Market Update
Asian markets were up Friday, led by mainland Chinese stocks.
The Nikkei gained 1.9%. The Shanghai Composite surged 2.4% while the Hang Seng was up 1.5%. The Sensex added 1% and the All Ordinaries rose 0.8%.
Then yen weakened, boosting exporter shares, after Federal Vice-Chairwoman Janet Yellen said there are dangers to ending the apex bank’s stimulus measures too early.
Stocks on the Move
Mitsubishi UFJ Financial and Mizuho were up 1.6% and 1.9% each, respectively.
In exporters, index heavyweight Sony was up 3.4%. Toyota accelerated 1.1% while Advantest was up 2.3%. Fujitsu added 4.2%.
Chinese stocks gained on market talk the government would release plans for significant reforms to state-owned enterprises. CNOOC climbed 1.7% in Hong Kong while Sinopec was up 2.4%.
Banks were mostly over 2% higher each while in resources, Jiangxi Copper strengthened 2.1%.
In Mumbai, the top gainer was Tata Motors, up 5.5%. The stock extended gains for the fourth straight session. It had fallen 10% to Rupees 360 from its record high of Rupees 401 in intra-day trade on November 6. India’s largest auto maker beat analysts’ estimates to report its first quarterly gain in four quarters.
Tata Steel also extended gains after forecast-beating results, up 4.6%.
ICICI Bank and M&M gained 3.6% and 3.4% each, respectively.
BHP Billiton edged up 0.1% while BlueScope Steel strengthened 4.4%. In banks, ANZ and NAB were up about 1.2% each.
Wesfarmers picked up 1.2% while David Jones was up 1.3%.