Metals and mining stocks advance
By V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) — Asian markets ended higher Thursday as an overnight surge on Wall Street, and in commodity prices, lifted metal and mining stocks, while exporters extended gains to send Japanese shares to their highest finish in more than five months.
The Nikkei Stock Average (JP:NI225 10,169, +180.47, +1.81%) rose 1.8% to end at 10,168.52, a level last reached on June 21.
Australia’s S&P/ASX 200 (AU:XJO 4,676, +89.62, +1.95%) climbed 2%, its best percentage gain since September.
South Korea’s Kospi rose 1.1%.
Hong Kong’s Hang Sang index (HK:HANGSENG 23,449, +198.98, +0.86%) finished 0.9% higher, Taiwan’s Taiex gained 0.8% and China’s Shanghai Composite (CN:SHCOMP 2,844, +20.16, +0.71%) advanced 0.7%.
India’s Sensex (XX:SENSEX 19,993, +328.75, +1.68%) was up 0.5% in afternoon trading.
Dow Jones Industrial Average (DJIA 11,256, +249.76, +2.27%) futures were 37 points higher in screen trade.
Wednesday’s strong U.S. data, including an improved report on U.S. private-sector jobs and solid manufacturing activity in China, buoyed sentiment.
“The recovery in manufacturing activities (worldwide) and improvement in U.S. job conditions are spurring expectations for expansion in the global economy,” said Cosmo Securities equity strategist Toshikazu Horiuchi.
“I am actually bullish, as the U.S. economic data are improving and the market is basically saying they believe Trichet can make this (European financial stabilization) work,” said IG Markets institutional dealer Chris Weston in Sydney.
Stock-market rallies in the U.S. and Europe and Wednesday’s weaker yen helped lift Japanese shares.
Canon Inc. (CAJ 47.92, +0.86, +1.83%) (JP:7751 3,950, +5.00, +0.13%) was up 2.5% and Nissan Motor Co. Ltd (NSANY 19.52, +0.76, +4.05%) (JP:7201 800.00, +15.00, +1.91%) advanced 3.1%, apparently powering through news of a 3.3% fall in U.S. new-vehicle sales in November. Toyota Motor Corp. (TM 79.58, +1.89, +2.43%) , (JP:7203 3,310, +90.00, +2.80%) by contrast, slipped 0.6%.
Mining and other resource stocks rose across the region, with BHP Billiton Ltd. (BHP 85.51, +3.11, +3.77%) (AU:BHP 44.33, +1.13, +2.62%) rising 2.6% and Rio Tinto PLC (RIO 66.53, +2.40, +3.74%) (AU:RIO 85.01, +1.91, +2.30%) climbing 2.3% in Sydney. Inpex Corp. (JP:1605 433,000, +2,500, +0.58%) (IPXHF 5,226, 0.00, 0.00%) was up 1.2% in Tokyo, Cnooc (CEO 224.05, +8.75, +4.06%) (HK:883 17.54, +0.54, +3.18%) climbed 3.2% in Hong Kong and PetroChina (PTR 127.38, +4.54, +3.70%) (CN:601857 11.10, +0.13, +1.19%) (AU:LEI 32.31, +1.05, +3.36%) (LGTHF 30.70, +0.15, +0.49%) rose 1.2%.
Jiangxi Copper (JIXAY 116.77, +0.02, +0.02%) (CN:600362 35.51, +0.73, +2.10%) climbed 2.1% in Shanghai. In Mumbai, Cairn India was up 2.4%.
The gains in Sydney came even as Australian retail sales fell 1.1%, against expectations of a 0.4% rise.
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