Most Asian mar­kets up but dol­lar slips

The Myanmar Times - - International Business -

HONG Kong led gains in most Asian mar­kets yes­ter­day af­ter of­fi­cials an­nounced the start of a long-awaited link-up with Shen­zhen, but the dol­lar re­treated against most peers af­ter its re­cent surge.

Of­fi­cials last week an­nounced that the tie-up be­tween the Hong Kong and Shen­zhen mar­kets would start on De­cem­ber 5.

The scheme will give Hong Kong traders ac­cess to the main­land’s sec­ond stock ex­change, the world’s eighth -largest with a mar­ket cap­i­tal­i­sa­tion of US$3.3 tril­lion as of Septem­ber.

The city’s Hang Seng In­dex fin­ished up 0.5 per­cent, though Shen­zhen slipped 0.1pc by the close. Shang­hai ended up 0.5pc.

Most other re­gional stock mar­kets were up, ex­tend­ing last week’s gains on bets that Don­ald Trump’s spend­ing plans would boost US eco­nomic growth.

Seoul rose 0.2pc, Sin­ga­pore added 0.8pc and Welling­ton added 0.1pc, but Sydney dipped 0.8pc.

Tokyo shed 0.1pc af­ter a sev­en­day win­ning run that took it to an 11-month high. Ex­porters were hit by a slight re­cov­ery in the yen against the dol­lar.

The green­back has come off re­cent highs touched last week – fu­elled by bets on a US in­ter­est rate rise in De­cem­ber – as traders take a breather.

The dol­lar tum­bled to 111.96 yen, hav­ing al­most hit 114 yen at the end of last week, while higher-yield­ing cur­ren­cies also made in­roads.

The Aus­tralian dol­lar, the South Korean won, the In­done­sian ru­piah and the Mex­i­can peso were sharply up on the US unit.

“With the dol­lar rally paus­ing for a breath, we are see­ing long dol­lar po­si­tions get­ting closed out,” Khoon Goh, head of re­gional re­search at Aus­tralia & New Zealand Bank­ing Group, said. –

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