Hong Kong and Shanghai stocks advanced Monday, after China’s central bank lowered interest rates over the weekend, while two separate gauges of China’s manufacturing activity both showed gains in February.
The Nikkei 225 index was better by 28.94 points, or 0.2%, to 18,826.88, yet another fresh 15-year high
The yen weakened versus the U.S. dollar to ¥119.96, from late Friday’s ¥119.34.
The Hang Seng Index recovered 64.15 points, or 0.3%, to 24,887.44.
In Hong Kong, mainland Chinese banks gained broadly, with China Merchants Bank Co. adding 1.4%, Bank of Communications Co., Ltd. up 0.9%, and Bank of China Ltd. higher by 0.7%.
CHINA
The Shanghai CSI 300 gained 28.42 points, or 0.8%, to 3,601.27
The People’s Bank of China (PBOC) announced Saturday that it would cut both the benchmark one-year loan rate and the one-year deposit rate by a quarter percentage point. The move is the second benchmark interest-rate cut by PBOC in a little more than three months.
Meanwhile, HSBC’s final reading for its China Manufacturing Purchasing Managers’ Index (PMI) showed a rise to 50.7 from 49.7 in January, hitting a seven-month high, on its release Monday. A day earlier, China’s official manufacturing PMI edged up in February to 49.9, compared with 49.8 in January.
Several major mainland Chinese property developers also rose substantially, as Evergrande Real Estate Group Ltd. climbed 2.1%, and China Resources Land Ltd., a Hang Seng constituent, added 1.2%.
In other markets;
The Taiex index in Taiwan returned from a long weekend to slip 20.74 points, or 0.2%, to 9,601.36
In Singapore, the Straits Times Index eked up 1.03 points to 3,403.89
The Kospi index in Korea added 11.01 points, or 0.6%, to 1,996.81
In New Zealand, the NZX 50 gained 14.20 points, or 0.2%, to 5,892.67
The S&P/ASX index moved higher 30.12 points, or 0.5%, to 5,958.88
