Nikkei:9,868.07 (+51.98) Hang Seng:22,398.10 (+336.92) Shanghai Comp:2,759.36 (–2.7)
ASIAN STOCKS rose yesterday, after US manufacturing unexpectedly expanded at a faster pace in June, lessening risk for bank earnings and exports.
Mitsubishi UFJ Financial, Japan’s largest publicly traded bank, rose 2.1 per cent to ¥398 in Tokyo.
Samsung Electronics, an electronics maker that gets about 42 per cent of sales from the US and Europe, increased 3.5 per cent to 855,000 won in Seoul.
Fanuc, Japan’s biggest maker of industrial robots, jumped 5.5 per cent after a report showed a surge in orders.
“The most negative fears about global growth have been soothed in the past 24 hours,” said Stephen Halmarick, head of investment markets research at Colonial First State Global Asset Management.
Sumitomo Mitsui Financial, Japan’s second-biggest publicly traded bank by market value, increased 1.3 per cent to ¥2,500.
Toyota Motor added 1.1 per cent to ¥3,335 in Tokyo.
Lynas, an Australian miner, fell 12 per cent to A$1.75 after Malaysia imposed extra safety conditions that have delayed work on a refinery it’s building in the Asian country. – (Bloomberg)
