Asia: Bank bonanza fuels advance
The Nikkei 225 stock average rose 0.63% on Tuesday, tracking strong gains in the US overnight, and as commodity related shares and banks flew off the shelf.Trading houses Mitsubishi Corp rose 0.3%, Itochu Corp surged 3.4% and Mitsui & Co advanced 1.3%. Sumitomo Mitsui Financial rose 3.6% while Mitsubishi UFJ Financial added 2.7% as investors cheered news that the government may temporarily ease regulations on capital ratios.
There was strong demand for tech shares such as Advantest, which rose 1.5%. Tokyo Electron was up 2.5% at 4,980 yen in Tokyo.
In economic news Japan’s current account surplus unexpectedly widened in September as a decline in exports eased.
The Nikkei 225 index closed up 61 points at 9,871 in Tokyo.
The Hang Seng rose 0.27% on Tuesday, mirroring gains on Wall Street, with oil related firms and banks packing in plenty of gains.
ICBC rose 1.8% while Bank of China added 1.5% after Swiss broker Credit Suisse upgraded both shares to “outperform” from “neutral.”
PetroChina and Sinopec both gained after the government lifted fuel prices.
The Hang Seng index closed 60 points ahead at 22,268 in Hong Kong.
Indices
| Index | Value | % Change |
|---|---|---|
| Nikkei 225 | 9,870.73 | +0.63% |
| Hang Seng | 22,268.16 | +0.27% |
| Straits Times | 2,707.60 | +0.53% |
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