AFP
Tokyo
Shanghai led several major Asian bourses higher yesterday as traders bet on fresh economy-boosting measures in China, while another record-breaking close on Wall Street also provided support.
The euro held up despite nervousness as Greece tries to hammer out a bailout reform deal with creditors that will unlock much-needed cash to service its debts.
Shanghai soared 3.04%, or 133.71 points, to 4,527.40 while Hong Kong closed up 1.33%, or 372.61 points, at 28,433.59.
Sydney rose 0.83%, or 49.4 points, to 5,982.7.
Tokyo was weighed down by a stronger yen, with the Nikkei closing 0.18%, or 36.72 points, lower at 19,983.32. Seoul finished down 0.10%, shedding 2.26 points to 2,157.54.
Shanghai and Hong Kong continued their upsurge as a recent run of weak data fuels expectations Beijing will add to its two interest rate cuts since November and two reductions in bank reserve requirements.
Hong Kong’s market has jumped about 15% this month as mainlanders rush into it after a year-long rally in Shanghai that has seen the benchmark index more than double.
Adding to confidence in mainland shares was a report that China is considering more than halving the number of state-owned firms through mergers and restructuring as part of a drive to boost the economy.
“The oil sector has been undervalued for a long time.”
The dollar fell Friday to 118.99 yen in New York from 119.56 yen in Tokyo earlier in the day. Yesterday it bought 118.23 yen.
The euro fetched $1.0865 and 129.50 yen against $1.0873 and 129.38 yen in US trade.
On oil markets US benchmark West Texas Intermediate for June delivery eased 21 cent to $56.94 while Brent crude for June fell eight cents to $65.20. Gold fetched $1,185.34 against $1,191.95 late Friday.
In other markets, Taipei added 0.60%, or 59.84 points, to 9,973.12; Manila added 0.14%, or 10.82 points, to 7,958.07; Wellington was closed for a public holiday; Jakarta fell 3.49% or 189.91 points, to 5,245.45; Bangkok closed down 0.43% or 6.63 points at 1,548.83; Kuala Lumpur slipped 3.0 points or 0.16%, to 1,859.58 and Singapore ended up 0.08%, or 2.85 points, at 3,515.85.
