Asian Markets Up On Clinton Hopes But Traders On Edge

HONG KONG, Nov 8 (UrduPoint / Pakistan Point News - 08th Nov, 2016 ) : Most Asian markets extended gains on hopes Hillary Clinton will beat Donald Trump to win Tuesday's presidential election but traders are cautious with many opinion polls saying the race is too close to call.

Global equities and risk assets surged Monday after the FBI said it would not pursue criminal charges against Clinton over her use of a private email server while secretary of state. The rally came after a week of turmoil caused by the bureau's announcement on October 28 it was looking into the issue, despite having cleared her once already in July.

Clinton is considered by many investors to be a safer bet than Trump, who is seen as a loose cannon with policies many fear could wreck the world's top economy. Hong Kong rose 0.

3 percent in the afternoon, Sydney ended up 0.1 percent, Seoul gained 0.3 percent and Singapore was 0.3 percent higher.

Wellington, Taipei and Manila also posted healthy advances but Tokyo closed marginally lower. Shanghai added 0.5 percent as investors brushed off news that Chinese exports fell for a seventh consecutive month in October as weak global demand put another dent in the world's number two economy.

"We've been swung this way and that over who may win, but expectations of a Clinton victory are firming," said Toshihiko Matsuno, a senior strategist at SMBC Friend Securities Co. "Since it's easier to predict policy with her, there's more of a sense of security in the market. Stocks may price in 70 to 80 percent (chance) of a Clinton victory today," he told Bloomberg News.