Stocks soar on China export data
Thursday, January 10, 2013 Stocks soar on China export data Asian stocks ended higher Thursday after data on China’s December exports far surpassed expectations, with Japanese stocks extending gains as exporters such as Sony Corp. got a boost from the weakened yen. In Japan, the Nikkei 225 index gained 74.07 points, or 0.7%, to 10,652.64 In Hong Kong, the Hang Seng index added 135.84 points, or 0.6%, to 23,354.31 In Hong Kong, property firms and banks were among the notable gainers after the mainland Chinese data (see below). New World Development Co. jumped 5.4%, Cheung Kong Holdings Ltd. climbed 1.9%, Bank of China Ltd. improved 1.7% and Bank of Communications Co added 0.5%. In Japan, investors found buying impetus from the yen’s latest multi-year low. With the dollar firmly over the ¥88 mark, investors bought exporter shares on hopes prolonged yen weakness would boost the sector’s competitiveness. Notable moves included a 3.4% advance for Sony Corp., a 1.9% rise for Bridgestone Corp., and a 10.2% surge for Mazda Motor Corp. — one of the most sensitive stocks to currency moves. Isuzu Motors Ltd. rallied 3.8% after confirming plans to rekindle a tie-up with General Motors Co. The two are in talks to jointly develop a new pickup truck. Their combined global market share would total some 25%, according to a Nikkei news report. Brewers were among the decliners in Tokyo as investors shunned more defensive areas of the market, with Asahi Group Holdings Ltd. losing 0.7% and Sapporo Holdings Ltd. down 0.7%. Exporters also climbed in Seoul, with Samsung Electronics Inc. gaining 2% and Hyundai Motor Co. climbing 1%. Australian miners staged a turnaround after the Chinese data; Rio Tinto Ltd. rose 0.4% and iron ore extractor Fortescue Metals Group Ltd. surged 2.3%. MacMahon Holdings Ltd. gained 1.8% after receiving a new offer for its construction assets. CHINA The Shanghai CSI 300 inched higher 4.44 points, or 0.2%, to 2,530.57 The gains came after data showing China’s December trade surplus jumped to $31.6 billion U.S., well above economists’ expectations for a $19.6-billion U.S. surplus, as exports climbed 14.1% from a year earlier. In other markets In Singapore, the Straits Times Index advanced 5.84 points, or 0.2%, to 3,226.25 Korea’s Kospi Index gained 14.99 points, or 0.8%, to 2,006.80 Taiwan’s Taiex Index boosted 73 points, or 0.9%, to 7,811.64 The NZX 50 tacked on 15.54 points, or 0.4%, to 4,119.09 Australia’s ASX Index added 14.82 points, or 0.3%, to 4,722.96
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