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Japan, Hong Kong Stocks Rise in Quiet Asian Day as ‘Brexit’ Voting Starts
Investors expect U.K. to remain in EU, but brace for surprises
By CHAO DENG
Updated June 23, 2016 5:05 a.m. ET
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Stocks in Japan drifted higher Thursday and the Hong Kong market notched its fifth consecutive day of gains, as U.K. voters began to cast ballots on whether their nation should remain part of the European Union.
The Nikkei Stock Average finished up 1.1% while the Hang Seng Index was up 0.4%.
Overall, however, it was a quiet day for the region, with major benchmarks steering close to flat: Australia’s S&P/ASX 200 was up 0.2%, while the Shanghai Composite Index slipped 0.5%. South Korea’s Kospi was down 0.3%.
Fund managers and traders said they expect the U.K. to remain in the EU bloc, potentially leading to a small relief rally in currencies and stock markets around the world by Friday morning Asia time. But they also said they would be watching for how close the vote is, and were prepared for potential surprises. Recent opinion polls have suggested a tight race.
Polls will close at 10 p.m. London time Thursday, and results are expected to trickle in during the hours after.
A “leave” vote would likely send the sterling and euro tumbling, analysts said, with ripple effects in everything from stocks to commodities.
As the trading day got started in Europe, the Stoxx Europe 600 was up 0.7%, building on four consecutive days of gains, while London’s FTSE 100 added 0.8%.
Back in Asia, the Nikkei has gained 4.1% so far this week, leading a rally in most Asian equities. Investors have been less frantic in rushing to safe-haven assets.
“We set our positions about a week or so ago,” said Robert Adair, director of global equities at UOB Asset Management.
UOB has taken steps to brace for possible surprises, including reducing exposure to U.K. stocks over the past month. But at the same time, “the expectation is that it’s going to be a ‘remain,’ so you don’t want to be too over-the-top in your caution,” Mr. Adair said.
The foremost indicator of investor expectations, the British pound, reached a six-month high during the Asian trading day Thursday.
In Asia’s bond market, yields on Japanese 10-year bonds were last at minus 0.129%, compared with Thursday’s record low of minus 0.202%. Yields rise when bond prices fall, also suggesting investors have been more willing to take on risk.
Brent was last up 0.6% at $50.15 in the Asian trading day. A weakening of the dollar as the pound rises has helped the price of oil, which tends to move inversely to the value of the greenback.
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