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Asia300

Nikkei Asia300 jumps most in a week on U.S. tax policy optimism

HONG KONG (NewsRise) -- Asian stocks outside of Japan climbed the most in a week as anxiety over U.S. President Donald Trump's ability to execute policy plans diminished, with South Korean and Southeast Asian equities pacing gains.

The Nikkei Asia300 Index of some of the region's most influential companies added 0.9% to 1,175.36. Heavyweight Samsung Electronics rose 0.7% after it announced plans to sell a refurbished version of its Galaxy Note 7 smartphone after an earlier avatar was scrapped following instances where the gadgets caught fire. The Nikkei Asia300 Korea Index advanced 1.1% after the nation's central bank on Tuesday revised its seasonally-adjusted economic growth for the last three months of 2016 to 0.5% from the previous three months, compared with a rate of 0.4% earlier.

Sentiment toward risk assets was improved as investors shifted attention to the path ahead for U.S. tax cuts Trump has promised after a healthcare bill, which was seen as a test to his administration's ability to pass laws through Congress, flopped last week. S&P 500 Index futures were pointing toward a higher open on Wall Street Tuesday, after the gauge slumped in seven of the previous eight sessions.

The Nikkei Asia 300 country index for China added 0.7% and its Hong Kong counterpart gained 0.5%.

Galaxy Entertainment Group and Sands China added at least 3.5% amid anticipation gambling revenues in Macau will likely see another solid month in March. China Petroleum & Chemical (Sinopec) rose 1.1% after its Chairman Wang Yupu said the refiner had been invited to invest in the keenly awaited initial public offering of Saudi Arabia's Aramco, according to a Bloomberg report. CRRC advanced 0.5% after the railcar maker was reportedly awarded an order worth about $647 million to build subway cars for the Los Angeles Metro.

The Nikkei Asia300 India index advanced 1%. Bharti Airtel rose the most in a week after the telecommunications major sold a 10.3% stake in its telecom towers unit to U.S. private-equity firm KKR and Canada Pension Plan Investment Board for about $950 million.

Nikkei country indexes for the Philippines and Singapore added at least 1.5%. Transport-services major Comfortdelgro added 2.8% and DBS Group Holdings increased 1.7% in Singapore, while local heavyweight SM Investments climbed 3.3% in Manila.

The Malaysian gauge advanced 0.7% while the Nikkei Asia300 Thailand Index closed 1.2% higher. Indonesian markets were closed for a holiday.

-- V. Phani Kumar

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