World Economy

Asian Shares Mostly Higher After Christmas Break

Asian Shares Mostly Higher After Christmas Break
Asian Shares Mostly Higher After Christmas Break

US equities are trading near a record, the dollar is around a multi-year high and crude oil has climbed to a 17-month peak as traders have powered past shocks from the Brexit vote in the UK to Donald Trump’s victory in the US presidential election.

The dollar moved up against major currencies as most major financial markets reopened after a long holiday weekend, news outlets reported.

The yen slipped for the first time in five sessions while the euro was also lower versus the US currency. The euro slipped 0.2% to $1.043 after climbing overnight to $1.047. The yen slipped after climbing 0.7% over the previous four sessions.

Most other currencies were lower against the dollar too, apart from the Indonesian rupiah, which rose 0.2%.

European shares climbed as trading resumed after the holiday. Germany’s DAX gained 0.2% to 11,473.42 and the CAC40 of France was also up 0.2%, at 4,847.39.  Wall Street looked set for a downbeat open, with Dow futures down 0.04% and S&P 500 futures also off 0.04%.

Shares were mostly higher in Asia as trading for the last week of the year began. Tokyo’s Nikkei 225 was nearly flat at 19,403.06 and the Kospi of South Korea rose 0.2% to 2,042.17. India’s Sensex added 0.5% to 25,935.89. The Shanghai Composite index slipped 0.2% to 3,116.24. Japan’s Topix index, however, gave up earlier gains to finish lower for the fourth straight day, Reuters reported.

Shares gained in Southeast Asia. Markets in Hong Kong and Australia were closed.

Indonesian shares rose 1% on Tuesday after nine days of falls, while Philippine stocks were headed for their first session of gain in three.

Other Southeast Asian stock markets were soft with little to guide them as most major markets were closed on Monday for Christmas holidays, while the dollar and crude oil regained some footing. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat. Indonesia rose the most with consumer stocks leading the gains.

The Jakarta Composite Index is expected to see technical rebound on Tuesday and trade in a range of 5,005-5,076, Trimegah Securities said in a note. Philippine shares rose 0.6%, driven by gains in financial and real estate stocks. Ayala Land Inc climbed 1%, while BDO Unibank Inc gained 1.8%. Vietnam shares rose marginally, with consumer stocks pushing the index higher.


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