Most Asian markets extended gains on Monday, with Japanese stocks staging a strong rebound from a weak start as many major exporters climbed on the yen’s retreat.
Regional markets overcame choppy early trading to turn
solidly higher amid some optimism over the outcome of the Federal
Reserve’s policy decision later this week, especially on the pace of its
monthly bond purchases.
After opening lower, the Nikkei Stock Average
traded 2.2% higher in Tokyo afternoon trading, extending the
benchmark’s 1.9% bounce Friday, when it snapped a three-day losing
streak. The broader Topix climbed 2.1%.
Elsewhere in Asia, Hong Kong’s Hang Seng Index climbed 1.3%, and Taiwan’s Taiex added 0.6%.
Erasing early losses, the Shanghai Composite gained 0.1%, and Australia’s S&P/ASX 200 advanced 0.5%, while South Korea’s Kospi was marginally lower in choppy afternoon trade.
In Tokyo, shares of several firms with a significant
international presence advanced as the dollar strengthened from the
levels seen in late North American hours Friday.
Shares of Japan Tobacco Inc. jumped 4.9%, and drug maker
Eisai Co. gained 5.4%, while tire producer Bridgestone Corp. climbed
4.7%.
Property developers extended gains in Hong Kong, with China
Resources Land Ltd. rising 3.8%, and Cheung Kong Holdings Ltd.
adding 3.3% after announcing it and its joint-venture partners were
buying a Dutch waste-processing firm.
Among energy producers, shares of Cnooc Ltd. climbed 4%,
and those of PetroChina Co. added 3.9%, after benchmark U.S. crude-oil
futures jumped on Friday.
Shares of China Everbright Bank Ltd. climbed 2.4% in
Shanghai, and those of New China Life Insurance Co. advanced 4.4% in
Hong Kong, following news that Central Huijin Investment Ltd., a key
state-owned shareholder in major Chinese banks and financial firms, had
increased its stake in the two firms.
On the downside, the Hong Kong-listed shares of Industrial &
Commercial Bank of China Ltd. tumbled 5.1% as they began trading
without rights to a dividend.
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