Market Updates
Tokyo Powers Asian Markets
Ivaylo
02 May, 2006
New York City
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Japan
[R]7:30AM Strong Nikkei boosts Asian markets.[/R]
In Japan the Nikkei 225 advanced 228.06 points, or 1.4%, to 17153.77 on Bridgestone’s results and gains in commodity issues, led by oil and metal prices in the U.S. South Korean Kospi ended up 1.1%, or 15.17 points up, at 1434.90 on robust earnings news and optimistic outlooks despite Hyundai Motors displayed weakness. Hong Kong’s blue-chip Hang Seng closed also higher 206.74 points, or 1.24%, to 16868.04, after fears about interest rates alleviated. In automotive stocks, Bridgestone soared 4.9% as the tire maker profits advanced despite higher raw material costs. Other gainers were Mitsui & Co ending 1.7% up on strong mining and energy stocks, as well as Nippon Oil, gaining 1.2%, Sumimoto Metal Mining, producer of gold by volume, which put up 2.3% on gold prices. The dollar was trading at 113.82 yen late Tuesday in Tokyo, up 0.49 yen against Monday levels in New York.
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