Most major Asian markets advanced Monday as news of Al Qaeda leader Osama bin Laden’s death in a U.S. attack boosted sentiment, lifting Japanese and South Korean stocks sharply higher and pulling Australian shares off five-week lows.
The Nikkei 225 Index jumped 154.46 points, or 1.6%, to 10,004.20, the 10,000-point level for the first time since March 14
Hong Kong markets were closed for a public holiday, as were those in Shanghai, Singapore and Taiwan.
Trade was thin in Japan with many investors away for the Golden Week holidays. Tokyo markets will be shut from Tuesday and will reopen Friday.
The day’s performance came after U.S. President Barack Obama announced that U.S. forces had killed bin Laden in a firefight in Pakistan. The news added to gains in the U.S. dollar and the U.S. index futures, in addition to spurring Asian stocks.
In Japan, the yen weakened on news of bin Laden’s death, spurring shares of exporters. Canon Inc. and Sony Corp. each climbed 2.5%, while Advantest Corp. and Komatsu Ltd. added 3% each.
Panasonic Corp. climbed 2.8% after announcing cost-cutting plans.
Mizuho Financial Group Inc. rose 3.1% after unveiling the exchange ratios for turning group companies into wholly owned subsidiaries; Mizuho Securities Co. lost 5.9%.
Australian shares hit a five-week low during the session as the Australian dollar rallied to a 29-year high. But the market recovered on news of bin Laden’s death.
Financial stocks and major miners supported the recovery, with Macquarie Group Ltd. rising 3.2% and National Australia Bank Ltd. rising 0.7%, while BHP Billiton Ltd. added 0.7% and 0.6%, respectively.
Ranking among decliners, Woodside Petroleum Ltd. slipped 1%, pressured by weakness in crude-oil prices.
In Seoul, construction plays were helped by a government plan unveiled Sunday to restructure financially stricken local builders. Hyundai Engineering & Construction Co. rose 1.1% and Daewoo Engineering & Construction Co. climbed 2.2%.
Hopes that the won’s strength would encourage more South Koreans to undertake air travel lifted shares of Korean Air Lines Co. and Asiana Airlines Inc. 6.6% and 11.5%, respectively.
The common currency, which hit a low of $1.4762 U.S. and 120.03 yen earlier in the day, was more recently at $1.4813 versus $1.4810 in late New York trade Friday, and at ¥120.63 against ¥120.28.
In other markets;
Korea’s Kospi Index progressed 36.60 points, or 1.7%, to 2,228.96
New Zealand’s NZX 50 slipped 21.46 points, or 0.6%, to 3,497.86
Australia’s S&P/ASX 200 inched ahead 2.10 points to 4,825.30
