SINGAPORE—Asian stock markets rose Tuesday as greater certainty that Greece will receive its second bailout rekindled risk appetite, though Tokyo gave back most of its early gains after the Bank of Japan failed to make further major moves to ease monetary policy.
Comments from European officials Monday reassured the market that Greece would soon get approval for its second bailout.
In the Markets
Dow Posts Fourth Straight Gain
Japan's Nikkei Stock Average finished 0.1% higher at 9899.08, Australia's S&P/ASX 200 gained 1.2%to 4247.6 and South Korea's Kospi Composite gained 1.1% to 2025.04.
Hong Kong's Hang Seng Index was up 1.1% and China's Shanghai Composite was up 0.8% in late trading. India's Sensex was 1.2% higher.
Dow Jones Industrial Average futures were up 59 points in electronic trading.
Real-estate shares gained in Tokyo on expectations that Bank of Japan Governor Masaaki Shirakawa would take a pro-easing stance in a policy statement due later in the day. The central bank earlier announced it would keep interest rates steady and not increase its asset-buying program, but would boost a loan program for businesses in 18 sectors seen as having high growth potential.
"(Shirakawa) suggesting a continuous easing stance would likely stoke expectations for a weaker yen, and lead to further gains in stocks," said Fumiyuki Nakanishi, general manager of investment & research at SMBC Friend Securities.
Mitsui Fudosan advanced 2.5% and Sumitomo Realty & Development gained 0.8%, both down from their highs for the day.
Asahi Kasei fell 5.4% amid concerns over a financial burden after announcing it agreed to buy U.S. medical equipment maker Zoll Medical for around $2.21 billion.
In Sydney, health-care and consumer staples led the market's advance; Sonic Healthcare advanced 1.7%, while Woolworths rose 1.2%.
Car makers and auto parts makers led gains in Seoul in anticipation of the free trade agreement between South Korea and the U.S. set to take effect Thursday; Hyundai Motor jumped 3.7%, and Hyundai Mobis rose 5.6%.
Mainland property developers rose in Hong Kong after the state-run China Securities Journal Tuesday cited a government document as saying that China will keep its policy regarding mortgages to first-time home buyers stable this year and ensure that loans to these buyers are sufficient.
China Overseas Land was up 2.7% and China Resources Land was 0.4% higher.
In foreign-exchange markets, the euro edged higher against the U.S. dollar on renewed confidence in Europe's ability to tackle its debt crisis after the head of the euro-zone finance ministers, Jean-Claude Juncker, said Monday there is "no doubt" Greece's second bailout will be approved later in the week.
Still, many investors remained cautious ahead of the much-awaited Federal Open Market Committee meeting later in the global day, amid differing views on what stance the Fed might take in light of recent U.S. economic data.
"The Fed might not implement QE3 as economic data has been better than expected," said Rieve Ko, an analyst at SIAS Research in Singapore. "(Risk) sentiment could take a hit if the Fed is being hawkish."
The euro was at $1.3167, from $1.3155 late Monday in New York, and at ¥108.19, from ¥108.20. The dollar was at ¥82.17, from ¥82.23.
Spot gold was at $1,702.30 per troy ounce, up $1.50 from its New York settlement on Monday. April Nymex crude oil futures were 58 cents higher at $106.92 per barrel on Globex.
Bank of Japan, China, China, Bank of Japan Governor Masaaki Shirakawa, South Korea, South Korea, China Securities Journal Tuesday, China Resources Land, Tokyo
No comments:
Post a Comment