ASIA MARKETS: Asia Stocks Start Off Monday By Adding To Solid Gains Of Previous Week

Date : 04/08/2019 @ 3:16AM
Source : Dow Jones News
Stock : Tencent Holdings Ltd (PK) (TCEHY)
Quote : 51.25  0.84 (1.67%) @ 7:16PM
Tencent (PK) share price Chart

ASIA MARKETS: Asia Stocks Start Off Monday By Adding To Solid Gains Of Previous Week

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By MarketWatch, MarketWatch

Stock markets in Asia were forging higher Monday morning, building on solid gains the previous week as hopes for a U.S.-China trade continue to rise.

Chinese stocks were among the top performers in the region with the Shanghai Composite ahead nearly 1%, with large caps again leading the way. They're up more than 1% after the broader market jumped some 5% to start April. Shenzhen benchmarks are trailing, with the Composite Index up 0.8% and the startup-heavy ChiNext just 0.1% higher.

Alcohol maker Moutai (600519.SH) hit record highs after its 1Q update while peer (600779.SH) umps 6.5% as Diageo (DGE.LN) builds its stake. Meanwhile, petrochemical stocks are sharply higher, boosted by a sector-wide crackdown amid a recent accident.

Hong Kong stocks were rising at a more moderate pace. The Hang Seng Index was up 0.3% while the China Enterprises Index is 0.9% higher. Insurers have started well, with Ping An (2318.HK) up more than 1.5% and at fresh record highs while AIA (1299.HK) has climbed some 1.25%. Developers Country Garden and China Overseas Land are up some 1.5%, as is internet heavyweight Tencent (0700.HK) . And oil major CNOOC (0883.HK) has climbed 2% as crude prices continue to hit 5-month highs

Two notable exceptions to the winners were New Zealand and Singapore. The former is set for a 4-day losing streak after a run of record highs, while enchmark is also down about 0.25% after 7-straight gains.

Japan's Nikkei , meanwhile, is little changed amid morning strength in the yen. Elsewhere, there are gains of about 0.5% in Australia and Taiwan, which had a 4-day weekend, is outperforming with the Taiex maintaining a 0.8% advance. S&P 500 futures have eased to session lows after Friday's gains and are down 0.1%.

This story was compiled from Dow Jones Newswires reports.


(END) Dow Jones Newswires

April 07, 2019 23:01 ET (03:01 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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