Asia Pacific share market soared on Wednesday, 07 October 2015, buoyed
by rally in the resources related stocks, thanks to surge in crude oil
prices.
Crude oil prices continued its uptrend on Wednesday after leaping 5% in U.S. trade overnight on expectations of production cuts in the U.S. and globally. Oil prices extended a recent surge in Asia on Wednesday, with US benchmark West Texas Intermediate up 2.0% and Brent added 1.3%. On Tuesday WTI jumped 4.9% and Brent soared 5.4% after the US Department of Energy forecast a drop in average production in 2016 and an increase in global demand this year.
Among Asian bourses
Australian market hits one-month high
The Australian share market ended higher for third consecutive session, after sitting in the red for much of the day. Most of the ASX sectors advanced, led by energy and mining issues as investors continue to pile into the oversold stocks. The benchmark S&P/ASX 200 index and the broader All Ordinaries index both gained 0.6% to 5197.90 points and 5228.40 points, respectively.
Nikkei adds strength on resources rally
The Japanese share market finished decisively higher after swinging between positive and negative territory on the back of the Bank of Japan's decision to leave monetary policy unchanged at its October meeting. Total 26 out of 33 TSE first-section sector sub-indexes added strength, with Mining, Iron & Steel, Wholesale Trade, Nonferrous Metals, Oil & Coal Products, Other Financial Business, and Machinery issues being major gainers. The Nikkei Stock Average advanced 136.88 points, or 0.75%, to end at 18322.98 points, meanwhile the broader Topix index climbed up 1.17%, or 17.33 points, to 1493.17 at the close.
Hong Kong market soars 3.1%
Hong Kong stock market soared, buoyed by a recovery in energy stocks and hopes of firm opening in the Mainland A-share market tomorrow. The Hang Seng Index advanced 684.14 points, or 3.13%, at 22515.76 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, ascended 463.26 points, or 4.66%, to 10394.79 points. Turnover increased to HK$108.67 billion from HK$78.3 billion on Tuesday. Stock markets in mainland China were closed for a public holiday and will reopen on Thursday.
Sensex rises for the 6th straight session
Increase in global commodity prices lifted share prices of metal and mining sector companies and oil exploration and production (E&P) firms which along with gains for index heavyweights ITC and HDFC aided modest upmove for the barometer index, the S&P BSE Sensex. The index rose 102.97 points or 0.38% to settle at 27,035.85. The Nifty gained 24.50 points or 0.3% to settle at 8,177.40.
The latest gains on the Indian bourses materialized as global stocks edged higher. Global stocks have been rallying in recent days after a string of disappointing data in the US and Europe fueled expectations that monetary policy there will stay loose for longer.
Metal and mining shares surged as prices of most metals rose in global commodities markets. Shares of oil E&P firms edged higher as global crude oil prices rose on hopes for falling supply in both the US and global markets. IT stocks declined as the rupee strengthened against dollar. Sugar stocks rallied on expectations of improved demand during the festival season.
Elsewhere in the Asia Pacific region: Taiwan's Taiex index rose 1.2% to 8495.23. South Korea's KOPSI added 0.8% to 2005.84. New Zealand's NZX50 fell 0.3% to 5650.03. Singapore's Straits Times index added 2.2% at 2961.81. Indonesia's Jakarta Composite index ascended 0.9% to 4487.13. Malaysia's KLCI climbed up 1.6% to 1689.25. Financial markets Mainland China remained shut for the Golden Week public holiday.
Crude oil prices continued its uptrend on Wednesday after leaping 5% in U.S. trade overnight on expectations of production cuts in the U.S. and globally. Oil prices extended a recent surge in Asia on Wednesday, with US benchmark West Texas Intermediate up 2.0% and Brent added 1.3%. On Tuesday WTI jumped 4.9% and Brent soared 5.4% after the US Department of Energy forecast a drop in average production in 2016 and an increase in global demand this year.
Among Asian bourses
Australian market hits one-month high
The Australian share market ended higher for third consecutive session, after sitting in the red for much of the day. Most of the ASX sectors advanced, led by energy and mining issues as investors continue to pile into the oversold stocks. The benchmark S&P/ASX 200 index and the broader All Ordinaries index both gained 0.6% to 5197.90 points and 5228.40 points, respectively.
Nikkei adds strength on resources rally
The Japanese share market finished decisively higher after swinging between positive and negative territory on the back of the Bank of Japan's decision to leave monetary policy unchanged at its October meeting. Total 26 out of 33 TSE first-section sector sub-indexes added strength, with Mining, Iron & Steel, Wholesale Trade, Nonferrous Metals, Oil & Coal Products, Other Financial Business, and Machinery issues being major gainers. The Nikkei Stock Average advanced 136.88 points, or 0.75%, to end at 18322.98 points, meanwhile the broader Topix index climbed up 1.17%, or 17.33 points, to 1493.17 at the close.
Hong Kong market soars 3.1%
Hong Kong stock market soared, buoyed by a recovery in energy stocks and hopes of firm opening in the Mainland A-share market tomorrow. The Hang Seng Index advanced 684.14 points, or 3.13%, at 22515.76 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, ascended 463.26 points, or 4.66%, to 10394.79 points. Turnover increased to HK$108.67 billion from HK$78.3 billion on Tuesday. Stock markets in mainland China were closed for a public holiday and will reopen on Thursday.
Sensex rises for the 6th straight session
Increase in global commodity prices lifted share prices of metal and mining sector companies and oil exploration and production (E&P) firms which along with gains for index heavyweights ITC and HDFC aided modest upmove for the barometer index, the S&P BSE Sensex. The index rose 102.97 points or 0.38% to settle at 27,035.85. The Nifty gained 24.50 points or 0.3% to settle at 8,177.40.
The latest gains on the Indian bourses materialized as global stocks edged higher. Global stocks have been rallying in recent days after a string of disappointing data in the US and Europe fueled expectations that monetary policy there will stay loose for longer.
Metal and mining shares surged as prices of most metals rose in global commodities markets. Shares of oil E&P firms edged higher as global crude oil prices rose on hopes for falling supply in both the US and global markets. IT stocks declined as the rupee strengthened against dollar. Sugar stocks rallied on expectations of improved demand during the festival season.
Elsewhere in the Asia Pacific region: Taiwan's Taiex index rose 1.2% to 8495.23. South Korea's KOPSI added 0.8% to 2005.84. New Zealand's NZX50 fell 0.3% to 5650.03. Singapore's Straits Times index added 2.2% at 2961.81. Indonesia's Jakarta Composite index ascended 0.9% to 4487.13. Malaysia's KLCI climbed up 1.6% to 1689.25. Financial markets Mainland China remained shut for the Golden Week public holiday.
