After one-week holiday in China and Hong Kong, most of Asian markets were almost higher on Monday as Chinese and Australian Stock Markets ended Monday’s trading Session in the green, while Japan and South Korea markets are on holiday .
Chinese stock market ended the trading session in the positive territory where both indices Chinghai Composite index and Shenzhen composite index settled up on Monday. Shanghai composite rose by 0.77% to trade up at 3,374 supported by the gains Technology and Healthcare sectors, while Shenzhen Composite index gained by 1.306% to end the session higher at 2,106.96 supported by the gains which generated by all sectors. However, Hong Kong equities ended the session in negative territory as its leader benchmark Hang Seng index fell by 0.46% to close the session down at 28,326.59 as the losses in Consumer Non-Cyclicals and Technology sectors weighed on stocks.
The liquidity in the markets were lake due to the holidays in South Korea and Japan, as well as there is a partial holiday in United States where stocks will be open while bond market will be close for Columbus Day holiday.
In oil pace, oil prices fell on Friday by 2% after U.S rings drilling number dipped and there is no expectations that KSA will continue to cut its production to support the market.
Australian Stock Market (ASX 200)
Despite the sharp decrease in oil prices, Australian equities closed today’s session in the green territory where S&P/ASX 200 index rose by 50% to settle up at 5,739.26 supported by the gains in industrials and telecommunication services sectors.
In Mining Sector, BHB Billiton, Rio Tinto and Fortescue Metals rose on Monday by almost 1%, while in Gold miners, Newcrest Mining and Evolution Mining both rose by 1% each on the back of the increase in gold prices on Friday.
Newcrest Mining reported that it will increase CEO Sandeep Biswas' long-term incentives to 180 percent of total fixed remuneration from 150 percent previously.
Among the big four banks, all the banks; ANZ, Commonwealth, NAB and Westpac banks rose in the range of 0.6-1.1% on Monday.
Oil stocks are also mostly higher despite the 2% fall in crude oil prices on Friday. Woodside Petroleum is adding 0.2 percent and Oil Search is up 0.3 percent, while Santos is down 0.2 percent.
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