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Chinese shares lead Asian market gains



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Sydney All Ordinaries Index

Last Updated at 24 Nov 2017, 05:17 GMT *Chart shows local time ASX All Ords intraday chart
value change %
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Chinese shares Image copyright AFP
Image caption Chinese shares led the region's gains

Asian markets have started the week mostly higher, boosted by Wall Street's strong performance on Friday and a bounce in iron ore prices.

Both the Nasdaq and S&P 500 closed at new record highs after US tech firms reported strong first-quarter profits.

The price of iron ore also gained 6% on Friday to $57 (£37) a tonne, its highest price since mid-March.

Hong Kong's Hang Seng index closed up 1.33% to 28,433.59, while the Shanghai Composite jumped 3.04% to 4,527.40.

Chinese shares continued their bull run, with state-owned firms leading the gains, after state media reported that the government would cut the number of conglomerates it controls through mergers and acquisitions.

Investors also ignored data that showed profits at Chinese industrial firms fell 0.4% in March from a year ago, while profits declined 2.7% in the first quarter.

Japan's benchmark Nikkei 225 index closed down 0.2% to 19,983.32.

The dollar bought 119 yen, up from 118.99 yen in New York.

Miners lead

In Australia, shares were higher, with the resources sector taking the lead.

The benchmark S&P/ASX 200 closed up 0.8% to 5,982.7 - closer to the key 6,000 level.

The index has failed to break the psychological barrier of 6,000 since hitting 5,996.9 in early March.

Shares of heavyweight miner BHP Billiton were up 1.6% in early trade, thanks to the higher iron ore prices.

Shares in Australian internet service provider iiNet jumped 13% after rival M2 Group said it had made an indicative offer to buy the firm for $1.6bn Australian dollars ($1.25bn; £825m), topping an approach from TPG Telecom.

South Korea's Kospi index ended down 0.1% at 2,157.54.

The benchmark index has fallen for two consecutive sessions after hitting a near four-year high on Thursday.

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