Shanghai only loser

HONG KONG: Asian markets mostly rose for a second straight session yesterday on hopes for new rounds of central bank stimulus in Europe and the US to kickstart their troubled economies.

The gains followed positive leads from Wall Street and Europe on Friday, while comments from European Central Bank chief Mario Draghi on Thursday on saving the euro were reinforced by Germany, France and Italy over the weekend.

Tokyo stocks closed up 0.80 per cent. The benchmark Nikkei 225 Index gained 68.80 points to 8,635.44, while the broader Topix index of all first-section shares was up 0.73 per cent, or 5.30 points, at 731.74.

“Slowing industrial production may weigh on local companies’ profitability later, but the impact on today’s (Monday’s) market will be minimal” amid the upbeat sentiment, said Okasan Securities strategist Hideyuki Ishiguro.

However, Chinese shares fell 0.89 per cent. The Shanghai Composite Index lost 18.85 points to 2,109.91. The index is at its lowest level since March, 2009.

“I think investors are still waiting for directional cues, hopefully from the upcoming data,” Zhang Suoqing, an analyst at Shenzhen Zhongzheng Investment Consulting, said.

Sydney gained 0.85 per cent, or 35.9 points, to 4,245.7 and Seoul also climbed 0.80 per cent, adding 14.63 points to 1,843.79.

In other markets:

* Taipei rose 0.48 per cent, or 34.39 points, to 7,158.88.

* Manila closed 1.12 per cent higher, gaining 58.35 points to 5,277.90.

* Jakarta was up 0.37 per cent, or 14.91 points, to 4,099.12.

* Bangkok was up 1.30 per cent, or 15.31 points, to 1,193.32.

* Mumbai rose 1.81 per cent, or 304.49 points, to 17,143.68. AFP

Business Times : marketwatch

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