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Hong Kong and Tokyo stocks jump; Sydney, Seoul hit records
HONG KONG - Asian markets advanced strongly Monday, with Japanese stocks lifted by exporters like Toyota and Canon, while Hong Kong’s benchmark index jumped 2.1 percent.
Markets in Australia, China, Indonesia and South Korea all closed at record highs.
In Tokyo, the benchmark Nikkei 225 index climbed 264.35 points, or 1.52 percent, to finish at 17,628.30 points.
Stocks rebounded from two days of losses as investors bought exporters such as autos and electronics shares amid the yen’s weakness against the US dollar, traders said.
Gainers included Toyota Motor Corp., which rose 0.98 percent, Canon Inc., which posted a 2.64 percent gain, and Toshiba Corp., which climbed 1.59 percent. Pharmaceuticals also advanced, with Astellas Pharma Inc. rising 1.92 percent.
In Hong Kong, shares jumped 2.1 percent, lifted by China Mobile. The blue-chip Hang Seng Index rose 416.56 points to 20,757.53.
Investor confidence was boosted by gains in regional markets and on Wall Street Friday.
China Mobile, the world’s largest wireless phone operator by subscribers, surged 5.7 percent on bargain hunting and on expectation of a strong first-quarter result April 20.
Cheung Kong, the property flagship of tycoon Li Ka-shing, jumped 2.3 percent and rival Sun Hung Kai Properties rose 1.1 percent. Angang Steel soared 12.7 percent.
Semiconductor maker SMIC jumped 5.4 percent, buoyed by a report saying US investors are interested in buying a 20-25 percent stake in the company for about US$600 million (Ð443.4 million).
In currency trading in Tokyo, the US dollar fell against the euro but gained against the yen.
The euro rose to US$1.3546 from US$1.3539. The greenback bought 119.46 yen at 4:50 p.m. (0750 GMT) Monday, up from 119.12 yen late Friday in New York.
Elsewhere:
JAKARTA: Indonesian shares advanced 1.2 percent to a new high of 1,963.82 points, helped by gains in most Asian markets and expectations that many companies to report strong first-quarter earnings due to lower interest rates.
KUALA LUMPUR: Malaysian shares rose 1.1 percent to 1,322.91 points, a new closing high for 2007. Dealers say firm foreign buying interest in plantation, property and select blue chips continues to keep market strong.
MANILA: Philippine shares rose as investors bought bargain stocks, among them conglomerate Ayala Corp. and Philippine Long Distance Telephone Co. The benchmark 30-company Philippine Stock Exchange Index gained 50.8 points, or 1.6 percent, after falling 2.4 percent last week.
SEOUL: South Korean shares again closed at a record high after a one-day mild retreat Friday, buoyed by Hyundai Department Store, Doosan Heavy Industries & Construction and brokerages. The Korea Composite Stock Price Index, or Kospi, jumped 11.26 points, or 0.7 percent, to 1,532.04.
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