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Asian Shares Edge Up But Trade Thin Ahead of New Year Holiday

By: MT Newswires
Posted: 12/31/2013 9:32:00 AM
Referenced Stocks: CSUN

Asian stocks inch up, with trade quiet ahead of the New Year holiday. Japan will be closed until next week and Australia, Hong Kong and Singapore closed early.

In economic news, China's debt and guarantees issued by local governments jumped 67% to 17.9 trillion yuan ($2.95 trillion) in the middle of 2013, compared with 10.7 trillion yuan at the end of 2010, according to China's National Audit Office.

South Korea's CPI rose 1.1% on the year in December after gaining a revised 1.2% in November, according to Statistics Korea. The December reading was slightly higher than the median 1.0% increase forecast by seven economists surveyed by The Wall Street Journal.

Singapore's economy expanded by 3.7% this year, within the government's latest forecast, and could clock a similar pace of growth next year, Prime Minister Lee Hsien Loong said.

In ADR news, Shares in China Sunergy Co Ltd ( CSUN ) said it recently completed the sale of a solar farm project located in Cornwall, U.K. to solar energy generator Lightsource Renewable Energy Ltd. Financial terms were not disclosed.

The Hang Seng ended up 0.26% at 23,306.39 and Shanghai up 0.88% at 2,115.98.