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Asian stocks rise for second day, led by commodities, retailers
Asian stocks rose for a second day as higher oil and metal prices boosted commodity producers and Shimamura Co’s profit buoyed the outlook for Japan’s retailers. - Asian stocks rise on yen, outlook for chip demand - Asian stocks rebound on Dubai financing; Japan shares decline - Asian stocks fall on stimulus concern, UBS loss - Asian stocks fall on growth concern - European, Asian shares up; US index futures rise - Nifty kisses 5k, ends flat as RIL plays spoilsport BHP Billiton, the world’s largest mining company and Australia’s top oil producer, added 1.1 per cent in Sydney after oil, gold and copper climbed. Mitsubishi Corp, Japan’s biggest commodities trader, gained 1.5 per cent. Shimamura, a clothing retailer, gained 3.5 per cent in Tokyo after reporting increased profit and Nomura Holdings Inc raised its investment rating. “The negativities will start to fade as the global economy continues its recovery into next year,” said Yoshinori Nagano, a senior strategist in Tokyo at Daiwa Asset Management Co, which oversees the equivalent of $94 billion. “It hasn’t been very long since things started to pick up, so some people still have a strongly negative sentiment.” The MSCI Asia Pacific Index rose 0.3 per cent to 120.68 as of 5.22 pm in Tokyo, with about nine stocks advancing for every eight that declined. The gauge is headed for a 34 per cent gain this year, its biggest annual increase since 2003, as central banks worldwide reduced borrowing costs and governments boosted spending to shore up their economies. The index has fallen 4 per cent this decade. Japan’s Nikkei 225 Stock Average, which rose to an intraday record of 38,957.44 on December 29, 1989, increased less than 0.1 per cent today to 10,638.06. Australia’s S&P/ASX 200 Index climbed 1.1 per cent in Sydney, the steepest gain in the Asia-Pacific region. Hong Kong’s Hang Seng Index was little changed. Commodities gain BHP Billiton advanced 1.1 per cent to A$42.92. Santos, Australia’s third largest oil and gas producer, rose 0.6 per cent to A$14.08. Mitsubishi added 1.5 per cent to ¥2,315, its highest close since September 29, and Mitsui & Co, Japan’s second largest commodity trader, gained 2.1 per cent to ¥1,329. Crude oil for February delivery rose to a one-month high in New York yesterday, gaining 0.9 per cent, and gold climbed for the third-straight session. Copper futures for March delivery advanced to the highest price in more than 15 months on speculation demand will strengthen and drain stockpiles. Newcrest Mining, Australia’s largest gold producer, rose 0.4 per cent to A$35.28. Also in Sydney, Aquarius Platinum, the world’s fourth-biggest producer of the metal, surged 4.3 per cent to A$7.30, after platinum yesterday jumped to a three-week high. Futures on the Standard & Poor’s 500 Index added less than 0.1 per cent. The index climbed 0.1 per cent in New York yesterday as rising metal and oil prices boosted commodity producers. Asia outperforms The MSCI Asia Pacific Index has surged 71 per cent from its lowest in more than five years on March 9, outpacing gains of 67 per cent by the S&P 500 and 60 per cent for the Dow Jones Stoxx 600 Index in Europe.Kwik Quid commented:
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31.10.2011
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That\'s very true that the negativities will start to fade as the global economy continues its recovery into next year
07.12.2011