AFP
Asian shares mostly edged higher yesterday following a positive lead from Wall Street, where stocks advanced on encouraging US economic data before a keynote speech this week by the Federal Reserve chief.
The dollar hit multi-month highs against the euro and yen after a surge in US housing construction boosted optimism over the state of the world’s top economy.
Tokyo ended flat, edging up 4.66 points to 15,454.45 after data showed a rebound in exports helped narrow Japan’s trade deficit in July. But the shortfall still came in worse than expected after a marked slowdown in the world’s number-three economy.
Seoul also ended flat, inching up 1.64 points to 2,072.78 but Shanghai slid 0.23%, or 5.12 points, to 2,240.21.
Hong Kong held on to its gains a day after hitting a six-year high, closing up 0.15%, or 36.81 points, at 25,159.76.
Sydney rose 0.19%, or 10.8 points, to 5,634.6, but BHP Billiton’s shares slumped almost 4% as investors fled over the lack of a stock buyback and the global mining giant’s demerger plans announced a day earlier.
The incremental gains in Asian markets followed a positive lead from Wall Street, where the Dow Jones Industrial Average finished up 0.48% at 16,919.59 on Tuesday after new upbeat US data. Traders were looking ahead to a speech on Friday by Federal Reserve chief Janet Yellen for any hint of a change to the US central bank’s interest rate plans. Last month Yellen said the Fed would hold its near-zero interest rate policy until the US economy
strengthened.
The euro weakened to nine-month low of $1.3303 from $1.3321 in US trade, while it strengthened to 137.29 yen against 137.07 yen.
In other markets, Wellington rose 0.51% or 26.13 points to 5,140.34, Taipei gained 0.48%, or 44.27 points, to 9,288.05, Manila climbed 0.19%, or 13.74 points, to 7,096.49, Bangkok added 0.51% or 7.92 points to 1,550.77, Kuala Lumpur rose 6.73 points, or 0.36%, to 1,878.89, Jakarta ended up 0.48%, or 25points, at 5,190.17 and Singapore rose 0.22%, or 7.22 points, to 3,323.65.
