The Asian stocks have gone ahead on today, as a regional benchmark index headed for its highest closing level in the last 6 weeks. The investors are currently optimistic that the various Central banks will be maintaining the loose monetary policies for boosting the economic growth of the respective countries.
The MSCI Asia Pacific Index, excluding Japan went ahead by 0.3% and it is currently at 477.48. The gauge is expected to experience its highest close since 13th March. Incidentally, the markets in Japan and China were closed on today because of a holiday. On tomorrow, the US Federal Reserve will start a 2-day policy meeting as a Government report came out on last week showing that the largest economy in the world expanded less than what the economists’ forecasted for the same.
According to the Chief Investment Strategist of Standard Chartered Plc., Steve Brice, the equities market is currently in a sweet spot. Steve added that the authorities are pretty keen to keep the economy on a recovery track. Apart from that, they will probably talk less about the tightening now when the Federal Reserve will conclude the policy meeting on this week.
The benchmark gauge of Australia, S&P/ASX 200 Index went ahead by 0.6%. The trading volume was 41% below the average of the last 30 days. The benchmark gauge of New Zealand increased by 0.7% as well. Among other countries, the Kospi index of South Korea declined by 0.2%. The Taiex Index of Taiwan and the Straits Times Index of Singapore both went ahead by 0.1%.
The Hang Seng Index of Hong Kong kind of swung between profit and loss on today. The overall trading volume was 21% less, if compared to the average of the last 30 days. The Hang Seng China Enterprises Index of the mainland Chinese firms trading in Hong Kong experienced a decline of 0.7%.
The 2nd biggest maker of mobile phone equipment in China, ZTE Corp. experienced a gain of 3.6% in Hong Kong markets. The company returned to profit in the first 3 months of this year. The 2nd biggest lender of Australia, Westpac Banking Corp. went ahead by 1.7% as analysts forecasted that the same will announce increased profits in this week. OCI Co., the South Korean chemical manufacturer, declined by 2.1%, thereby heading towards the lowest closing level in the last 5 years.