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=ASIA MARKETS: Taiwanese Companies Fuel Gains In Nikkei Asia300 Index

MUMBAI (Oct 12) -- Asian stocks outside of Japan rose Thursday, helped by a rally in Taiwanese companies and overnight gains on Wall Street.

The Nikkei Asia300 Index rose 0.7% to 1,345.96.

All the three major U.S. indexes climbed to records on Wednesday after minutes of the Federal Reserve’s September meeting showed that there was considerable debate among policymakers over whether inflation will pick up or the current sluggish price environment will likely persist. While the minutes did not alter the expectations of a December rate hike, the path to more increases next year may prove challenging.

After market hours on Wednesday, a slew of Taiwanese companies reported their September sales.

Quanta Computer advanced 0.9% after reporting a 26% increase in last month’s sales, while China Steel Corp. rose 1% following a 28% increase in sales. Compal Electronics dipped 1.2% as sales growth slowed to 8.1% from 22% in August. Asustek Computer and Advanced Semiconductor Engineering also rose after their September sales data. Hon Hai Precision Industry rose 0.9%, despite a 3.7% fall in September sales.

Hong Kong’s Wheelock advanced 0.5% after the company said its unit Wharf Holdings sold an office tower in Hong Kong to LVGEM China Real Estate Investment for HK$9 billion ($1.2 billion). Shares of Wharf rose 2.5%, while LVGEM China REIT added 0.4%.

Singapore Press Holdings rose 2.5% after reporting a 32% increase in net profit for 2017 fiscal year.

Tencent Holdings slipped 0.4% in Hong Kong. China is pushing for a stake in some of the country’s biggest technology names including Tencent, according to a report by Wall Street Journal, citing people close to these companies.

Trading in the shares of Great Wall Motor was halted in Hong Kong, pending the release of an announcement clarifying recent news reports. On Wednesday, the stock surged 14.4% after Chinese media reported the automaker planned a domestic joint venture with German luxury carmaker BMW.

In country indexes compiled by Nikkei, Taiwan was the best performer with a 1.5% jump. South Korea advanced 0.5% and India rallied 1.1%. Hong Kong gained 0.7% and China added 0.2%.

The Nikkei Asia300 ASEAN Index of Southeast Asian companies advanced 0.5%.

- By Nimesh Vora;
- Edited By Vipin Nair
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