Asian markets advance after Wall Street logs its best week in nearly a year

Hong Kong, Nov. 6 (BNA): Asian shares advanced Monday following Wall Street gains last week that were buoyed by hopes for early interest rate cuts.

South Korean stocks surged 4.2% to 2,469.21 after the government restored a ban on short selling, aiming to prevent illegal use of the trading tactic, the Associated Press (AP) reported.

The Hang Seng in Hong Kong added 1.7% to 17,962.64, and the Shanghai Composite index was up 0.9% to 3,057.50. Australia’s S&P/ASX 200 rose 0.4% to 7,004.50. India’s Sensex was 0.6% higher, and Bangkok’s SET gained 0.3%.

Wall Street steamrolled higher Friday as it closed out its best week in nearly a year.

The S&P 500 climbed 0.9% to 4,358.34. It rose every day last week. The Dow Jones Industrial Average gained 0.7% to 34,061.32, and the Nasdaq composite jumped 1.4% to 13,478.28.

Stocks surged on rising hopes the Federal Reserve is finally done with its market-crunching hikes to interest rates, meant to get inflation under control.

Despite reporting stronger-than-expected profits, Apple, the most influential stock on Wall Street, fell 0.5%.

A barrel of benchmark U.S. oil rose 45 cents to $80.96 in electronic trading on the New York Mercantile Exchange. It fell $1.95 to $80.51 per barrel Friday. Brent crude, the international standard, gained 39 cents to $85.28 per barrel.

In currency trading, the U.S. dollar rose to 149.58 Japanese yen from 149.37 yen. The euro cost $1.0739, up from $1.0728.


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