Asia: Commodities underpin Asian gains
The Nikkei advanced 1.76% on Thursday with commodities spearheading gains as the price of crude oil surged while gains in China also boosted sentiment.Inpex rose 2.4% to 718,000 yen while Japan Petroleum Exploration was up 1.5%.
Other stocks on the move included Isuzu Motors, which rose 6.5% after a string of broker recommendations.
Hino Motors roared 5.1% ahead to 391 yen after broker upgrades from Nikko Citigroup and Daiwa Securities.
The benchmark Nikkei 225 index closed 179 points higher at 10,383 in Tokyo.
The Hang Seng climbed 1.88% with energy stocks providing much of the momentum. PetroChina advanced nearly 5% as oil prices jumped. Sinopec rose 2.1%.
China Shenhua Energy and China Coal Energy both charged ahead, rising 5% in Thursday’s session.
In earnings new China Mobile posted a decline in quarterly profit amid increased competition. First half net income rose but profit was lower than market forecasts.
Elsewhere shares in Bank of Communications rose 1.4% in Hong Kong after it revealed second-quarter net profit was little changed.
Phone equipment maker ZTE rose nearly 2% after it revealed a 41% rise in first half profit.
The Hang Seng closed up 375 points at 20,330 in Hong Kong.
Indices
| Index | Value | % Change |
|---|---|---|
| Nikkei 225 | 10,383.41 | +1.76% |
| Hang Seng | 20,328.86 | +1.88% |
| Straits Times | 2,553.79 | +1.23% |
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