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Asia: Upbeat data boosts confidence
Wed, 08 Feb, 2012
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Asia: Upbeat data boosts confidence
Wed, 1 Sep 2010, 08:40:00
The Nikkei rose 1.17% on Wednesday, dusting off an earlier 16-month low, as positive data from China and Australia restored confidence. A slight retreat in the yen against the dollar also encouraged interest in exporters such as
Canon
, up 1.17% and
Honda
, up 0.72%. Shares of
Hitachi
rallied over 2% on rumours that it is planning an IPO of one of its US divisions. Real estate was in demand after upbeat housing market data earlier in the week. Shares of
Mitsui Fudosan
rose 1.8% and
Mitsubishi Estate
climbed 1.7%. The benchmark Nikkei 225 index closed up 102 points at 8,927 in Tokyo. Meanwhile Australian stock markets were boosted by better-than-expected second quarter GDP. Data from the Australian Bureau of Statistics showed GDP grew 1.2%. Hong Kong's Hang Seng index rose as investors cheered upbeat Chinese economic data. China's official purchasing managers' index rose to 51.7 in August from 51.2 the month before. Heavyweights
HSBC
and
China Life
were both up over 1% in Hong Kong.
China Shenhua
added 1.59%. Real estate came under pressure on concern that the government may take further measures to contain prices if they continue to rise.
Cheung Kong
fell 0.3% to HK$97.90 while
Sun Hung Kai Properties
fell 1.5%. The Hang Seng index closed up 87 points at 20,624.
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