Asian Markets Edge Up As Investor Sentiment Calms 19 February 2018
Sumaira FH Published February 19, 2018 | 01:09 PM
Asian stock markets mostly edged up in thin holiday trade on Monday, with Tokyo's benchmark index surging nearly two percent as investors regained some confidence
Tokyo, (UrduPoint / Pakistan Point News - 19th Feb, 2018 ) :Asian stock markets mostly edged up in thin holiday trade on Monday, with Tokyo's benchmark index surging nearly two percent as investors regained some confidence.
A weaker Yen and continued gains on Wall Street last week helped push the bellwether Nikkei 225 index up 1.97 percent or 428.96 points to close at 22,149.21. The broader Topix index was up 2.17 percent or 37.78 points at 1,775.15.
Stocks in Sydney and Seoul also ended higher, but trading was generally subdued in the region as many major markets, including in China and Hong Kong, remain closed for the Lunar New Year break.
"Japanese stocks this week will likely test a rebound" from sharp drops earlier in the month, Okasan Online Securities said in a note. "Given falling volatility both in Japan and in the United States, we can expect a calm market," it said.
The dollar, which fell below 106 to hit the lowest since November 2016 against the yen on Friday, rebounded to 106.53, compared with 106.25 in New York late Friday. "Investors were relieved to see the yen stop rising," said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.
"They will remain cautious about foreign exchange rates for the time being" as the Dollar was still hovering around the 106 yen level, Horiuchi told AFP. Market sentiment was also boosted by a relatively positive end to the week in the US and Europe.
The Dow squeezed out a positive close, up 0.1 percent to 25,219.38 before a long weekend, the sixth straight positive close for the blue-chip index as it notched up its best weekly gain since November 2016.
European stocks were also broadly higher, with analysts saying trader optimism was rising, encouraging investors to jump back in after a dizzying price drops. In the markets that were open in Asia on Monday, the Australian ASX closed up 0.64 percent while New Zealand closed down 0.12 percent.
South Korea's KOSPI was up 0.87 percent. Oil prices were up in Asian trade, but analysts said gains would continue to be capped by concerns that record-high US crude production will negate the impact of OPEC-led output cuts.
"As crude oil prices waddle in a woeful state, industry observers will focus on US production as guidance for crude oil prices," said Avtar Sandu, an energy analyst with Phillip Futures in Singapore.
Traders are waiting for further US commercial crude inventories and production data due to be released on Tuesday by the industry group American Petroleum Institute and on Wednesday by the US Department of Energy.
- Key figures around 0700 GMT - Tokyo - Nikkei 225: UP 1.97 percent to 22,149.21 (close) Hong Kong - Hang Seng: Closed for a public holiday Shanghai - Composite: Closed for a public holiday Euro/dollar: UP at $1.2411 from $1.2410 Pound/dollar: DOWN at $1.4022 from $1.4023 Dollar/yen: UP at 106.53 yen from 106.25 yen Oil - West Texas Intermediate: UP 68 cents at $62.36 per barrel Oil - Brent North Sea: UP 47 cents at $65.31 per barrel New York - DOW: UP 0.1 percent at 25,219.38 (close) London - FTSE 100: UP 0.8 percent at 7,294.70 points (close)
Related Topics
Recent Stories
PM makes two more appointments in his team
Terrorists of Shangla suicide attack will be brought to justice: Interior Minist ..
Applications Open for 6th Cycle of Start-up Incubation under the National Expans ..
Join vivo's "Light it Up" Social Media Contest in Ramadan to Win vivo V30 5G
Pakistan v New Zealand T20I series: Tickets to go on sale from today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
Today Gold Rate in Pakistan 29 March 2024
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
Pakistan retains position in FTSE secondary emerging market
High Commissioner of Malaysia hosts Iftar dinner reception
NEPRA announces 2nd quarterly adjustment in power bills with Rs 1.68 cut per uni ..
More Stories From Business
-
BIST 100 up at Friday’s open
11 minutes ago -
Biden administration approves $60M to rebuild Baltimore bridge
31 minutes ago -
China to export homegrown tunnel-boring machine to Italy
41 minutes ago -
Foreigners make nearly 3 million inbound, outbound trips to China in Jan-Feb
41 minutes ago -
Türkiye's foreign trade gap halves in January-February
41 minutes ago -
Shipping activity at Port Qasim
2 hours ago
-
Tractor production increase 68% in Jul-Feb
2 hours ago -
Exchange rates for currency notes
3 hours ago -
Foreign exchange rates
3 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
5 hours ago -
Today Gold Rate in Pakistan 29 March 2024
6 hours ago -
Pakistan retains position in FTSE secondary emerging market
14 hours ago