Market Updates

Japan Leads Asian Rally

Ivaylo
09 Apr, 2007
New York City

    Asian markets closed higher Monday as Japanese export-oriented stocks got a lift from U.S. economic data and the increase of dollar against the yen. South Korea advanced to another record high, finishing above 1500 for the first time as construction stocks gained. Markets in Hong Kong, Australia, New Zealand and the Philippines were closed Monday for holidays.

[R]7:00AM Asian markets finished higher on Monday with Japan upbeat on exporters.[/R]
Asian markets finished higher on Monday. Japan''s benchmark Nikkei 225 index rose 258.98 points, or 1.48%, to finish at 17,743.76. Upbeat figures showing U.S. non-farm payroll on Friday cheered optimism about the U.S. economy, the biggest export market for Japan. The weakness of the yen also buoyed sentiment. Advancers included Advantest, climbing 4.17% and Toyota Motor rising 1.89%. Machinery stocks also advanced with Komatsu rising 4.26%.

The Korea Composite Stock Price Index in South Korea gained 16.91 points, or 1.1%, to 1,501.06, in the third record close in four sessions. Hyundai Engineering & Construction gained 3%, Doosan Heavy Industries & Construction rose 3.8% on rising order news and Doosan Infracore rallied 8.4% on increasing demand for excavators in China.

In China, banks bounced back, after declining Friday on the latest reserve requirement ratio increase, supporting the country key stock indexes to a record finish for the sixth straight session. The benchmark Shanghai Composite Index gained 2.3% to 3,398.95 and the Shenzhen Composite Index added 2.1% to 907.82.

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