Asian stocks started their 2013 trading on a cheerful note Wednesday following the US House of Representatives voted in support of legislation to avert much of the fiscal cliff, removing an overhang of worry over local markets.
Hong Kong’s Hang Seng Index advanced 1.9% to 23,089.94, tramping towards levels not seen since June 2011. South Korea’s Kospirose 1.4%, and Australia’s S&P/ASX 200 added 1.1%, while Taiwan’s Taiexjumped 1.1%.
Mainland Chinese and Japanese stock markets stayed closed for holidays, though Singapore-traded futures for Japan’s Nikkei Stock Average added 3.1% as the yen slipped lower.[article_detail_ad_1]
Chinese financial and property stocks fronted the advance in Hong Kong, with China Life Insurance Company Ltd. (ADR)(NYSE:LFC)(HKG:2628)soaring 5.3% and Ping An Insurance (Grp) Co of China Ltd.(HKG:2318)ascending 4.2%, althoughChina Resources Land Limited(HKG:1109) gained 4.3%.
China Life Insurance Company engaged into the 2012 Asset Management Agreement with AMC on 27 December 2012. The 2012 Asset Management Agreement is for a term of two years with effect from 1 January 2013 and ending on 31 December 2014, CnoocLimited (ADR)(NYSE:CEO) (HKG:0883)added 1.7% and Aluminum Corp. of China Limited (ADR)(NYSE:ACH)(HKG:2600)added 4.2% in Hong Kong, whereasBHP Billiton Limited (ADR)(NYSE:BHP)(ASX:BHP) gained 1.4% and Rio Tinto plc (ADR)(NYSE:RIO)(ASX:RIO) added 2.2% in Sydney. Steel maker Posco(ADR)(NYSE:PKX)gained 3.3% in Seoul.
Reuters reported that a group which comprises POSCO has decided to purchase a 15% stake in a Canadian iron ore mine operator managed by Arcelor Mittal for $1.1 billion.
A POSCO spokesperson validated a consortium involving POSCO signed a stock purchase contract to purchase a stake in the iron ore mine operator, but refused to elaborate on particulars.
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