Asian shares march towards decade high

SYDNEY: Asian shares marched towards a decade high yesterday, on track for their best annual performance since 2009 as investors bet on a bright outlook for the global economy with copper at a four-year peak.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.8% to stay within sight of November’s high of 570.2 points, a level unseen since late 2007.

It has risen about 33% in 2017, thanks to improving global growth as exports boomed, sharply lifting corporate earnings. Much of the positive impulse is expected to extend into 2018.

On the day, most Asian markets joined the year-end party with South Korea’s KOSPI and China’s CSI 300 index both up about 1%, and Hong Kong’s Hang Seng index adding 0.7%. Jakarta’s SE Composite Index advanced to a record peak.

Japan’s Nikkei 225 and Thailand’s SET Index were the only two Asian markets in the red.

MSCI world equity index, which tracks shares in 47 countries, also held near record highs. It has surged 21.5% this year.

Trade was light across the board with many market participants on holiday. – Reuters