Asian Shares Edge Higher With Nikkei Up 1%

Beginning of the week proved quite better for the Asian markets as major Asian stocks rose nearly 1% on Monday

. Tokyo markets, Chinese shares and Australian stocks were three key drivers of the growth of the Asian markets on the first of the week. Japan's Nikkei benchmark index jumped 1.0% and the profits were booked on the back of the rising US stocks (Dow Jones futures were up 28 points while closing on Friday) and yen's decline against the dollar.

Along with Nikkei, South Korea's Kospi and Taiwan shares respectively rose by 0.4% and 0.6% with Hong Kong's Hang Seng increasing by 1.1% and mainland China's Composite Index mounting up 1.0%. The S&P/ ASX 200 of Australian rose by 1.5%, marking higher gains.

Export markets helped boosting major Nikkei stocks on Monday. According to Yumi Nishimura, Deputy GM at Daiwa Securities Capital Markets, exporters led the Japanese markets due to the sense of currency market expectations that have gone high after Japan's intervention into the Forex markets to cap the yen's growth.

Stocks of Canon (+2%), Sharp (+1.8%), Sony (+1.4%), Honda Motor (+2.7%), Kyocera (+3.0%) and Tokyo Electron (+3.1%) were up, drawing major benefits to the Japanese stock market.

Analysts and Japanese investors are closely watching the Japan government's next moves that may decide the future of the fluctuating economy. However, the government bonds of Japan gained by 0.04% at 142.92 points.

Meanwhile, the Aussie stocks were up 1.5% on bank and resource sector gains. Shares of ANZ (+2.7%), Westpac Bank (+2.0%) grew while Rio Tinto and BHP Billiton stocks rose respectively 1.9% and 1.7%, adding to the gains achieved by other remaining futures. NZX-50 of New Zealand was also up 1.0%.

Elsewhere, Indian markets also made their headway with the BSE Sensex moving above 20000 with 0.80% while the NSE Nifty trading at 6050 with 0.78% on solid metal and energy stocks.

Commodity update:

Gold futures were surprisingly down by 70 cents as per the closing reports on Friday. Crude oil stocks were positive with 23 cents hike at $ 76.42 per barrel on Globex.

Asian Shares Edge Higher With Nikkei Up 1%

By: White Digital Media

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