China Shares Test Seven-Year Highs in Oil Industry


Published Date : Mar 30, 2015

Asian shares had a positive start in the short week due to the Chinese shares gains on the hope of high incentives. The Hong Kong’s Hang Seng stood at 1.5% (24,855.12.) where as The Shanghai Composite was at 3% (it was to close at 3,786.57). 

The mainland shares were tested in May 2008. Beijing had plans to build a high-tech Silk Road in order to improve the infrastructure that links Europe and Africa. Many investors on this plan waited for more infrastructure spending and policy easing. 

After China permitted the mutual funds in mainland to buy the stocks in Hong Kong, shares in Greater China also boosted apparently. 

However, in Japan, the shares increased by negative production data that showed the largest decline in output ever since June 2014.  

Nikkei on the other hand, set a benchmark of 225 and closed up at 19,411.4 almost up by 0.7%. Some of the industrial output declined in February by 3.4%. This was from the previous month due to the companies closing down on the production because of the Lunar New Year holidays.   
The dollar stood at 119.19 yen as compared to 119.14 yen in NY trade.

Meanwhile, the Australian shares were lower than the resource stocks that weighed on the benchmark index. This was due to the decreasing oil prices and low iron ore prices. The iron-ore prices were at their all-time lows due to their oversupply worries, while, the price of oil decreased by 5% on Friday. 

The S&P/ASX 200 also closed down at 5846.1 (1.3%). It was at its lowest since March 18, 2015.
The shares of Caltex Australia increased 10.2% after the U.S. energy key player Chevron sold its entire share in the refiner. It closed down at 9.1%.  

Kospi, in South Korea ended up by an increase of 0.5% to 2,030.04 points.