Most Asian stocks advanced, with the regional benchmark index holding near a seven-month low, following gains in U.S. equities as strong homebuilder data added to signs the world’s biggest economy is improving.
The MSCI Asia-Pacific Index fell 0.1 percent to 137.73 as of 9:05 a.m. in Tokyo with about three stocks gaining for every two that fell. The Standard & Poor’s 500 climbed climbed 0.5 percent on Monday, reversing earlier losses, after confidence among U.S. homebuilders jumped to the highest level in almost a decade.
Japan Topix index was little changed, swinging between gains and losses. South Korea’s Kospi index rose 0.5 percent. Australia’s S&P/ASX 200 Index slid 0.2 percent. New Zealand’s NZX 50 Index rose 0.1 percent. Markets in China and Hong Kong have yet to open.
The Hang Seng China Enterprises Index of mainland stocks traded in Hong Kong slipped 0.9 percent to an eight-month low on Monday as foreigners pulled funds amid concern the outlook for the yuan and economic growth have weakened.
Source : Bloomberg
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