 300 dipped 2.61 points, or 0.1%, to 2,365.95
In other markets;
Korea’s Kospi Index moved higher 13.75 points, or 0.7%, to 2,048.14
Taiwan’s Taiex Index rebounded 61.21 points, or 0.7%, to 8,407.83
The Singapore Straits Times Index picked up 2.61 points, or 0.1%, to 3,207.85
In Australia, the S&P/ASX 200 gained 55.06 points, or 1%, to 5,441.41
Markets in New Zealand had the day off
