Asian stocks yesterday started the week on a positive note, buoyed by gains on Wall Street last week, although spiraling COVID-19 cases in China weighed on sentiment in thin holiday trade.
Several markets were closed, including Hong Kong, Sydney and Singapore, but benchmark indices in Taipei, Shanghai, Tokyo, Mumbai and Seoul saw modest gains.
The TAIEX closed up 13.5 points, or 0.09 percent, at 14,285.13 on turnover of NT$112.115 billion (US$3.65 billion), Taiwan Stock Exchange data showed.
Photo: EPA-EFE
China’s surging COVID-19 cases were a key concern for investors, but their ability to assess the pandemic’s impact on the world’s second-largest economy was constrained by the Chinese National Health Commission’s announcement on Sunday that it would no longer publish daily case numbers.
Trade remained predictably cautious, with investors steering clear of aggressive share-buying ahead of the year-end holiday, but Tokyo’s Nikkei 225 index gained 0.65 percent to 26,405.87, the KOSPI in Seoul added 0.2 percent to 2,317.14 and the Shanghai Composite Index rose 0.7 percent to 3,065.56.
A set of fresh data last week indicated a slowing of US inflation, although many investors kept their guard high, predicting sluggish overall growth next year.
However, the personal consumption expenditures price index, eyed closely by the US Federal Reserve as a gauge of inflation, increased 0.1 percent from October to last month and 5.5 percent from November last year.
Analysts expected caution to rule the day until more concrete signs emerged that inflation was under control.
“While inflation may be receding ... investors will likely remain sufficiently skeptical until we see a more sustained and pronounced deceleration,” SPI Asset Management managing partner Stephen Innes said in a commentary. “The final week of key US economic releases for the year contained more lumps of coal than holiday presents in the stocking, hinting that it is dead slow ahead as all signs point to slower growth next year.”
Oil prices on Friday surged more than 2 percent on supply concerns after a senior official said Russia could cut up to 7 percent of its production next year, but commodities trade was suspended for a holiday yesterday.
The yen climbed slightly against the US dollar, with the Bank of Japan mulling an interest rate hike next year after an unexpected adjustment to monetary policy last week.
European markets and Wall Street were closed yesterday.
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