Asian stock markets were mostly higher Monday as investors continued to feel confident about stocks following last week's U.S. jobs report and Wall Street's rally.
Solid corporate earnings reports and expectations that the weaker yen will enhance the bottom line of Japanese exporters also lured investors to stocks.
In Japan, the Nikkei 225 Index gained 69.01 points, or 0.6%, to 11,260.35
In Hong Kong, the Hang Seng index slid 36.83 points, or 0.2%, to 23,685.01
Investors in Asian markets are also keen on the lunar New Year holidays starting this weekend, which could boost retail sales and increase inflow of Chinese tourists to neighboring countries.
Among individual stocks, shares of Panasonic Corp. skyrocketed more than 17%. The company, which reported a 61.4-billion-yen ($667 million U.S.) profit for the October-December period Friday, has gotten a boost from a favourable exchange rate.
South Korean exporters Samsung Electronics Co. and LG Electronics Inc. saw their shares fall 0.6% and 1.5% respectively, as the stronger won threatens to erode their overseas revenues.
In other markets
In Shanghai, the CSI 300 Composite Index eked up 4.70 points, or 0.2%, to 2,748.03
In Singapore, the Straits Times Index moved up 6.23 points, or 0.2%, to 3,297.37
Korea’s Kospi Index fell 4.58 points, or 0.2%, to 1,953.21
Taiwan’s Taiex Index grew 67.19 points, or 0.9%, to 7,908.76
The NZX 50 nipped up 0.47 points to 4,246.40
In Australia, the S&P/ASX 200 backtracked 13.58 points, or 0.3%, to 4,907.52
