Markets recover from bruising

Business | 12 Oct 2018 4:15 pm

Hong Kong blue chips and major regional markets recovered today amid news that US President Donald Trump and his Chinese President Xi Jinping may meet at the Group of 20 summit in Argentina in late November. 

The Wall Street Journal said the White House had informed officials in Beijing that it would go ahead with a summit meeting in Buenos Aires. It cited unnamed sources from both sides. 

There was no immediate word from Chinese officials in Beijing. 

The yuan was weaker at 6.9127 versus the U.S. dollar, down by 0.35 percent compared with

6.8888 previously. The offshore yuan changed hands at 6.9080, 0.46 percent weaker than the previous day's close.

In Hong Kong, the Hang Seng rebounded by 2.12 percent, or 535.12 points at 25,801.49 at the close.

Tencent Holdings (0700), which has taken a prolonged beating, bounced back by 8.01 percent at HK$288.40.

The Shanghai Composite index was up by 0.91 percent or 23.45 points at 2,606.91 at the close. The blue-chip CSI300 index closed 1.49 percent higher.

Taiwan shares closed up by 239.70 points, or 2.44 percent, at 10,045.81 on turnover of NT$143.54 billion (US$4.65 billion).

Japanese shares also recovered at the close. The benchmark Nikkei 225 index, which plunged by nearly 4 percent yesterday, gained by 0.46 percent or 103.80 points to close at 22,694.66, while the broader Topix index edged up 0.03 percent or 0.59 points at 1,702.45. The Nikkei fell by 0.5 percent to 22,488.86 at the mid day break.

In Australia, the ASX 200 closed up by 11 points, or 0.2 percent, at 5895. But the index was 4.7 percent lower for the week.

The Australian dollar was firmer at US 71.22 cents against the greenback.

South Korean stocks rebounded from a more than 4 percent plunge the previous day as investors' sentiment recovered. The benchmark Korea Composite Stock Price Index jumped 32.18 points, or 1.51 percent, to close at 2,161.85, marking the first positive finish in nine trading days.

The stock market lost nearly 100 points yesterday, the largest daily drop since September 23, 2011, when the index lost 5.73 percent.

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