Asia-Pacific stocks mostly rise as oil prices continue upward trek
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SINGAPORE — Shares in Asia-Pacific were largely higher in Thursday trade as U.S. stocks bounced back overnight. Following a recent price rise, oil prices moved higher.
The Nikkei 225Japan saw a 0.63% increase in its Topix index, while it rose 1.07%. South Korea KospiAdditionally, the gain was 1.4%
The mix of stocks from mainland China was mixed. Shanghai compositeUp to 0.2% while you Shenzhen componentThe decline was 0.603%. Hong Kong Hang Seng indexThe margin was 0.2% higher
According to a private survey, Chinese service activity growth slowed in February. The Caixin/Markit Services Purchasing Managers’ Index came in at 50.2 in that month. This is a decrease from January’s 51.4.
PMI readings are separated by 50 points. This marks growth and contraction. PMI readings show month-on–month expansion and contraction.
The Australian government has a number of laws that protect the environment. S&P/ASX 200Advanced 0.67%
The MSCI’s largest index of Asia-Pacific shares, outside Japan, traded at 0.54% more.
Oil prices continue climbing
Overnight, Wall Street saw the Dow Jones Industrial Average rise 596.40 point to 33,891.35. The S&P 500 gained 1.86% to 4,386.54 while the Nasdaq Composite advanced 1.62% to 13,752.02.
Currencies
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.493 — still higher as compared with levels below 96.6 seen last week.
The Japanese yenThe dollar traded at 115.58, after falling to below 115.2 on the greenback yesterday. The Australian dollarThe price of $0.7285 was unchanged, mostly due to gains made after the move below $0.72 early in the week.
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