Asia: Miners shine as gold hits new high
Hong Kong took off Monday, ending a four-day losing streak, following welcome comments from the head of China’s leading economic planning agency and as gold hit a new record high.Zhang Ping, head of the National Development and Reform Commission in China, said the agency would seek to boost growth by adhering to ‘consistent, stable’ macroeconomic policies.
That helped the leading index end the session up 315 points, or 1.4%, at 22,771.
Banks were in focus, with China Citic Bank sharply higher after the FT said Banco Vizcaya Argentaria intends to raise its stake in the lender.
HSBC, China Construction Bank and Industrial & Commercial Bank of China also made progress.
Miners attracted attention as metal prices strengthened. Gold at another record high sent Zijin Mining Group and Zhaojin Mining Industry Co northward.
The yellow metal leapt more than 1% in Asian trade Monday following a wave of fund-buying that had the December contract up near $1,168 an ounce at one point.
That’s whacked the US dollar, already under pressure following comments from St Louis Fed President James Bullard that he supported extending the central bank’s purchases of mortgage- backed securities beyond the first quarter of next year.
Investors sought to lock in profits after three days of dollar gains in thin trading, with Japan closed for a public holiday.
Broking house Taifook Securities headed higher after Haitong Securities agreed to take a controlling stake.
Indices
| Index | Value | % Change |
|---|---|---|
| Nikkei 225 | 9,497.68 | -0.54% |
| Hang Seng | 22,771.39 | +1.41% |
| Straits Times |
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