Asian stocks rise, Yuan lower for third consecutive day

Aug 13, 2015 (LBO) – Asian shares extended early gains on Thursday following a recovery on Wall Street and efforts by China’s central bank to slow the sharp descent of the yuan, foreign media reports said.

The Shanghai Composite rose by 0.8 percent to 3,916.68 points in early trading, Thursday on hopes the lower yuan will help exports.

In Hong Kong, the Hang Seng was up by 0.6 percent to 24,048.49 points while the region’s largest stock market, the Nikkei 225 index, rose by 0.4 percent to 20,471.13 after hefty losses, Wednesday.

In South Korea, the Kospi index was unchanged at 1,973.98 points.

Thursday’s yuan guidance rate was set 1 percent down, a smaller margin than the shock cuts earlier in the week.

The midpoint is a guiding rate set by the government, from which trade can rise or fall 2 percent during the day.