RTTN: Asian Markets End Higher On Wall Street Cues
(RTTNews) - The markets across Asia ended the last trading session of the month Friday on a positive note, taking cues from Wall Street. Higher oil and commodity prices also lifted market sentiment while traders preferred to adopt a cautious approach ahead of the key GDP data in the U.S later in the day.
In Japan, the benchmark Nikkei-225 Index ended rose 132.61 points, or 1.21%, to 11,057.40, while the broader Topix index of all First Section issues was up 9.40 points, or 0.96%, to 987
On the economic front, a report released by the Ministry of Economy, Trade and Industry revealed that an index measuring industrial production in Japan increased a seasonally adjusted 0.3% in March compared to the previous month, posting a score of 94.0. That was below expectations for a 0.8% increase following the 0.7% contraction in February. On an annual basis, industrial output surged 30.7% - again missing expectations for a 31.1% increase following the 31.3% spike in the previous month.
The policy board of the Bank of Japan unanimously decided to retain the overnight call rate at 0.10%, in line with market expectations. The last change in the rate was a 0.10% cut in interest rates at the December 2008 meeting. The central bank said in a statement that it would be necessary to strengthen the foundations for economic growth and that it was considering further easing measures to support the economy.
Real estate stocks advanced on hopes of economic recovery. Mitsubishi Estate surged up 5.38%, Sumitomo Realty & Development climbed 4.02%, Mitsui Fudosan rose 3.86%, Tokyu Land Corp. gained 4.38% and Heiwa Real Estate rose 4.21%.
Shipping related stocks also advanced. Mitsui OSK Lines surged up 4.12%, Nippon Yusen gained 2.65% and Kawasaki Kishen Kaisa climbed 4.40%.
The major gainer was warehousing stock, Mitsubishi Logistics, which has surged up 7.83%.
Banking stocks ended in negative territory. Sumitomo Mitsui Financial lost 2.04%, Resona Holdings shed 1.46%, and Mitsubishi UFJ Financial slipped 1.00%. However, Mizuho Financial ended unchanged from previous close.
Electric Machinery stocks and exporters advanced on weaker local currency. Kyocera Corp. added 1.28%, Fanuc Ltd advanced 1.09%, Tokyo Electron gained 0.65%, Canon Inc. climbed 1.87%, Sharp Corp. edged up 0.16% and Panasonic Corp. increased 1.02%.
In Australia, the benchmark S&P/ASX200 Index added 21.80 points, or 0.46% to close at 4,807, while the All-Ordinaries Index ended at 4,834, representing a gain of 17.80 points, or 0.37%.
