Asian stocks advance amid Wall St retreat

Bangkok: Shares have advanced in Asia despite a retreat on Wall Street. Hong Kong jumped more than 3 per cent and most other major indexes saw strong gains. A private survey of manufacturers showed some improvement in the business outlook in China, helping to counter renewed concerns over Covid-19 outbreaks in some cities. Investors also were snapping up bargains after recent losses.

The Hang Seng in Hong Kong gained 454 points to 15,141.96, while the Shanghai Composite index was up 1.1 per cent at 2,926.46. Tokyo's Nikkei 225 edged 0.2 per cent higher, to 27,646.34, while the Kospi in Seoul jumped 1.4 per cent to 2,326.57. The S&P/ASX 200 rose 1 per cent to 6,931.00. Markets in New Zealand and Southeast Asia were mostly lower.

On Monday, the S&P 500, the benchmark for many index funds, notched an 8 per cent gain for the month, its first monthly gain since July. But it closed 0.7 per cent lower for the day, at 3,871.98. It is now down 18.8 per cent for the year. The Nasdaq composite rose 3.9 per cent in October, also marking its first monthly gain in three months.

On Monday it shed one per cent to 10,988.15. The Dow Jones Industrial Average, which rose 14 per cent in the month, lost 0.4 per cent to 32,732.95. The Dow tracks just 30 blue chip companies, far fewer than other indexes, and can have bigger swings than broader indicators like the S&P 500. The Russell 2000 index of smaller company stocks was little changed at 1,846.86.