Despite cooling winds of caution from the Fed, Asian equities pushed higher on Thursday thanks to strong US corporate earnings and continuing hopes that China will boost its economy.
The Shanghai Composite was 0.6 per cent to 2,648.12, with energy firms PetroChina and Sinopec leading gains. The Shenzen Composite was up 0.5 per cent to 1,076.878.
“It’s not going to be an explosive rally in Chinese stocks near-term,” Arjuna Mahendran of SBC Private Bank told Bloomberg. “It’s going to be a more gradual recovery.”
The Hang Seng closed up 0.01 per cent at 21,093.82, its highest level since April 30th.
Taiwan’s Taiex was at its highest level since May 5th, up 0.2 per cent to 7,7798.99. Tyre-maker Chen Sin Rubber Industry rose 5.7 per cent, while smartphone-maker HTC’s stocks gained the maximum 7 per cent, ahead of a company forecast that Q3 revenues will reach a record $2.2 billion, despite competition from Apple.
In Indonesia, the recent bull market continued, with the Jakarta index up 1.3 per cent to 3,096.82. Astra International, an automaker boosted by domestic demand, was up 2.9 per cent, yet Astra Agro Lestari, a palm oil producer, slipped 1.5 per cent after disappointing first-half results. The Jakarta index has gained over 6 per cent in July.
In India, the Bombay Sensex had an uncertain day, but eventually closed up 0.3 per cent at 17,992.00. The Thai SET recovered from early losses, to rise 0.1 percent to 854.59.
On the currencies markets,the Indonesian rupiah rose 0.3 per cent against the dollar to 8,980, while the Indian rupee was up 0.4 per cent against the dollar at 46.6.
The Korean won, the Thai baht and the Taiwanese dollar were all about flat against the dollar.
Stefan Wagstyl
Josh Noble
Rob Minto
Pan Kwan Yuk
Jonathan Wheatley
Heba Saleh