Skip to Content
Market Update

Asia Ends Mostly Higher; India Rally Continues

Stocks in Asia mostly continued their upward advance Thursday, adding on to gains after the recent Japan-triggered correction.

At close, Japan's Nikkei ended 0.5% higher, after flirting with both sides of the flat line, while Hong Kong's Hang Seng and Australia's ASX added 0.3% each. India's Sensex notched up gains for the eighth straight day, rising 1%. Mainland China's Shanghai Composite slipped 0.9%.

Overnight, stocks in the United States closed higher boosted by a strong jobs report and rising optimism in the world's largest economy's recovery.

Stocks on the Move

In Tokyo, exporters and financials supported the index. Electronics major Panasonic and automaker Nissan rose 0.7% and 1%, respectively. Mitsubishi UFJ Financial climbed 2.7%.

But retailing stocks witnessed selling with Fast Retailing off 0.4% while FamilyMart Co lost 1.3%.

In Honk Kong, Industrial and Commercial Bank of China added 1.3% following its earnings announcements. Peers Bank of China, China Construction Bank and China Merchants Bank rose 0.6% to 1.2%.

But in the mainland, a late bout of selling in property, metals and aviation stocks led the Shanghai index to close lower.

Poly Real Estate, Aluminum Corporation of China and Air China erased between 1.3% and 2.6%.

Indian stocks continued to outperform other global markets, taking back losses logged in the first two months of the year.

Stocks of several paper companies gained after U.S.'s International Paper picked up a controlling stake in AP Paper Mills at a premium price.

While in Sydney, miners were strong led by BHP Billiton, which added 2.1%, but financials ended mixed.

Sponsor Center