Asia stocks rise as China keeps its loan prime rate unchanged [CNBC]
FAST RETAILING UNSP/ADR (FRCOY)
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Source: CNBC
Stocks in Asia were higher in Monday afternoon trade, with the People's Bank of China (PBoC) keeping the loan prime rate (LPR) unchanged. Mainland Chinese stocks saw gains by the afternoon, with the Shanghai composite up 0.43% while the Shenzhen composite was 0.719% higher. The Shenzhen component also gained 0.98%. Shares of Chinese drugmakers and facial mask firms also surged amid concerns over a coronavirus outbreak in the the country . Jiangsu Sihuan Bioengineering and Shandong Lukang Pharmaceutical saw their stock surge by about 10%, their daily movement limit. Meanwhile, facial mask maker Shanghai Dragon also soared around 10%. The Hang Seng index in Hong Kong, however, slipped 0.39% as shares of life insurer AIA dropped more than 1%. The moves came as the People's Bank of China kept the one year and five year loan prime rates unchanged for January. "We still expect some changes to the LPR at some point this year, even though we're not seeing that as early as like the first month
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