Source : economictimes
Nikkei hits 9-mth high on weaker yen, foreign buying
TOKYO: Japan's Nikkei stock average climbed to a nine-month high above 10,800 on Wednesday helped by a softer yen, with the benchmark's strong run encouraging foreign investors to broaden their buying to financial shares.
It was a third straight day http://www.blogger.com/post-create.g?blogID=8843738645395069893of gains for the Nikkei, which has climbed some 18 percent since November when foreigners began snapping up lagging Tokyo stocks, with recent momentum coming from a big shift in market focus to developed economies from emerging ones.
The gains were underscored by high volume with the day's total set to come in above last week's daily average of 2.2 billion shares. The Tokyo stock exchange's first section has seen more than 2.0 billion shares change hands for seven consecutive sessions.
"Looking at trading volumes in banking, securities or property sectors we can see a clear pattern of systematic, sector-wide buying of these shares from foreign investors that has at last emerged."
The dollar climbed against the yen to its highest in eight weeks on Tuesday, boosted by the recent rise in U.S. Treasury yields, with more gains seen likely if bond markets continue to factor in inflation.
By mid afternoon, the Nikkei average was up 0.5 percent, or 56.91 points at 10,803.57, after hitting an intraday high of 10,842.31, its highest level since May 6, 2010.
Immediate resistance now lies at the May 6 intraday high of 10,847.90, traders said.
The broader Topix rose 0.6 percent to 968.16.
The benchmark Hang Seng Index added 141.30 points to 23,041.08 on turnover of HK$36.85 billion ($4.72 billion).
The Korea Composite Stock Price Index (KOSPI) finished down 1.06 percent or 21.41 points at 1,989.11 points.
The benchmark Shanghai Composite Index was at 2,924.2 points, breaking above a key psychologically level of 2,900 points.
In Paris, the CAC 40 gained 0.34 per cent to 4,124.26 points while Frankfurt's DAX 30 added 0.19 per cent to 7,414.23 points.
The Dow Jones industrial average was up 18.77 points, or 0.15 percent, at 12,245.41. The Standard & Poor's 500 Index rose 4.10 points, or 0.31 percent, at 1,332.11. The Nasdaq Composite Index gained 10.55 points, or 0.38 percent, at 2,814.90.
Nikkei hits 9-mth high on weaker yen, foreign buying
TOKYO: Japan's Nikkei stock average climbed to a nine-month high above 10,800 on Wednesday helped by a softer yen, with the benchmark's strong run encouraging foreign investors to broaden their buying to financial shares.
It was a third straight day http://www.blogger.com/post-create.g?blogID=8843738645395069893of gains for the Nikkei, which has climbed some 18 percent since November when foreigners began snapping up lagging Tokyo stocks, with recent momentum coming from a big shift in market focus to developed economies from emerging ones.
The gains were underscored by high volume with the day's total set to come in above last week's daily average of 2.2 billion shares. The Tokyo stock exchange's first section has seen more than 2.0 billion shares change hands for seven consecutive sessions.
"Looking at trading volumes in banking, securities or property sectors we can see a clear pattern of systematic, sector-wide buying of these shares from foreign investors that has at last emerged."
The dollar climbed against the yen to its highest in eight weeks on Tuesday, boosted by the recent rise in U.S. Treasury yields, with more gains seen likely if bond markets continue to factor in inflation.
By mid afternoon, the Nikkei average was up 0.5 percent, or 56.91 points at 10,803.57, after hitting an intraday high of 10,842.31, its highest level since May 6, 2010.
Immediate resistance now lies at the May 6 intraday high of 10,847.90, traders said.
The broader Topix rose 0.6 percent to 968.16.
Hong Kong shares gain 0.62% in morning
HONG KONG: Hong Kong shares rose 0.62 percent in the morning session on Wednesday, in line with most regional markets, boosted by upbeat economic data out of the United States.The benchmark Hang Seng Index added 141.30 points to 23,041.08 on turnover of HK$36.85 billion ($4.72 billion).
Seoul shares dip as autos, refiners fall
SEOUL: Seoul shares slipped after volatile trade on Wednesday, pressured by a second straight session of foreign selling and falls in automakers and crude refiners like SK Innovation.The Korea Composite Stock Price Index (KOSPI) finished down 1.06 percent or 21.41 points at 1,989.11 points.
China shares end up 0.9 per cent, supported on steel firms
SHANGHAI: China's main stock index closed up 0.9 per cent on Wednesday, after trading mostly rangebound near a crucial psychologically level.The benchmark Shanghai Composite Index was at 2,924.2 points, breaking above a key psychologically level of 2,900 points.
European stocks firm at open, London up 0.19%
LONDON: European stock markets rose in opening trade on Wednesday, with London's benchmark FTSE 100 index up 0.19 per cent at 6,049.43 points.In Paris, the CAC 40 gained 0.34 per cent to 4,124.26 points while Frankfurt's DAX 30 added 0.19 per cent to 7,414.23 points.
US markets open higher on earns, M&A
NEW YORK: U.S. stocks opened higher on Wednesday after strong results from Dell and a burst of merger and acquisition activity.The Dow Jones industrial average was up 18.77 points, or 0.15 percent, at 12,245.41. The Standard & Poor's 500 Index rose 4.10 points, or 0.31 percent, at 1,332.11. The Nasdaq Composite Index gained 10.55 points, or 0.38 percent, at 2,814.90.
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