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Asia: Record rally for Nikkei
Mon, 01 Dec, 2008
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Asia: Record rally for Nikkei
Tue, 14 Oct 2008, 06:41:00
The Nikkei surged Tuesday, recording its biggest ever daily gain, as traders cheered a global effort to restore the banking system.<br /><br />Measures to help ease the financial crisis were well received as markets reopened in Japan after Monday's holiday. UK, French, German and Spanish governments are among those injecting public money into banks crippled by the credit crunch. Details of the US bail-out are due later today.<br /><br />The benchmark Nikkei 225 index soared 1,171 points or 14.2% to close at 9,447.<br /><br /><b>Mitsubishi UFJ Financial</b> surged 14% after it raised an additional $300m for its $9bn investment in Morgan Stanley. <b>Sumitomo Mitsui Financial</b> soared over 16%. Brokerage <b>Nomura Holdings</b> rose over 16%.<br /><br />Key exporters such as <b>Toyota</b>, <b>Honda</b> and <b>Sony</b> rallied hard, helped by a weaker yen against the dollar. The latter jumped a record 17%. <br /><br />Oil stocks also bagged gains after crude rose over $3 in New York overnight. Japan's <b>Inpex</b> rose 12%. <br /><br />The Hang Seng continued its winning streak Tuesday with banking stocks building on the previous day's gains. <br /><br />Hong Kong's Hang Seng index closed up 520 points at 16,832.<br /><br /><b>ICBC</b> and <b>China Construction Bank</b> rose over 4%, <b>Bank of China</b> advanced 3.9% and <b>Bank of Communications</b> jumped nearly 9%. <br /><br />Oil stocks also received a boost with <b>Cnooc</b> up over 13%.
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