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Asia: Growth hopes, yen fuel Nikkei gains
Wed, 08 Feb, 2012
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Asia: Growth hopes, yen fuel Nikkei gains
Mon, 8 Mar 2010, 09:04:00
The Nikkei increased 2.1% on Monday with exporters such as Sony punching through gains of 2.8% as the yen eased against major currencies. <b>Canon</b> was up 2.3% while <b>Toyota</b> and <b>Honda</b> registered gains over 3.5%. Financials turned in a positive performance with shares in<b> Mizuho Financial</b> gaining 2.21% and<b> Mitsubishi Tokyo</b> adding 0.87%. Rising commodity prices pushed up shares in trading house <b>Mitsubishi Corp</b> 2.6% in Tokyo. Hopes of economic recovery encouraged buyer appetite following Friday's better than expected US jobs data. The Labor Department said non-farm payrolls fell by just 36,000 last month instead of predictions of 65,000 drop. Easing concern about Greece's debt crisis and news that China's Prime Minister Wen Jiabao will keep an 8% growth rate for the Chinese economy in 2010 also boosted market sentiment. The Nikkei 225 index advanced 216 points at 10,586 in Tokyo. The Hang Seng gained 2% at the start of the week with commodity related stocks and banks shining the most. Financials such as <b>Bank of China</b> rallied after strong gains on Wall Street Friday. <b>China Construction Bank</b> added 1.5%, <b>HSBC</b> firmed 1.53% while <b>Bank of China</b> rallied 3.05%. Commodity related stocks also enjoyed plenty of interest on the back of higher prices. Shares in <b>Cnooc</b> rose 1.8% while <b>PetroChina</b> climbed 2.4% in Hong Kong as crude flirts with $82 a barrel. The Hang Seng rallied 408 points at 21,197 in Hong Kong.
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