Tuesday, 24 July 2018 05:00

Asian markets bounce back, led by gains in China

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Stock markets in Asia started higher Tuesday, a day after the region’s largest indexes lost about 1% each.

Japan’s Nikkei NIK, +0.56%[1]   gained 0.6% on a yen pullback as the index erased nearly half its Monday’s slide. Insurance and financial companies led the gains, with Sumitomo Mitsui Financial Group 8316, +0.22%[2]   up 1.4% and Mitsubishi UFJ Financial Group 8306, +0.52%[3]   rising 1%. Fast Retailing 9983, +0.08%[4]   slipped 0.5%.

Chinese large caps were some of Asia’s best performers Tuesday morning, repeating the place they held Monday, as financials continued to climb. The Shanghai Composite SHCOMP, +1.59%[5]   was up 1.6% and the Shenzhen Composite 399106, +1.39%[6]   was up 1.3%.

Changsheng Bio-Technology 002680, -9.96%[7]   was down for a seventh straight day amid a rabies-vaccine scandal facing the company. The Shenzhen Stock Exchange has restricted controlling shareholders and senior management of Changsheng from selling, and the stock is also at risk of delisting. In falling 10% Tuesday, shares have been more than halved since the start of last week.

Hong Kong stocks opened higher after modest gains Monday as the market continues efforts to provide breathing room from some of its lowest levels in a year. The Hang Seng HSI, +1.49%[8]   was up 1.2%. China Construction Bank 0939, +3.76%[9]   and ICBC 1398, +3.73%[10]   were both up around...

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