Following a positive lead from U.S. markets overnight, Japanese stocks rose to an eight-month closing high on Thursday, as the yen hit a six-year low against the greenback, aiding export-related stocks.
The Nikkei 225 in Tokyo gained 178.90 points, or 1.1%, to 16,067.57, the yen traded at ¥108.57 to the U.S. dollar, compared with ¥108.37 in late U.S. trading overnight. The Japanese currency touched ¥108.87 per dollar, its lowest level in six years, earlier in the day.
In Hong Kong, the Hang Seng Index moved backward 207.69 points, or 0.9%, to 24,168.72, giving up almost all the gains made in Wednesday trade, when the index recovered from an eight-day losing streak.
That rebound came as China’s central bank announced an $81-billion U.S. stimulus, but new reports say that stimulus is pending while banks prepare the relevant materials.
In Japan, most tech exporters advanced, with semiconductor firm Renesas Electronics Corp. rallying 5.4%, electronics giant Hitachi, Ltd. climbing 2.5%, industrial-robot manufacturer Fanuc Corp. rising 2.3%, and camera maker Olympus Corp. tacking on 2.1%.
However, Sony Corp. sank 8.6% after the media conglomerate warned of a wider loss for this financial year on Wednesday.
Among Hong Kong market movers, property developer China Resources Land Ltd. declined 2.8%, telecoms giant China Mobile Ltd. lost 1.2%, and Industrial and Commercial Bank of China Ltd., the nation’s largest bank by assets, dropped 1%.
CHINA
Shanghai’s CSI 300 index gained 7.34 points, or 0.3%, to 2,408.66
On Thursday, the People’s Bank of China made a second surprise move to ease monetary policy, cutting its 14-day repurchase agreement rate by 20 basis points.
In other markets;
In Korea, the Kospi index subtracted 14.87 points, or 0.7%, to 2,047.74
The Taiex index in Taiwan gained 41.86 points, or 0.5%, to 9,237.03
In Singapore, the Straits Times STI Index inched up 0.81 points to 3,297.29
In New Zealand, the NZX 50 took on 11.84 points, or 0.2%, to 5,154.18
Australia’s S&P/ASX 200 picked up 8.57 points, or 0.2%, to 5,415.25
