Asian markets close higher as markets await political developments in Europe, London attack eyed – CNBC

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Japan’s benchmark Nikkei 225 index gained 0.62 percent or 124.49 points to close at 20,067.75 and South Korea’s Kospi edged higher by 0.38 percent or 9.07 points to finish the session at 2,370.9.

Down Under, the S&P/ASX 200 rose 0.54 percent or 31.166 points to end at 5,805.2, on strength from its utilities and financials sub-indexes.

Markets in greater China were in the green, with Hong Kong’s Hang Seng Index surging 1.11 percent at 3:00 p.m. HK/SIN. On the mainland, the Shanghai Composite added 0.7 percent or 21.8511 points to close at 3,145.0173 and the Shenzhen Composite rose 0.579 percent or 10.7977 points to end at 1,876.8499.

This followed the release of new home prices in China for May, which reflected that prices rose 10.4 percent on year compared to the 10.7 percent rise seen in April, Reuters said.

South Korean tech stocks mostly trended higher. Shares of Samsung Electronics closed 2.15 percent up and SK Hynix soared by 3.8 percent to close at 62,800 won a stock.

Nomura had maintained its “Buy” call on SK Hynix and raised its target price from 60,500 won a stock to 100,000 won a stock in a note from last Friday. This was due to the reduced risk of an oversupply in the memory market and better prospects for a Toshiba deal to be completed, said CW Chung, a research analyst at Nomura.

Shares of Singapore-listed commodity trader Noble Group soared nearly 10 percent earlier in the session after Reuters reported that its creditors had extended an important repayment deadline by four months. Shares of Noble Group were last higher by 12.31 percent.

The dollar fetched as much as 110.93 yen following the release of Japan trade data for the month of May, slightly higher than levels around 110.88 seen earlier. Dollar/yen last traded at 111.07.

Commonwealth Bank of Australia Currency Strategist Joseph Capurso told CNBC he saw further downside to dollar/yen in the coming months, heading to 108 yen to the dollar, driven by Japan’s current account surplus.

The latest government data showed exports from Japan rose 14.9 percent on year compared to the 16.1 percent rise projected by a Reuters poll. Japan’s trade balance, however, registered a deficit of 203.4 billion yen ($1.83 billion), compared to the 76 billion yen surplus expected.

Asian markets close higher as markets await political developments in Europe, London attack eyed – CNBC}

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