Abney Associates an outlook of Asian stocks as they head for their largest gain in nine months.
Hong Kong -- (SBWIRE) -- 07/18/2013 -- Stock prices in Asia gained their biggest advance since September 2012 amid signs the Japanese and U.S. economies are improving following this week’s statement that reassured investors that the stimulus efforts by the Federal Reserve will remain in place for some time.
Japanese exporters led gains as weaker yen boost the value of overseas income at carmakers and electronics manufacturers when repatriated. Toyota the world’s biggest carmaker gained 1.5 percent. Honda Motor Co rose 2.2 percent. Panasonic Corp, Japan’s second-biggest television maker, jumped 6.7 percent. Japanese lenders gained momentum after the nation’s industrial output beat expectations, Mitsubishi UFJ Financial Group Inc, Japan’s No. 1 lender led the way with 4.1 percent gains, Sumitomo Mitsui Financial Group Inc the number 2 lender followed with 2.9 percent gains.
The MSCI Asia Pacific Index climbed 1.9 percent, Japan’s Topix index rose 3.2 percent and the benchmark Nikkei 225 Stock Average jumped 3.5 percent extending gains for a second week, South Korea’s Kospi index gained 1.6 percent and Taiwan’s Taiex index added 2.3 percent. Singapore’s Straits Times Index increased 1.1 percent. Hong Kong’s Hang Seng Index advanced 1.2 percent. China’s Shanghai Composite Index rose 0.7 percent, New Zealand’s NZX 50 Index rose 0.5 percent, while Australia’s S&P/ASX 200 Index lost 0.2 percent.
“The Japan’s prime minister Shinzo Abe is determined in his path to strengthen the economy with factory output rising the most since December 2011, we anticipate a low interest rate policy for the foreseeable future in the U.S. until unemployment figures drop reinstalling confidence in the Asian markets,” said Michael Pringle the Head of Investment Analysis from Abney Associates.
Abney Associates are a Hong Kong based company that provides a range of financial services to individual clients, portfolio companies, corporate investors and entrepreneurs who wish to take unbiased financial advice.
About Abney Associates
Abney Associates are primarily a team of financial specialists who pride themselves on having a high level of expertise and vast experience for diligently monitoring any positive or negative developments to companies currently listed on exchanges globally, especially those that may affect client investment interests. This is done in order to ensure the financial advice given is factually correct and delivered in an effective way.