Major Asian stocks were seen climbing on Thursday, as investors scaled back the massive sell-offs following the recent chaos in the markets. The geopolitical turmoil in the Middle East, especially in Syria and Egypt added more speculations to the tapering of the US central bank’s bond-buying program, which resulted to a massive sell-off.
On Thursday, the market’s rebound was driven by the advance in crude oil prices, with the North American WTI reaching the $110-level for the first time in over two weeks, as investors’ worries over the possible military intervention in Syria.
The recent fall in equities was cut short as investors awaits more clues from the awaited US Federal Reserve (Fed) Open Market Committee (FOMC) meeting, which is scheduled for September 17-18.
Asian Stocks – Japan’s Nikkei Rebound
The Japanese benchmark Nikkei 225 rose 0.91 to 13,459.71 points, rebounding from its two-month low.
Tokyo is eager to win as the host for the 2020 Summer Olympic Games, with the International Olympic Committee is expected to announce its decision on September 7.
If Japan’s capital wins as the host against Madrid, the capital’s construction sector and stocks is expected to rise.
Japan’s Prime Minister Shinzo Abe intends to carry out his economic plans towards ending the 15-year period of deflation at the G20 summit in Russia on September 5-6.
Japan’s largest oil driller Inpex, gained the most as it advanced 5.2%, while the Electric Power declined 6.7% lower, the biggest fall in the session.
Tokyo’s broader Topix index was seen in green as well, climbing 0.19% higher to 1,116.18 points.
Asian Stocks – China
The trading session in China was seen mixed on Thursday. Hong Kong’s Hang Seng index jumped 0.42% to 21,616.00 points, while the mainland Shanghai composite declined 0.31% to 2,094.77 points. The stock market in China was driven by the oil sector, as the biggest offshore oil driller in the country, Cnoonc, was seen in rising 0.5%.
The country’s largest oil company, PetroChina, advanced 1.9% and Kunlun energy rose 2% following its huge loss in the previous session. Hong Kong index, Sino Land was seen climbing the most, as it gained 2.8%.
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