Asian stocks continued their upward trend today. In Hong Kong, markets rose for a fourth straight day, with the Hang Seng closing at 21,069 – up 2.1 percent. News that China is planning to sell 6 billion yuan ($879 million) of sovereign bonds in Hong Kong helped to push up banking stocks: Bank of China, Ltd. climbed 2.2 percent and Industrial & Commercial Bank of China Ltd. gained 1.9 percent.
Hong Kong-based oil and gas company, Genesis Energy Holdings, Ltd., made big gains, soaring 7.7 percent to HK$0.28 after announcing that it will gain additional mining rights. After gold smashed the $1,000 per ounce barrier today, Inner Mongolia-based Real Gold Mining catapulted 17 percent and Zhaojin Mining Industry Co., surged 12 percent.In China, the closely watched Shanghai Composite Index rose 1.7 percent to close at 2,930. With week-long celebrations for China National Day fast approaching, shares in travel and festivity-related industries were on the rise. Panda Fireworks Group hit its 10 percent daily limit, as did China North Optical-Electrical Technology Co. Ltd. and Beijing Jingxi Tourism Development.
In Japan, shares were also higher, with the Nikkei rising 0.7 percent to 10,393. Pinning their hopes on electric vehicles, investors pushed Meidensha Corp. up 12 percent, even while Toyota's stock slipped 0.3 percent. Meidensha builds the motor for Mitsubishi's electric car. Meanwhile, JVC Kenwood Holdings Inc., a maker of navigational systems for cars, soared 31 percent.
With markets on the rise again, it's not just the Chinese who have cause for celebration.
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