· Asian markets idled near 18-month highs on Monday as trading volumes weakened ahead of the Christmas holiday break, with investors taking profit on gains made earlier this month.
MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS hovered near its highest since June 2018, having risen 1.4% last week and more than 5% this month. For the final quarter of the year, it is up nearly 10% so far.
· Japanese stocks rose slightly on Monday as the early approval of a cancer drug and an improved earnings outlook boosted the healthcare sector in thin trade ahead of the Christmas and New Year holidays.
Shares in the consumer staples sector also rose due to hope of a pick-up in spending during the year-end shopping season.
The Nikkei index ended up 0.02% at 23,821.11. It has risen 19% so far this year.
The healthcare sector extended recent gains after the U.S. Food and Drug Administration on Friday approved a drug from Daiichi Sankyo Co Ltd and AstraZeneca PLC to treat an advanced form of breast cancer, three months ahead of schedule.
· China stocks on Monday posted their worst single-day drop in six weeks, weighed down by a correction in tech shares after a state fund announced plans to cut its stakes in some of these companies, while focus remained on the Sino-U.S. trade deal.
The blue-chip CSI300 index fell 1.3% to 3,967.10, while the Shanghai Composite Index dropped 1.4% to 2,962.75, both their steepest drop since Nov. 11.
· European stocks opened mixed on Monday as investors sought to take profits into the holiday season following a sustained rally earlier in the month.
European stocks opened mixed on Monday as investors sought to take profits into the holiday season following a sustained rally earlier in the month.
Reference: Reuters, CNBC
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