HONG KONG — Hong Kong continues to show impressive form despite various factors that traditionally would have affected its performance. Stocks continued to rise last Wednesday morning, which further contributes to the consecutive ups it has gained throughout the past weeks. Markets in Shanghai experienced a sharp increase upon hitting a record-breaking seven-year closing high.
Hang Seng from Hong Kong went up to .5 percent, while the mainland-China-tracking Hand Seng China Enterprises index advanced to .8 percent. The Shanghai Composite index saw a 1.3 percent gain, aside from the 1.8 percent rally from the previous day.
One of the biggest gainers in both markets is Nuclear-energy shares, which is an effect of the first domestically designed nuclear reactor named “the Hualong 1” was due to start construction on the first week of May.
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China is also in the process of finalizing a deal, which constitutes the export of five nuclear reactors to Pakistan in a contract that is worth $15 billion. Such transaction is said to be by far the largest nuclear-energy project that China has conducted overseas. One of the largest nuclear-power-equipment manufacturers in Hong Kong, Shanghai Electric Group Ltd. surged 8.1 percent, outperforming its rival, Harbin Electric Co. whose stocks closed at 4.1 percent.
Australian stocks in the meantime are not experiencing the same growth as its Chinese counterparts as it continued to coastdownhill in early Wednesday action, with miners dragging on the market. With short of a full one hour into the session, stocks from S&P/ASX 200 were already down by 0.4 percent.
Several reports, however, stated that trading was very conservative prior to the release of quarterly consumer-inflation data, which could determine whether the central bank goes ahead with an interest rate cut in May. BHP Billiton Ltd. Dropped by at least 1.9 percent after the world’s biggest mining company surged in the latter parts of the quarter with its improved output of iron-ore.
Experts believe that the rising production at BHP is due to a surplus of the said mineral. Stock of Rio Tinto Ltd. also fell at 1.7%. Banks also suffered despite lower inflation numbers. Westpac suffered a .5 percent dip while Australia & New Zealand went down by .07 percent. Despite these establishments losing their stock values, some companies are still performing well. Worley Parsons Ltd. improved its stock value by 1.9 percent, extending recently strong gains, with a Dow Jones Newswires report citing chatter, which the energy-services company could potentially be a takeover target.