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Insurance industry

Asian Stocks Climb as Regulators' Split Eases Fears on Goldman Sachs

Strategic Insights

— 1 min read

Asian finance companies led the advance as concerns over regulators' increased scrutiny of banks eased. Speculation that PT Bank Danamon Indonesia would report higher profits drove its shares up 4.8% in Jakarta, while Morgan Stanley's upgrade of Japan's banks contributed to the gains. The MSCI Asia Pacific Index rose 0.5% to 126.18, with finance shares being the biggest contributors. National Australia Bank Ltd. and Isuzu Motors Ltd. also reported positive results, with the latter's shares jumping 4.6% in Tokyo after it announced better-than-expected full-year profits.

Key Takeaways:

  • Asian finance companies led the advance in the MSCI Asia Pacific Index, which rose 0.5% to 126.18, driven by speculation on PT Bank Danamon Indonesia's profits and Morgan Stanley's upgrade of Japan's banks.
  • PT Bank Danamon Indonesia's shares jumped 4.8% in Jakarta on expectations of higher profits, while National Australia Bank Ltd.'s shares climbed 2.7% in Sydney after antitrust regulators blocked its bid for Axa Asia Pacific Holdings Ltd.
  • Isuzu Motors Ltd.'s shares rose 4.6% in Tokyo after it reported better-than-expected full-year profits, while the Hang Seng Index climbed 1% in Hong Kong.
  • Japan's Topix Index rose 0.1%, with South Korea's Kospi index advancing 0.8% and Indonesia's Jakarta Composite Index gaining 1.8%.
  • Terrace Chum, who helps manage about $6 billion at MFC Global Investment Management in Hong Kong, said the market will eventually recover from regulatory issues and policy tightening.

Statistics:

  • The MSCI Asia Pacific Index rose 0.5% to 126.18.
  • Finance shares contributed the most to the index's advance.
  • PT Bank Danamon Indonesia's shares jumped 4.8% in Jakarta.
  • National Australia Bank Ltd.'s shares climbed 2.7% in Sydney.
  • Isuzu Motors Ltd.'s shares rose 4.6% in Tokyo.
  • The Hang Seng Index climbed 1% in Hong Kong.
  • Japan's Topix Index rose 0.1%.
  • South Korea's Kospi index advanced 0.8%.
  • Indonesia's Jakarta Composite Index gained 1.8%.

Sources:

  • Sydney Morning Herald
  • Bloomberg
  • Yahoo Finance
  • Euclid Infotech Pvt. Ltd.

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