Lower Oil Prices Raise Asian Stock Markets
Asian stock markets tracked moderately higher Monday, as oil prices eased on the outlook for a possible cessation in Persian Gulf hostilities.Hong Kong, Shanghai and Tokyo finished in the green, as did most other regional exchanges.Brent crude traded at $85.58, down 6.7% during Asian market hours.In Japan, the Nikkei 225 opened evenly, waffled but finished up 0.5% on the outlook for softer petroleum bills.The benchmark Nikkei 225 rose 320.04 to 64,931.19, as gaining issues outnumbered losers 194 to 30.Leading the upside was software-tester Shift, up 9.3%, while chemical-concern Shin-Etsu declined 8.3%.In Hong Kong, the Hang Seng Index opened evenly and rose to the close, notching up 1% as property and tech issues showed strength.The broad gauge Hang Seng rose 243.95 to 25,207.18, as gaining issues outnumbered losers 70 to 22. The Hang Seng TECH Index gained 1.6% on the day, while the Mainland Properties Index rose 0.8%.Leading the upside was smartphone-maker Xiaomi, gaining 7.3%, while PetroChina declined 3.5%.On the mainland, the Shanghai Composite rose 1.2% to 3,858.24.In economic news, mainland China industrial profits in June rose 15.1% on year, slowing from May's 21.1% pace, reported the National Bureau of Statistics (NBS).On the other regional exchanges, the S. Korean KOSPI rose 1%; the Taiwan TWSE was steady; the Australian ASX 200 inclined 1.4%; the Singapore Straits Times Index rose 0.6%, and the Thai Set declined 1.2%. In late trading in Mumbai, the Sensex was 1.1%The MSCI All Country Asia Pacific Index rose 1% on the day.In other news, Bank Indonesia's Governor Perry Warjiyo unexpectedly stepped down from his position on Monday, triggering concerns regarding political influence over the central bank.