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TOKYO, July 7: Asian share prices rose on Monday on expectations of gains on Wall Street after the US market was closed for a long weekend.
Japanese share prices jumped 2.59 per cent to a 10-month high spurred by renewed confidence in the local market.
The Tokyo Stock Exchange’s Nikkei-225 average surged 247.43 points to end the day at 9,795.16 — its highest close since August 27 last year.
The broader Topix index of all first-section stocks rose 1.9 per cent to 967.04, bringing its gain over the past six sessions to 7.1 per cent.
I think we are going to test 10,000 (on the Nikkei) before the week is over, said Toshihiko Matsuno, a senior strategist in the investment advisory department at Sakura Friend Securities.
The US market had a holiday at the end of last week but most of the market thought it would open higher at the beginning of this week, he said.
Brokerages led the gains in Tokyo on expectations for increased earnings due to the surge in trading activity, said Matsuno.
Japan’s latest market rally, which began in May and accelerated early last week after a Bank of Japan survey of business sentiment found a sharp improvement among major manufacturers, was attracting a growing number of individual Japanese investors, dealers said.
It seems that retail investors are showing growing fears of not holding equities after the recent rally, said Motoyoshi Uchida, strategist at Mizuho Investors Securities.
HONG KONG: Share prices in Hong Kong closed 2.65 per cent higher to within sight of the key 10,000 points level after chief executive Tung Chee-hwa deferred a vote on a controversial anti-subversion law.
The Hang Seng index gained 255.59 points to close at 9,892.40.
Simon Tam, senior sales manager at Kim Eng Securities, said gains were mainly supported by the government’s decision to defer legislation on the national security bill, which had been due to go through on Wednesday.
SYDNEY: Australian share prices finished fractionally higher with a rebound in resources stocks offsetting weakness in the banking sector in quiet trade after a holiday in the United States.
The benchmark SP/ASX 200 index closed up 3.7 points or 0.12 per cent at 3,032.1, while the All Ordinaries index gained 4.6 points to 3,005.4.
SINGAPORE: Share prices in Singapore surged past the crucial 1,500 resistance level amid expectations of strong gains in Wall Street trading.
The Straits Times Index (STI) rose 29.85 points or 2.01 per cent to 1,516.09, while the broader All-Singapore Equities Index was up 8.62 points to 408.63.
KUALA LUMPUR: Malaysian share prices rose 0.73 per cent on follow-through buying from last week, with banking stocks leading the gains.
The Kuala Lumpur Stock Exchange composite index closed up 5.29 points to finish at 730.40.
JAKARTA: Indonesian shares closed 1.44 per cent higher on last-minute support aimed at keeping the market in positive territory before the listing of Bank Mandiri in a week’s time.
The Jakarta Stock Exchange composite index ended up 7.279 points at 511.378.
Telkom is now back to above 4,600 rupiah (per share) and apparently there is support from certain parties especially on the big counters ahead of Mandiri listing, he said.
WELLINGTON: New Zealand’s sharemarket drifted 0.47 per cent lower in a restrained day’s trading, while most eyes were on the latest developments in the Tranz Rail and Tower Group stories.
The NZSX50 was down 10.28 points to 2172.74.
ABN Amro Craigs Equities retail adviser Bryon Burke described it as an “overall quiet but weak day” with little to say about the day on a stock-specific basis except for Tranz Rail and Tower Group.—AFP
