Sun, Oct 13, 2019 - Page 15 News List

Asia stocks rise on trade talks


Asian stock markets on Friday followed Wall Street higher on optimism about US-Chinese talks.

Benchmarks in Shanghai, Tokyo and Hong Kong all advanced.

Traders were encouraged by US President Donald Trump’s plan to meet Chinese Vice Premier Liu He (劉鶴).

Economists say a final settlement to the sprawling dispute is unlikely this year, but some traders are hoping for a ceasefire on further tariff hikes or other issues.

Markets have soared and fallen during 12 previous rounds of talks that produced no progress toward ending the costly fight over Beijing’s trade surplus and technology ambitions.

“It looks like investors are positioning themselves for a potentially favorable outcome,” said Fawad Razaqzada of in a report. “Are investors setting themselves up for disappointment?”

The Shanghai Composite Index rose 0.9 percent to 2,973.66, up 2.4 percent for the week.

Tokyo’s Nikkei 225 gained 1.2 percent to 21,798.87, but over the week it lost 1.8 percent.

The broader TOPIX was up 0.88 percent, or 13.85 points, at 1,595.27, but fell 1.4 percent over the week.

Seoul’s KOSPI rose 0.8 percent to 2,044.61, a weekly increase of 1.2 percent, while Sydney’s S&P ASX 200 added 0.9 percent to 6,606.8, up 1.4 percent for the week.

Meanwhile, Hong Kong’s battered stocks had their best day in more than a month.

Developer and technology shares were among the best performers as Hong Kong stocks saw the biggest gains in Asia, at the end of a week in which trade headlines roiled markets.

Hong Kong’s Hang Seng advanced 2.3 percent to 26,308.44, and increased 1.9 percent over the week.

Markets in Taiwan were closed on Thursday and Friday for the extended four-day Double Ten National Day holiday.

Shares on Wednesday moved down more than 1 percent as investors got jittery over the US and China’s high-level trade talks, dealers said.

The weighted index on the Taiwan Stock Exchange, the TAIEX, ended down 127.35 points, or 1.16 percent, at the day’s low of 10,889.96, off an early high of NT$10,989.39.

Turnover was NT$129 billion (US$4.18 billion).

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