RTTNews - Asian markets are exhibiting a mixed trend on Monday after opening on a fairly positive note following a smaller-than-expected decline in U.S. non-farm payrolls. A weaker yen buoyed up exporters stocks in the Japanese market, while the Australian exchange is closed today for Queen's Birthday. After showing some tentativeness, the South Korean market is currently trading up in the green.
Japan's benchmark Nikkei rose to a new 8-month high of 9914 in the morning session. At the end of the morning session, the index was up 97.83 points or 1% at 9,866.
Stocks from insurance, securities, electronics and automobile sectors rose sharply. However, a few stocks from steel and non-ferrous metals space drifted lower on profit taking.
Shares of construction major JGC Corp. rose on the company receiving a 150 billion yen order to build a natural gas processing plant in Algeria. The stock was trading up nearly 5% at the break.
Toyota Motor moved up by over 2% on a weaker yen. Honda Motor, Suzuki Motor, Mazda Motor, Hino Motors, Isuzu Motors, Fuji Heavy Industries and Nissan Motor are among the other prominent gainers in the automobile space.
Electrical machinery stock Cannon is up 3.7% on strong buying support. The stock had moved up sharply even in the previous session on the back of reports the firm will start building a digital camera plant in Nagasaki Perfecture next month.
Among bank stocks, Sumitomo Mitsui Financial, Resona Holdings, Shizuoka Bank, Mitsubishi UFJ Financial, Shinsei Bank, Mizuho Financial Group and Mizuho Trust & Banking are trading higher. Insurance stocks are up sharply.
Mitsubishi Heavy Industries is trading higher as China plans to provide financial assistance to wind turbine manufacturers and electric power companies. The Chinese government, it is reported, is planning to spend over 700 billion yuan (10 trillion yen) to boost its wind power output capacity to more than 100 million kilowatts by 2020, roughly eight times its current levels.
The U.S. dollar traded in the upper 98 yen zone early Monday in Tokyo, little changed from its levels late Friday in New York. At 9 a.m., the dollar fetched 98.65-70 yen versus 98.60-70 yen at 5 p.m. Friday in New York and 96.71-73 yen late Friday in Tokyo. The dollar briefly hit 98.90 yen, its highest level there since early May. Currently, the yen is trading at 98.62 to the dollar.
In South Korea, the KOSPI slipped after an early surge but is seen edging up again on resumption of buying in several front line stocks. Currently, the benchmark is trading at 1,404, up 9.51 points or 0.68% over its previous close.
Technology stocks are trading firm, with LG Display LCD leading the pack with a sharp 3.75% gain. LG Electronics and Samsung Electronics are up by 1.3% and 1.2%, respectively. Hynix Semiconductor is down by about a percent.
Energy and oil stocks are trading firm. Shipbuilding, airlines and telecom stocks are exhibiting a mixed trend.
In the automobile space, Ssangyong Motor is up sharply by 4%. Kia Motors is gaining a percent while Hyundai Motor is up marginally over its previous close. Among bank stocks, Korea Exchange Bank has moved up sharply and is currently trading 4.4% up. However, Woori Finance, Shinhan Financial and KB Financial are trading in the red.
Among other markets in the Asia-Pacific region, Singapore, Indonesia and Shanghai are trading higher. Hong Kong has declined sharply with its benchmark Hang Seng trading lower by 0.82%. The Taiwan Weighted average is down by over 1.5%. New Zealand's NZX 50 is down by 0.47%.
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