A man walking past an electronic board showing stock prices outside a brokerage in Tokyo. The Tokyo shares index rose 0.73%, or 96.41 points, to close at 13,316.48 in yesterday’s trading.
AFP/Tokyo
Asian markets rose yesterday at the end of a tough week for global equities and commodities as dealers kept an eye on a meeting of world central bank and finance chiefs in Washington.
Investors seemed to brush off a second straight loss on Wall Street, while gold prices climbed after hitting two-year lows earlier in the week.
Tokyo rose 0.73%, or 96.41 points, to 13,316.48, Seoul was 0.35% higher, adding 6.69 points to 1,906.75, while Sydney climbed 0.15%, or 7.5 points, to 4,931.9.
Hong Kong rose 2.33%, or 501.05 points, to 22,013.57 and Shanghai jumped 2.14%, or 47.04 points, to 2,244.64, with bargain hunting providing a lift.
Shares were enjoying a brighter end to the week, which started with a sell-off after China released worse-than-forecast growth data that raised concerns about the strength of the world’s number-two economy.
The Bank of Japan this month unleashed a huge stimulus package to kickstart its economy and bring an end to years of deflation. However, the move has led some to claim Tokyo is looking to give its exporters a trade advantage.
At the G20 meeting in Washington finishing later yesterday, Japan was expected to try to reassure other finance ministers and central bank governors that it is not intentionally weakening its yen with recent easing measures.
The Bank of Japan this month unleashed a huge stimulus package to kickstart its economy and bring an end to years of deflation. However, the move has led some to claim Tokyo is looking to give its exporters a trade advantage.
Analysts said the G20 was unlikely to voice major concern over Japan’s new policy.
“Barring a major crisis akin to Italy after the last G20 meeting, the yen will further weaken post-summit,” Hideyuki Ishiguro, assistant manager at Okasan Securities, said.
An equity strategist at a foreign brokerage added: “On the surface, it would seem a bit hypocritical for Europe or the US to give Japan flak over policies that they themselves have implemented over the years.”
The yen has been tumbling since the BoJ’s policy announcement at the start of April, with the dollar almost hitting 100 yen last week for the first time in four years.
On foreign exchange markets yesterday the dollar bought ¥99.21 in early European trade against ¥98.23 in New York late Thursday. The euro fetched $1.3090 and ¥129.88, against $1.3050 and ¥128.21.
“Signs are beginning to point to a less-than-robust US economic rebound,” SMBC Nikko Securities general manager of equities Hiroichi Nishi told Dow Jones Newswires.
Commodities enjoyed a slight uptick after seeing tough selling during the week caused by China’s data on Monday showing the economy grew just 7.7% in January-March, compared with 7.9% in the previous three months.
Economists had predicted 8.0% growth.
Oil prices rose, with New York’s main contract, light sweet crude for delivery in May adding 57¢ to $88.30 a barrel and Brent North Sea crude for June delivery gaining 41¢ to $99.54. Brent fell below $100 this week for the first time since July.
An ounce of gold fetched $1,414.20 at 1000 GMT, compared with $1,394.10 late Thursday in Asia. The precious metal has picked up slightly since Monday’s biggest slump in 30 years to around $1,340.00.
In other markets, Singapore was flat, edging down 2.32 points to 3,294.05; Taipei jumped 1.79%, or 139.45 points, to 7,930.80; Manila closed 1.45% higher, adding 99.62 points to 6,957.10; Wellington ended flat, edging up 2.40 points to 4,444.50; Kuala Lumpur was almost unchanged, edging up 0.02 points to 1,706.28; Jakarta fell 0.28%, or 14.18 points, to 4,998.46.
Cigarette maker Gudang Garam fell 3% to 50,100 rupiah, while tin firm Timah gained 2.17% to 1,410 rupiah; and Bangkok rose 1.03% or 15.70 points to 1,545.46.
Asian shares pick up as dealers eye G20 meeting outcome - Gulf times
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