Asian markets up after positive Wall Street lead - Gulf Times

AFP/Tokyo

Asian markets rose on bargain-buying yesterday following a rally on Wall Street, with Tokyo enjoying a healthy bump as the dollar tries to break through the ¥100 barrier.

Investors took their lead from New York, which jumped on the back of upbeat earnings results from some corporate giants, while they seemed to brush off more weak manufacturing figures from China and Europe.

Tokyo rose 2.32%, or 313.81 points, to 13,843.46, while Seoul was up 0.87%, or 16.68 points, at 1,935.31 and Sydney was 1.72% higher, adding 86.2 points to 5,102.4.

In the afternoon Shanghai rose 1.55%, or 33.78 points, to 2,218.32 while Hong Kong added 1.73%, or 376.44 points, to 22,183.05.

With few other catalysts, yesterday’s rises were helped by bargain hunting after a broad sell-off in the previous session.

The Nikkei in Tokyo climbed as the yen resumed its downward trend against the dollar in New York, with dealers expecting the US unit to soon break the ¥100 mark for the first time since April 2009.

Eyes will turn to Tokyo for the next peg, with the Bank of Japan due to wrap up another policy meeting, the first since it unveiled a huge stimulus package to boost the economy and bring an end to deflation.

Australian shares yesterday enjoyed a boost after inflation came in at a below-forecast 0.4% in the January-March quarter, stoking hopes the Reserve Bank of Australia will cut interest rates.

However, the Australian dollar weakened on the talk of a rate cut, buying US$1.0268 after the inflation figures were released, compared with US$1.275 before.

Oil prices were higher in Asia, with New York’s main contract, light sweet crude for delivery in June, adding 52¢ to $89.70 a barrel in the afternoon and Brent North Sea crude for June delivery gaining 39¢ to $100.70.

An ounce of gold fetched $1,421.68 at 0945 GMT, compared with $1,414.10 late Tuesday.

In other markets; Singapore rose 1.17%, or 38.36 points, to 3,322.71; Taipei rose 1.02%, or 80.94 points, to 8,023.71; Manila fell 0.14%, or 9.67 points, to 6,972.69; Wellington ended 0.5%, or 22.48 points, higher at 4,538.98; Jakarta gained up 0.73%, or 36.28 points, at 5,011.61; Kuala Lumpur added 0.41%, or 6.96 points, to 1,707.35; Bangkok added 0.29%, or 4.50 points, to 1,553.85; and Mumbai was closed for a public holiday.

 

 

 

 

Asian markets up after positive Wall Street lead - Gulf Times