Shares in China climbed on Monday’s trading, led by an upsurge in the coal and real estate sectors which overwhelmed the country’s downbeat trade data.
China’s blue-chip CSI300 index rose 0.9% to 3,234.18 points. The Shanghai Composite Index ended the session 0.92% higher at 3,003.96.
On the macro field, the country’s exports and imports data decline more than expected in the previous month of July, marking a difficult beginning for the third quarter and signifying global demand is still weak.
Coal, Property Sectors
But the gloomy market sentiment was lifted and offset by an increase in coal shares, after data reported that borrowing by seven major coal miners in Shanxi will be moved over to medium to long-term special loans as the Chinese government continues to aid the strained sector.
Xishan coal and Electricity Power, Luan Environmental Energy, and Yanzhou Coal all rose 10%.
Meanwhile, property shares kept a steady and stable upward momentum and added 2.4%, as drama and share purchases involving Vanke, a major real estate company and China’s largest home builder, continued to ignite excitement.
Vanke, which jumped an estimated 17% the prior two sessions on news of share acquisitions by its rival Evergrande, gained another 4.4%.
Higher Asian Stocks
Elsewhere in Asian trading, shares in the region reported solid gains today, affected by a US rally at the end of last week after the report of the US employment data.
Japan stocks rose at the close on Monday, led by the gains in Machinery, Insurance and Banking sectors. Nikkei 225 surged 2.44% after the end of the trading session.
The Nikkei Volatility, which measures the implied volatility of Japan’s stock index options, was sharply lower 7.53% to 19.89, a fresh 6-month low.
Taiwan stocks closed higher as well with gains in Optoelectronic, Rubber and Other Electronic sectors leading the country’s stocks. At the close, Taiwan Weighted rallied 0.64% and touched a new 52-week high.
Hong Kong’s Hang Sheng closed higher at 1.51% to 22,480.00.
Australia shares also ended higher after Monday’s session, pulled higher by the gains in the Energy, Financials and Consumer Discretionary sectors. S&P/ASX 200 climbed 0.71%.
The S&P/ASX 200 VIX, which gauges the implied volatility of the Australian stock index options, fell 3.05% to 13.876, a new 52-week trough.
Did you find this FSM News article interesting and informative? Why not subscribe to our newsletter? FSM News provides daily newsletters to keep our readers updated on the biggest market affairs. Subscribe now to FSM News!
Subscribing is easy! Simply go to FSM News' homepage, scroll to the bottom, input your e-mail, select your preferred news category/ies, and hit subsrcibe.