Asian markets rise in cautious trading


Asian stock markets were cautious but mostly in the green in early trading Wednesday as investors held out hope that a weekend meeting between the U.S. and Chinese leaders can ease trade tensions.

Japan’s Nikkei

NIK, +0.98%

  gained 0.8%, helped by so-called domestic-demand companies, which cooled yesterday after recent strength. Consumer products, food and construction companies led the gains, with soap maker Kao

4452, +4.61%

  up 4.3% and beverage maker Kirin

2503, +1.34%

  gaining 1.3%. But trade-sensitive sectors such as auto and steel were underperforming even with a weaker yen as metals prices have been sliding of late. Toyota

7203, -1.23%

  was down 1.5%.

Hong Kong stocks rebounded after yesterday’s lackluster performance. The Hang Seng

HSI, +0.91%

  was up 0.8%, with energy stocks finding their footing after impacts from Friday’s oil slump. With crude prices up in Asia in morning trading, Cnooc

0883, +1.60%

  rose 1.4%. Meanwhile, stock-market heavyweight Tencent

0700, +2.63%

  was up a further 1.9% as the internet firm continues its rebound.

Stocks on mainland China rose as well, with the Shanghai Composite

SHCOMP, +0.86%

  up 0.7% and the smaller-cap Shenzhen Composite

399106, +0.95%

  gaining 0.5%. Consumer names were early gainers, including wine and home-appliance makers. Shanghai Hi-tech Control

002184, +6.85%

  was up the 10% limit while Navtech

300456, +4.95%

  jumped 5%.

South Korea’s Kospi

SEU, +0.08%

  was up slightly, as was Taiwan’s Taiex

Y9999, +0.45%

 , while Singapore’s Strait Times Index

STI, -0.01%

  struggled for direction.

Australia’s ASX 200

XJO, -0.09%

  was down slightly, though Fortescue Metals

FMG, +2.99%

  jumped 2% after a positive assessment by Morgan Stanley. New Zealand’s NZS-50

NZ50GR, +0.46%

  was up 0.5%.

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Source : MTV