Chinese developers lead Asia stocks higher as Indian shares fall

Bloomberg

Asian shares rose as Chinese property developers jumped on optimism, offsetting declines in India where the government unexpectedly signaled an end to an easing cycle.
The MSCI Asia Pacific Index gained 0.3 percent as of 5:07 p.m. in Hong Kong, erasing an earlier decline. Country Garden Holdings Co. surged the most in 21 months as analysts at Goldman Sachs Group Inc. and Citigroup Inc. said Chinese developers are in far better shape than their rock-bottom stock valuations indicate. India unexpectedly kept interest rates unchanged for a second straight meeting as the prospect of more tightening from the U.S. limits space for global peers to ease.
Oil fell for a third day as industry data showed U.S. crude stockpiles rose. Investors are also sifting through earnings reports and awaiting further signals from the new U.S. administration.
“The market is likely to move sideways until there is more clarity on Trump policies,” said Alan Richardson, a Hong Kong-based investment manager at Samsung Asset Management. “Oil’s upside is capped by supply risks, and it’s unlikely to see strong earnings in the energy sector.”
The MSCI Asia Pacific Energy Index declined 0.4 percent. JX Holdings Inc. slumped 2.5 percent in Tokyo, while PetroChina Co. dropped 0.2 percent in Hong Kong. India’s Sensex extended its drop to 0.4 percent after the rate decision.
The Topix index gained 0.5 percent, while the Shanghai Composite Index closed 0.4 percent higher. The Hang Seng Index rose 0.7 percent. The S&P/ASX 200 rose 0.5 percent, while South Korea’s Kospi slipped 0.5
percent.