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BABA Alibaba Group Holding Limited

72.00
0.41 (0.57%)
Pre Market
Last Updated: 10:17:13
Delayed by 15 minutes
Name Symbol Market Type
Alibaba Group Holding Limited NYSE:BABA NYSE Depository Receipt
  Price Change % Change Price High Price Low Price Open Price Traded Last Trade
  0.41 0.57% 72.00 40,907 10:17:13

Asian Shares Higher Before Scottish Vote Results

19/09/2014 3:30am

Dow Jones News


Alibaba (NYSE:BABA)
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Japan led Asian stocks higher Friday, as investors' focus shifted to a referendum on Scottish independence and the debut of China's Alibaba Group Holding in New York later in the day.

Japan's Nikkei was up 0.9% at 16210.68 and Australia's S&P/ASX 200 was up 0.2%, following gains in the U.S., where investors were heartened by signals Wednesday that the Federal Reserve remains on a measured course to eventually raise interest rates.

The market's focus was shifting to Europe, however, where voting results are trickling in on whether Scotland should break apart from the U.K. A vote in favor of independence would introduce market uncertainties, such as what currency an independent Scotland would use as well as how the region's economy would be affected.

The U.K. pound was slightly higher by 0.2% at US$1.64, suggesting investors expect the vote to lean in favor of staying in the U.K. Investors are likely taking a "wait-and-see approach" ahead of results in Scotland, says Osao Iizuka, head of spot foreign-exchange trading at Sumitomo Mitsui Trust Bank.

The greenback was last trading at Yen108.76, the highest level since September 2008. A weaker Japanese currency tends to support the country's manufacturing sector, which in turn boosts the stock market.

Investors are also looking ahead to Alibaba's initial public offering Friday morning in New York. Shares of the Chinese e-commerce firm priced at $68 apiece, at the top of the company's expected range. That puts Alibaba on track for an offering that will raise at least $21.8 billion and gives the firm an initial market value of $168 billion. Early investors are being allowed to sell more than $8 billion worth of shares.

Write to Chao Deng at Chao.Deng@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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