Asian stocks jumped yesterday Monday Sep 27 as traders were boosted by a rally on Wall Street while Japanese exporters were higher on hopes for further measures to cool the soaring yen.
TOKYO jumped 1.39 percent, or 131.47 points, to end at 9,603.14 and Sydney added 1.59 percent, or 73.4 points, to 4,675.3.
Regional investors took their cue from the US, where the Dow jumped 1.86 percent on Friday on upbeat sentiment after data showed an improvement in sales of big-ticket items.
The government figures revealed that excluding transportation equipment, mainly aircraft parts, orders of items such as household appliances rose by a more-than-expected 2 percent last month.
The data allayed recent fears of a double dip recession in the world’s biggest economy as manufacturing is seen as one of the main engines driving the recovery.
In Japan exporters led the gains on speculation authorities would step in to the currency markets for a second time to push the yen down.
HONG KONG: Shares closed 1 percent higher yesterday, a sixth straight gain, as traders followed a rally on Wall Street on hopes for the global economy.
The benchmark Hang Seng Index rose 221.41 points to close at 22,340.84, an eight-month high on turnover of HK$81.89 billion.
Belle Liang, head of research at Core Pacific-Yamaichi, said: “We expect the positive sentiment to continue in the fourth quarter, based on our view that China will loosen monetary policy during the fourth quarter.”
SINGAPORE: The Straits Times Index gained 0.7 percent to 3,113.46 at the close.
Among the actives, China XLX Fertiliser Ltdclimbed 1.7 percent to 59 Singapore cents, Darco Water Technologies surged 19 percent to 9.5 Singapore cents and DBS Group Holdings rose 1 percent to S$14.22.
Jardine Cycle & Carriage climbed 3 percent to S$39.20, Noble Group gained 2.1 percent to S$1.91, while Singapore Exchange increased 2.9 percent to S$9.14.
KUALA LAMPUR: Share prices on Bursa Malaysia yesterday rebounded in tandem with the sharp overnight rebounds on Wall Street. Overall advancing counters outpaced declining counters by 469 to 292.
The key FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) rallied from its intra-day low of 1,456.30 to its intra-day high of 1,467.18 yesterday. It closed at 1,464.71 points, posting a day-on-day gain of 13.52 points, or 0.93 percent.
In other markets:
SEOUL closed 0.77 percent, or 14.23 points, higher at 1,860.83.
TAIPEI rose 0.31 perc ent, or 24.92 points, to 8,191.54.
Taiwan Semiconductor Manufacturing Co was 1.0 percent higher at NT$60.7 while MediaTek, the island’s leading IC design house, gained 1.35 percent at NT$452.0.
JAKARTA rose 2.07 percent, or 70.41 points, to 3,468.04.
MANILA closed 1.08 percent, or 43.96 points, higher at 4,122.83.
Energy Development picked up 4.3 percent to 6.33 pesos, Metro Pacific Investments added 2.7 pe rcent to 3.80 and SM Investments advanced 1.9 percent to 540.
WELLINGTON rose 0.87 percent, or 27.98 points, to end at 3,239.14.
Construction company Fletcher Building ended up 0.8 percent at NZ$8.53, Telecom rose 0.5 percent to NZ$2.04 and power company Contact Energy gained 1.6 percent to NZ$5.81.
BANGKOK rose 1.11 percent, or 10.57 points, to 962.47.
Banpu gained 6.00 baht to 708.00 while PTT added 4.00 baht to 294.00.
MUMBAI rose 0.36 percent, or 72.20 points, to close at 20,117.38.
VIETNAM: The VN Index slightly increased by 0.49 points or 0.11 percent to 450.2 points with total matching order trade of over 36 million shares worth 908 billion dong.
Similarly, on the northern bourse, the HNX Index rose 0.3 point or 0.23 percent to 129.93 points. The market transactions remained at low level with 24.8 million shares being transferred for 614 billion dong in value.
EUROPE: European stocks ended a thinly traded session in the red and just off lows yesterday, tracking US weakness ahead of fresh macro data, and led by biotech Actelion after a key drug failed a late-stage trial.
The pan-European FTSEurofirst 300 index of top shares closed down 0.4 percent at 1,073.55 points, partially retracing Friday’s gains.
In London, the FTSE 100 index closed down 0.45 percent at 5,573.06 points while in Paris the CAC 40 fell 0.43 percent to 3,766.16 points. The Frankfurt DAX shed 0.31 pe rcent at 6,278.89 points.
Elsewhere, there were losses of 1.07 percent in Madrid, 0.07 percent in Milan, 0.20 percent in Amsterdam and 0.34 percent on the Swiss Market Index.
AMERICA: Stocks took a pause Monday from their big September rally as worries about the financial sector offset excitement over a fresh round of corporate dealmaking.
The Dow Jones industrial average fell 48.22, or 0.4 percent, to close at 10,812.04.
The Standard & Poor’s 500 index dropped 6.51, or 0.6 percent, to 1,142.16, while the Nasdaq composite index fell 11.45, or 0.5 percent, to 2,369.77.
Traders who prefer to look at the broader economic picture will get plenty of data later in the week to review. Traders get reports on consumer sentiment, weekly jobless claims and a final reading on second-quarter gross domestic product before the month ends Thursday.
On Friday, traders receive a key report on the manufacturing sector. The same monthly report helped jump-start the September rally when it was released at the beginning of the month.
Bond prices rose Monday, indicating some investors continued to seek safer alternatives to stocks. Even with stocks rising sharply throughout the month, money has regularly flowed into bonds and other perceived safe investments like gold.
The yield on the 10-year Treasury note, which moves opposite its price, fell to 2.51 percent from 2.61 percent late Friday.
Falling stocks outpaced rising ones four to three on the New York Stock Exchange, where volume came to 920 million shares.
Benchmark Currency Rates USD EUR JPY GBP CHF CAD AUD HKD HKD 7.7584 10.4289 0.092 12.2781 7.8747 7.5355 7.4503 AUD 1.0413 1.3998 0.0124 1.648 1.057 1.0114 0.1342 CAD 1.0296 1.384 0.0122 1.6294 1.045 0.9887 0.1327 CHF 0.9852 1.3244 0.0117 1.5592 0.9569 0.9461 0.127 GBP 0.6319 0.8494 0.0075 0.6414 0.6137 0.6068 0.0814 JPY 84.295 113.311 133.402 85.5596 81.874 80.9485 10.8651 EUR 0.7439 0.0088 1.1773 0.7551 0.7226 0.7144 0.0959 USD 1.3442 0.0119 1.5826 1.015 0.9713 0.9603 0.1289 Bloomberg