Market Update
Asian stocks advanced on Wednesday as Japanese exports, which rose 9.1% in November � the first time in nine months, boosted investor confidence in global economic recovery. Oil traded near $90 a barrel mark.
At 9.30 a.m. (I.S.T) Japan's Nikkei and Australia's ASX added 0.1% each, while China's Shanghai Composite traded flat. Hong Kong's Hang Seng gained 0.7% and the Sensex climbed 0.3% in Bombay.
Despite Japan's exports growth accelerating 9.1%, gains in Tokyo were limited as the exports data undershot market expectations. However, a rebound in global demand for its products helped the nation to withstand the negative effects of a higher yen.
Resources plays, including energy related stocks and miners traded higher across the Asian region buoyed by a rise in crude oil prices, frigid weather conditions in the United States and Europe, and optimism on economic recovery.
Stocks on The Move
Japanese exporters like Honda and Nissan gained 0.1% and 0.3% respectively, while Toyota Motor traded flat. The world's biggest camera maker Canon jumped more than 2% after the Nikkei business daily said the company might post an 84% increase in annual operating profit.
Among Japanese trading companies dealing mainly in commodities, shares of Marubeni, Mitsubishi and Mitsui rose more than 1% each.
Across the region, major banking stocks fell. Shares of Commonwealth Bank of Australia fell 0.1%, National Bank of Australia and ANZ Banking slipped 0.6% and 0.2% respectively.
Miners BHP Billiton and Rio Tinto advanced 0.8% and 0.3%.
In mainland China, shares of Jiangxi Copper and Aluminum Corp of China jumped 2% each, while Yunnan Copper added 1.6% in Shenzhen. Shares of Sinopec, officially called China Petroleum & Chemical, which was up more than 2% lost some of its earlier gains and was up 0.6%. PetroChina was flat.
Shares of property developers like Gemdale and Poly Real Estate traded 0.3% and 2.1% higher, while the largest publicly traded developer China Vanke slipped 0.3% in Shenzhen.
Banking stocks pushed the Indian benchmark index higher. State Bank of India and HDFC Bank soared 1.5% and 0.6% respectively, while realty player Indiabulls Real Estate surged 2.6% and was among the top five gainers on the index.
IT-related firms snapped continuous gains and were trading weak. Shares of Infosys Technologies, Wipro and Tata Consultancy Services slumped 0.4%, 1.5% and 1.6% respectively.