Monday, 14 May 2018
Asian stocks higher; Malaysian markets reopen after elections
Asian markets were
mostly higher on Monday, despite oil prices remained lower after touching
multi-year highs last week and as Malaysia stocks bounced following a negative
open.
The FTSE Bursa
Malaysia KLCI started this week almost 2 percent down in response to a widely
unexpected result in the country’s general election. However, the index was
able to recover to trade about half a percent as the new political context is
progressively being digested.
Analysts linked
market stabilization to the appointment of three ministers. New prime minister
Mahathir Mohamad named them over the weekend as he continued to build his
cabinet.
In Japan, the
Nikkei 225 ended 0.53 percent higher, followed by the broader Topix with a 0.61
gain. The real estate sector was up more than 3 percent this session.
South Korea’s Kospi
benchmark eased 0.06 percent, erasing gains as heavyweight Samsung Electronics
dropped more than two and a half percent and pushed the index lower.
Australia’s
S&P/ASX 200 closed 0.31 percent into green territory, supported in energy
and materials stocks.
Hong Kong's Hang
Seng Index was trading 1.32 percent higher by the time of this writing, while
mainland Shanghai composite and Shenzhen composite were up 0.34 and 0.30
percent.
Oil prices
continued to be strong on the back of President Donald Trump’s pull out from
the Iran nuclear deal and on prospects of fresh economic sanctions against the
muslim nation.
Wall Street top three
indexes closed higher last week, with the Dow Jones adding 2.3 percent, the
S&P 500 growing 2.4 percent and the Nasdaq composite up 2.7 percent.
Trade relation
between the US and China is again monitored by market participants as President
Trump said in one of his Sunday tweets he is working with his Chinese
counterpart Xi Jinping to put telecom equipment maker ZTE “back into business,
fast.”
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