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Asian stocks rally on global economic recovery
by Himanshu Singh on Sep 03, 2013 at 05:11
Asian shares advanced on Tuesday in afternoon trade after Japanese exporters were boosted by the yen weakening against the dollar and amid optimism the global economy is recovering.
The MSCI Asia Pacific Index gained 1.4% to 133 as of 12:46 a.m. in Hong Kong. Japan’s Topix index gained 2.5%. Australia’s S&P/ASX 200 Index rose 0.1% ahead of a central bank announcement today in which it is forecast to maintain its key interest rate at 2.5%.
South Korea’s Kospi index climbed 0.3%. Singapore’s Straits Times Index sank 0.1% and Taiwan’s Taiex added 0.6%. New Zealand’s NZX 50 Index advanced 0.2%. Hong Kong’s Hang Seng Index advanced 1.1% and China’s Shanghai Composite Index rose less than 0.5%.
Japanese exporters rose after the yen declined 0.2% to 99.52 per dollar, boosting the value of profits when repatriated. Nissan Motor Co. climbed 2.9%, leading the exporters higher. Mitsubishi Motors Corp. surged 7.4%.
Tokyo Electric Power Co. gained 5.1% after the government said it may announce measures on Tuesday to contain radiated water at the Fukushima Dai-Ichi nuclear plant.
Rio Tinto Group, the world’s second-biggest miner, led raw-material producers higher, rising 2.9% in Sydney after metals prices advanced. BHP Billiton Ltd., the biggest miner, increased 0.5% and Jiangxi Copper Co., China’s No. 1 producer of the metal, rose 2.5%.
A China’s services industry index on Tuesday confirmed the world’s second-biggest economy is strengthening following a two-quarter slowdown, after a weekend report showed manufacturing in the country rose to a 16-month high.
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