Weaker yen lifts Japan, Asia
Most Asian markets ended higher on Wednesday, with Japanese stocks catching a tailwind from the yen’s weakness while mainland Chinese shares gained on hopes for a relaxation in policy toward the property sector.
In Japan, the Nikkei 225 Index regained 90.98 points, or 1%, to close at 9,554.
In Hong Kong, the Hang Seng Index added 70.56 points, or 0.3%, to 21,549.30
Stocks in Asia had slipped in early trading on doubts over the durability of the latest Greek rescue plan, but recovered as the day progressed.
An increase in oil prices to a nine-month high weighed on Wall Street overnight, and also contributed to a poor start in the region.
But the high prices lured buyers to the energy sector, with Inpex Corp. rising 1.4% in Tokyo, while PetroChina Co gained 1.4% in Hong Kong and 0.1% in Shanghai. In Sydney, Woodside Petroleum Ltd. climbed 2.5%, also supported by news that an LNG venture of the company was on track for a startup in March.
Japanese car makers and other exporters swung to gains as the dollar strengthened against the yen
Toyota Motor Corp. climbed 1.8% and Nissan Motor Co. added 2.3%, while Nintendo Co. advanced 3%.
China Overseas Land & Investment Ltd. jumped 2.8% and China Resources Land Ltd. climbed 2.9% in Hong Kong.
Shares of Alibaba.com Ltd. shot up 42.7% in Hong Kong as trading resumed for the first time since Feb. 9, after its parent group confirmed plans to take the company private.
Earnings reports also lent support to trading action in Australia, with CSL Ltd. rising 2.5% after reporting a slight drop in first-half net profit but raising its second-half outlook due to strong demand for its products.
Shares of Seven West Media Ltd. surged 7.4% after reporting a sharp jump in first-half net profit.
CHINA
Chinese property firms jumped on mainland bourses as well as in Hong Kong, in the wake of a report in the Shanghai Securities Journal that the city will soon ease certain restrictions on home purchases.
The Shanghai CSI 300 gained 35.02 points, or 1.4%, to 2,597.48
In Shanghai, Gemdale Corp. climbed 3.9% and Poly Real Estate Group Co. rose 2.7%, while China Vanke Co. gained 3.4% in Shenzhen.
Also on Wednesday, HSBC’s China "flash" Purchasing Managers’ Index showed a smaller contraction in manufacturing activity in February than in January.
In other markets;
Taiwan’s Taiex Index gathered 80.18 points, or 1%, to 8,001.68
Korea’s Kospi Index garnered 4.41 points, or 0.2%, to 2,028.65
Singapore’s Straits Times Index shed 29.48 points, or 1%, to 2,995.59
New Zealand’s NZX 50 Index doffed 9.09 points, or 0.3%, to 3,328.23
Australia’s S&P/ASX 200 Index tacked on 1.91 points to 4,293.11
|
|