RTTNews - A higher open is expected for Japan stocks on Tuesday following more sharp gains overnight on Wall Street. U.S. stocks rose in the wake of the long-awaited General Motors bankruptcy filing.
Strong Chinese manufacturing data and confirmation that U.S. automaker General Motors would file for bankruptcy Monday helped push Japan stocks to higher ground on Monday.
The benchmark Nikkei 225 Average gained 155.25 points or 1.63 percent to close at 9,677.75. Of the Nikkei component stocks, there were 188 closing higher, 32 were lower and 5 unchanged.
The broader Topix Index advanced 14.61 points or 1.6 percent to close at 912.52.
The shipping and resources sectors were among the biggest gainers on the China news.
Among the shippers, Nippon Yusen was up 23 yen or 5.04 percent, Kawasaki Kisen Kaisha rose 32 yen or 7.42 percent and Mitsui OSK Lines added 43 yen or 6.36 percent.
Among the resources stocks, Sumitomo Metals and Mining rose 91 yen or 6.75 percent, Toho Zinc advanced 34 yen or 8.52 percent, Pacific Metals was up 45 yen or 5.94 percent and Mitsui Mining & Smelting advanced 23 yen or 10.27 percent.
In the steel sector, Sumitomo Metals was up 12 yen or 4.69 percent, Kobe Steel gained 11 yen or 6.67 percent while Nippon Steel was up 9 yen or 2.47 percent, Japan Steel was up 51 yen or 4.12 percent and JFE Holdings was up 140 yen or 4.40 percent.
Heavy equipment maker Komatsu was up 99 yen or 7.15
In overseas trading, U.S. stocks soared on renewed hopes for economic recovery, even as General Motors did as expected and filed for reorganizational bankruptcy.
About a half hour before the close on Wall Street, the Dow Jones Industrial Average was up 223.10 points or 2.6 percent at 8,723.43, the Nasdaq Composite index was up 50.75 points or 2.9 percent at 1,825.1 and the Standard & Poor's 500 index was higher by 23.89 points or 2.6 percent at 943.65.
All major markets in the Asia/Pacific region closed higher on Monday.
Hong Kong's Hang Seng index rose 717.59 points or 3.95 percent to 18,888.59.
In China, the Shanghai Composite index was up 88.35 points or 3.36 percent to 2,721.28.
The Jakarta Composite index in Indonesia was up 81.75 points or 4.26 percent to 1.998.58.
In India, the BSE 30 index advanced 215.38 points or 1.47 percent to 14,840.63.
South Korea's KOSPI/Seoul Composite index was up 19.21 points or 1.38 percent to 1,415.10.
The Taiwan Weighted Index was up 63.66 points or 0.92 percent to 6,965.10.
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