Emerging market stocks have surged 5 percent so far this year, helped by oil trading near US$70 a barrel, a soft dollar and a pick-up in global economic growth, while US inflation remains subdued, tempering rate rise expectations. MSCI’s benchmark emerging equities index gained 0.7 percent after Asian shares reached another record high, as investors continued to pile into riskier assets.Among the day’s big movers were Hong Kong, up 1.8 percent to a record closing high, with Tencent jumping over 2 percent. Chinese mainland shares rose 0.8 percent, closing at a 30-month high, while index heavyweight the Republic of Korea gained 0.7 percent. “We are seeing a lot of inflows to the EM asset class while the dollar has got weaker and weaker, which is supportive for emerging markets as a whole,” said Trieu Pham, a strategist at MUFG. “So far, there has been nothing to change the (bullish) view on EM.” In another sign of the sector’s health, emerging markets fund manager Ashmore posted a 7 percent rise in second- quarter assets under management, boosted by net inflows and investment gains. The rally extended into some emerging European markets with Hungarian shares up 0.6 percent and Polish stocks up 0.3 percent. With the dollar index down 0.4 percent to its lowest in more than three years, some currencies also gained. Amongst the biggest gainers was the South African rand which rose as much as 0.8 percent, breaking through a technical barrier to hit a 2 1/2-year high against the… [Read full story]
Asian stocks hit their lowest in nearly seven weeks Monday, while the dollar was near a record low against the euro and an eight-year low against the yen after weak employment data fuelled U.S. recession fears. Malaysian stocks were among the region's biggest decliners, falling as much as 7.6 percent to a seven-month low after the ruling coalition suffered its worst election result in decades. Inflationary pressures remain a concern around Asia. Data on Monday showed South Korean producer prices rose 6.8 percent in February from a year before, the biggest gain in over three years, while Chinese producer prices…... [read more]
Most Southeast Asian stock markets were muted on Wednesday, with Indonesia slipping from a record close, as investors took a breather in the absence of market-moving data.However, Vietnam stocks firmed to hit a fresh near decade high, while Singapore held on to two-year highs.Global equities were largely muted as concerns of a delay in U.S. tax reform proposal and apprehension over Saudi Arabia's rising tensions with Iran soured investor sentiment."Markets seem unsure which way to go next – equity markets are largely becalmed...," ING analysts said in a note.Indonesian stocks slumped 0.3 percent from a record close, dragged by the…... [read more]
Penny stocks hit ceiling pricesPhuong Thao HCMC – Up to 38 penny stocks on both exchanges shot up to their ceiling prices on August 3, led by strong cash flow, and the stock indexes rose after one session of correction. On the HCMC market, many small and speculative stocks such as property firm HAR, agricultural chemical producer HAI and financial investment group OGC did well. The prices of most stocks in the mining sector such as KSA, LCM and DHM also hit their upper limits. The VN-Index added a slight 0.29% at 788.49. Trading volume on the southern exchange dropped…... [read more]
Index beats 500 points as most stocks hit ceiling By Thuy Trieu - The Saigon Times Daily HCMC - The stock market unexpectedly broke the new resistance level of the year as the VN-Index on Monday rose 22.77 points, or 4.75%, from the previous session to 501.49 with up to 97% of stocks hitting the ceiling prices. The market opened the session 10.26 points higher while almost all shares offered were snapped up. That drove the index up continuously in the next two matching phases. The Hochiminh Stock Exchange reported the demand, albeit falling by 9.3%, remained high, at some…... [read more]
Asian stocks hit a fresh all-time high on Monday, thanks to gains in energy shares such as INPEX Holdings as oil prices pushed deeper into record territory above $92 a barrel in early Asian session. A weak dollar, which plumbed a life low against the euro and a basket of major currencies, coupled with output disruptions in Nigeria fuelled the rally in oil, sending US crude to $92.43 a barrel for the first time. Stocks were also lifted by upbeat earnings from firms such as Nissan Motor and expectations that the US Federal Reserve will cut interest rates this week…... [read more]
