Asian Market End In Positive Territory On Wall Street Gains
July 23, 2010
Asian markets opened for trading over the last day of the trading session in positive territory for the week, picked up strong profits on Wall Street during the last session on optimism earnings. Better than expected earnings reports Microsoft (MSFT), after the markets closed on Wall Street and reliable economic data in Europe also raised the mood of the market. Higher commodity prices and oil prices led to gains between markets, even as traders await the results of stress tests banks in Europe later in the day.
In Japan, the benchmark Nikkei 225 index advanced 210.08 points, or 2.28%, to 9431, while the broader Topix index of all First Section issues to 15.81 points, or 1.92% percent, to 841.
On the economic front, a statement released by the Ministry of Finance showed that Japanese investors bought a net 1.305 trillion yen in foreign bonds and notes last week. The statement also indicated that Japanese residents also bought a net 49.2 billion yen in foreign stocks. During the same period, foreign investors sold a net 29.8 billion yen in Japanese stocks and bought a net 231.2 billion yen in Japanese bonds.
Real estate stocks led the gains on the market. Sumitomo Realty and Development rose 4,47%, Mitsubishi Estate rose 4,38%, Mitsui Fudosan was 4,01%, Tokyu Land Corp. rose 3.63% and Heiwa Real Estate added 0,49%.
Glass and ceramics sector also witnessed a smart gains during the session. Asahi Glass rose 6.05%, Tokai Carbon rose 4.34%, OAO “NGK Insulators added 0,81%, TOTO Ltd was 1,22% and Nippon Sheet Glass Company rose 2.90%.
Stocks related to maritime transport, as raised by optimism about the recovery and increase demand. Mitsui OSK Lines rose 5,39%, Kawasaki Kisen Kaisha rose 3,20%, and Nippon Yusen was 2,16%.
Banking shares also ended in positive territory. Sumitomo Mitsui Financial Group was 1.53%, Financial Group, Mizuho rose 1.49% and Mitsubishi UFJ Financial rose 1.75%. Cavity Holdings managed to remain unchanged from the previous close.
In Australia, the benchmark S and P/ASX200 index rose 83.7 points, or 1.91%, to 4458 points, and All-bishops Index ended in 4475, representing growth of 80.30 points, or 1.83%.
On the economic front, a report published by the Australian Bureau of Statistics showed that exports increased in value as of June quarter from the quarter of March, and prices of imports also increased during the same period. According to the report, the index of export prices increased by 16.1% quarter over quarter faster than the 3.8% growth in the previous quarter. Economists are looking for a 13.5% increase. Import prices, on the other hand, increased by 1,9% in the quarter June, after 0.3% growth in the preceding quarter. Economists forecast growth of 1%. Compared with the same period last year revenues from export prices rose 7.1% in June quarter, rebounding from 26,8% fall in the previous quarter. Import prices fell for a fourth consecutive quarter, down 5.2%.
