CANBERA (Alliance News) – Asian stock markets are mostly higher on Monday, tracking the cues from Wall Street where stocks closed higher on Friday due to a weaker US dollar and rising commodity prices. The Japanese and Chinese markets touched fresh multi-year highs in early trades.
The Australian market drifted into negative territory after opening higher and hovering near the 6,000 mark, following the positive cues from Wall Street on Friday.
In late-morning trades, the benchmark S&P/ASX 200 Index is down 7.10 points or 0.12% to 5,968.40, after rising to 5995.00 in early trades. The broader All Ordinaries Index is losing 9.30 points or 0.16% to 5,927.00.
Among the miners, BHP Billiton (BHP) is advancing almost 1%, while Rio Tinto (RIO) is declining 0.2% and Fortescue Metals is losing 1.5%.
BC Iron is down 0.6%, while Mount Gibson Iron is gaining more than 2% after iron ore prices rebounded slightly.
Gold miner Newcrest Mining is rising more than 3% and Kingsgate Consolidated is gaining more than 7 after gold prices hit two-week highs on Friday.
In the oil space, Woodside Petroleum is up 0.2%, Oil Search is adding almost 2% and Santos is advancing 0.8% following the surge in crude oil prices.
Among the major banks, ANZ Banking is adding 0.2%, while Commonwealth Bank is down 0.5%, Westpac (WBK) lower by 0.3% and National Australia Bank is declining 0.4%.
Solomon Lew’s retail group Premier Investments reported a 9% increase in net profit for the half-year period and said it will pay shareholders a special dividend. The company’s shares are gaining almost 8%.
Troubled TV broadcaster Ten Network said it is still in talks about a potential merger amid speculation that US cable giant Discovery Communications, which made a joint with local pay TV operator Foxtel, has walked away from the negotiating table. Shares of Ten Network are down more than 1%.
Explosives maker Orica named non executive director Alberto Calderon as its interim CEO following CEO Ian Smith’s sudden decision to leave, announced last Thursday. The company’s shares are up more than 2%.
In the currency market, the Australian dollar is higher against the US dollar on Monday. In early trades, the local unit is trading at USD0.7782, up from Friday’s close of USD0.7685.
The Japanese market is higher with the benchmark Nikkei 225 index touching a fresh 15-year high, tracking the strong cues from Wall Street on Friday. The gains are despite the impact of a stronger yen.
In late-morning trades, the Nikkei 225 index is gaining 144.91 points or 0.74% to 19,705.13. The index touched a high of 19,749.56 in early trades, its highest intraday level since April 2000.
Among tech stocks, Advantest is higher by 0.7%, Nintendo is gaining 3.6%, Toshiba Corp. is up 1.4% and Hitachi is adding 0.6%. Meanwhile, Casio Computer is down 1% and Fanuc is losing 0.4%.
Among the other major exporters, Sony is up 0.06%, Panasonic is adding 0.2% and TDK Corp is advancing 1.5%, while Nikon Corp is lower by 1%.
Sharp Corp. is gaining more than 3% amid news that Taiwan’s contract electronics maker Hon Hai Precision Industry is looking at buying a stake in the company, after an earlier attempt in 2012 fell through following the plunge in Sharp’s stock price.
In the banking space, Mitsubishi UFJ Financial (MTU) is up 0.2% and Mizuho Financial (MFG) is adding 0.5%, while Sumitomo Mitsui Financial is edging down 0.07%.
In the auto sector, Toyota (TM) is up 0.8%, Honda (HMC) is adding 0.2% and Nissan is gaining 0.6%.
Market heavyweight Fast Retailing is up 0.2% and mobile carrier Softbank Corp. is advancing 0.1%.
According to a Nikkei business daily report, Japan Airlines is considering a direct service from Tokyo to Dallas in the US The company’s shares are advancing 1.3%.
Among the other major gainers, Inpex Corp is advancing 1.2%, Comsys Holdings is adding 0.7% and Kajima Corp is up 0.4%.
Meanwhile, Daiwa House Industry is declining 1.2%, Obayashi Corp is down 0.8% and Taisei Corp is lower by 0.7%.
In the currency market, the US dollar is trading in the lower 120 yen-range on Monday, down from the upper 120 yen-range on Friday.
Among the other markets in the Asia-Pacific region, Shanghai is up more than 1%. South Korea, New Zealand, Hong Kong, Singapore, Indonesia and Taiwan are also higher. Meanwhile, Malaysia is lower.
On Wall Street, stocks closed higher on Friday, partly due to weakness in the value of the US dollar that has pulled back well of its recent highs amid indications that the Federal Reserve plans to raise interest rates more slowly than previously anticipated.
With the gains, the tech-heavy Nasdaq ended the session at its best closing level since early 2000. The Dow jumped 168.62 points or 0.9% to 18,127.65, the Nasdaq climbed 34.04 points or 0.7% to 5,026.42 and the S&P 500 advanced 18.79 points or 0.9% to 2,108.06.
The major European markets all moved to the upside on Friday. While the UK’s FTSE 100 Index advanced by 0.9%, the French CAC 40 Index jumped by 1% and the German DAX Index surged up by 1.2%.
US crude oil ended sharply higher on Friday, as the dollar tumbled against a basket of major currencies, under pressure from the Fed’s statement regarding rate hikes. Investors largely ignored the supply glut situation despite indications that global stockpiles will continue to rise.
Crude oil futures for April delivery surged USD1.76 or 4% to settle at USD45.72 a barrel on the New York Mercantile Exchange Friday.
Copyright RTT News/dpa-AFX
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