March 20, 2017 8:43 pm JST

Nikkei Asia300 Index builds on Fed gains, China Mobile leads

HONG KONG (NewsRise) -- Asian stocks rose Monday as sentiment remained buoyant after the U.S. Federal Reserve's decision not to alter the number of rate increases it plans to deliver this year.

The Nikkei Asia300 Index advanced 0.3% or 3.8 points to 1,717.44. The 316-gauge added more than 4% last week despite the Fed's 25 basis-point rate increase, as investors focused more on the central bank's indication that it will raise rates only twice more this year. Markets now await France's presidential elections next month for further cues.

The Nikkei country indexes for China and Hong Kong rose 1.3% and 0.7% Monday. Tech giant Tencent added 2.8% before its annual results on Wednesday, while China Mobile, also due to announce annual earnings this week, jumped 3.7% after reporting it added 6.4 million new 4G subscribers last month. China Shenhua Energy surged 16% as the nation's largest coal producer announced a special dividend of 2.51 yuan ($0.36) a share after reporting a 41% increase in its 2016 net income.

Singapore's gauge fell 0.4% to 1,097.33, weighed down by weakness in lenders DBS Group Holdings, United Overseas Bank and Oversea-Chinese Banking Corp. The lenders, with exposures to the oil and gas services sector, came under renewed pressure after offshore oilfield services group Ezra Holdings' filed for bankruptcy protection in the U.S.

The Nikkei Asia300 Malaysia Index eked out a 0.2% advance to 1,028.39. Axiata Group rose 2.2% following a media report suggesting the mobile operator is considering a merger with Telekom Malaysia. Late Friday, Axiata said it was undertaking a strategic review of its majority stake in Singaporean telecom player M1.

In the rest of Southeast Asia, gauges in Thailand and Indonesia added 0.8% and 0.2%, while that of Philippines shed 0.6%.

The country index for South Korea slipped 0.3% to 1,279.14 after rising 1.5% Friday.

Taiwan's gauge added 0.2%. Data released Monday showed the nation's export orders surged 22% in February. Taiwan Semiconductor Manufacturing rose 1%, while Hon Hai Precision Industry, or Foxconn, added 0.6%.

India's 44-stock index slid 0.5% to 1,152.84, with software exporters Tata Consultancy Services and Infosys sliding at least 1.8% each as the rupee added to last week's 1.7% advance.

Shares of Idea Cellular plunged 9.6% after the company and British mobile phone carrier Vodafone agreed to merge India operations to create the nation's largest cell phone company. Reliance Industries, which launched its telecom venture Reliance Jio last year, slipped 1.6%.

--V. Phani Kumar

Asia300

China Shenhua Energy Co. Ltd.

China

Market(Ticker): HKG(1088)
Sector:
Industry:
Energy Minerals
Coal
Market cap(USD): 54,476.6M
Shares: 19,889.6M
Asia300

DBS Group Holdings Ltd.

Singapore

Market(Ticker): SES(D05)
Sector:
Industry:
Finance
Regional Banks
Market cap(USD): 35,288.3M
Shares: 2,548.96M
Asia300

United Overseas Bank Ltd. (Singapore)

Singapore

Market(Ticker): SES(U11)
Sector:
Industry:
Finance
Regional Banks
Market cap(USD): 25,687.8M
Shares: 1,646.97M
Asia300

Oversea-Chinese Banking Corp. Ltd.

Singapore

Market(Ticker): SES(O39)
Sector:
Industry:
Finance
Regional Banks
Market cap(USD): 29,404.4M
Shares: 4,193.73M
Asia300

Axiata Group Bhd.

Malaysia

Market(Ticker): KLS(6888)
Sector:
Industry:
Communications
Wireless Telecommunications
Market cap(USD): 10,646.3M
Shares: 8,973.93M
Asia300

Telekom Malaysia Bhd.

Malaysia

Market(Ticker): KLS(4863)
Sector:
Industry:
Communications
Major Telecommunications
Market cap(USD): 5,592.32M
Shares: 3,757.93M
Asia300

Taiwan Semiconductor Manufacturing Co., Ltd.

Taiwan

Market(Ticker): TAI(2330)
Sector:
Industry:
Electronic Technology
Semiconductors
Market cap(USD): 167,162M
Shares: 25,930.4M
Asia300

Hon Hai Precision Industry Co., Ltd.

Taiwan

Market(Ticker): TAI(2317)
Sector:
Industry:
Electronic Technology
Computer Peripherals
Market cap(USD): 56,745.9M
Shares: 17,328.7M
Asia300

Tata Consultancy Services Ltd.

India

Market(Ticker): BOM(532540)
Sector:
Industry:
Technology Services
Information Technology Services
Market cap(USD): 69,594.4M
Shares: 1,970.43M
Asia300

Infosys Ltd.

India

Market(Ticker): BOM(500209)
Sector:
Industry:
Technology Services
Information Technology Services
Market cap(USD): 32,827.8M
Shares: 2,296.94M
Asia300

Idea Cellular Ltd.

India

Market(Ticker): BOM(532822)
Sector:
Industry:
Communications
Wireless Telecommunications
Market cap(USD): 4,800.19M
Shares: 3,605.33M
Asia300

Reliance Industries Ltd.

India

Market(Ticker): BOM(500325)
Sector:
Industry:
Energy Minerals
Oil Refining/Marketing
Market cap(USD): 70,495.2M
Shares: 3,251.33M
Asia300

China Mobile Ltd.

Hong Kong

Market(Ticker): HKG(941)
Sector:
Industry:
Communications
Wireless Telecommunications
Market cap(USD): 218,346M
Shares: 20,475.5M

Get Insights on Asia In Your Inbox

To read the full story, Subscribe or Log in

Get your first month for $0.99

Redeemable only through the Subscribe button below

Once subscribed, you can…

  • Read all stories with unlimited access (5 articles per month without subscription)
  • Use our smartphone and tablet apps

To read the full story, Subscribe or Log in

3 months for $9
SUBSCRIBE TODAY

Take advantage of this limited offer.
Subscribe now to get unlimited access to all articles.

To read the full story, Update your account

We could not renew your subscription.
You need to update your payment information.

To read the full story, Subscribe or Log in

Once subscribed, you can…

  • Read all stories with unlimited access (5 articles per month without subscription)
  • Use our smartphone and tablet apps

To read the full story, Subscribe or Log in

3 months for $9
SUBSCRIBE TODAY

Take advantage of this limited offer.
Subscribe now to get unlimited access to all articles.

To read the full story, Update your account

We could not renew your subscription.
You need to update your payment information.