Asian equity markets ended in green on Thursday, with a sharp rally in oil prices and encouraging Chinese data boosting investor sentiment. Energy stocks rallied across the region after oil prices climbed more than 9 percent overnight on news of OPEC's agreement to cut oil production for the first time in eight years. Non-OPEC Russia has also joined output cuts for the first time in 15 years. Chinese shares ended higher as two separate manufacturing surveys provided further evidence of a strengthening economy. China's official manufacturing PMI stood at 51.7 in November, up from 51.2 in October and showing expansion for the fourth straight month. The latest reading marks the highest level seen since July 2014. While the non-manufacturing PMI rose to 54.7 from 54 in October, the Caixin manufacturing PMI fell to 50.9 from 51.2 in October, staying out of contractionary territory for a fifth straight month. Further, Japanese shares rallied as the dollar climbed to a 9-1/2-month high versus the yen amid rising US bond yields on inflation expectations.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 3,273.31 | 23.27 | 0.72 |
Hang Seng | 22,878.23 | 88.46 | 0.39 |
Jakarta Composite | 5,198.75 | 49.84 | 0.97 |
KLSE Composite | 1,626.44 | 7.32 | 0.45 |
Nikkei 225 | 18,513.12 | 204.64 | 1.12 |
Straits Times | 2,928.58 | 23.41 | 0.81 |
KOSPI Composite | 1,983.75 | 0.27 | 0.01 |
Taiwan Weighted | 9,263.53 | 22.82 | 0.25 |