Asian markets ended Monday’ session in the green as investors were optimistic regarding the extent of the damage caused by Hurricane Irma Florida’s shores on Sunday, the category four storm weakened to category two in the afternoon with maximum sustained winds of 177 kilometers per hour.
Furthermore, supporting equity prices was news that North Korea has refrained from conducting another missile test to celebrate the anniversary of the country's founding on September the ninth.
In China, the Shanghai Composite index gained 0.33 percent to settle at 3,376.42 points while Hong Kong’s main index Hang Seng gained 1.04 percent to end the session at 27,955.13 points, on the other hand, Shanghai Shenzhen the blue-chip companies’ index edged down by 0.01 percent to settle at 3,825.65 points.
Kospi the South Korea’s leading index gained 0.66 percent to end at 2,359.08 points. Moreover, Korean automakers Hyundai Motor and Kia Motors stated they would probably miss their 2017 sales targets. Furthermore, Hyundai and Kia stocks fall by 0.74 percent and 0.94 percent respectively.
Japan Stock Market (Nikkei 225)
Japan stock market ended Monday’s session in green territories edging higher by 1.41 percent to settle at 19,545.77 points supported by gains in Pharmaceutical Industry, Transport and Services sectors.
Looking at individual stocks, Elliott Management had agreed in April to purchase Hitachi Kokusai from Hitachi in a deal esteeming the unit at about $2.3 billion but put the deal on hold after a third-party committee reported to Hitachi Kokusai's board that it no longer supports the deal. Furthermore, the hedge fund said that it has a 5 percent stake in Hitachi Kokusai.
In economic news the Cabinet Office said on Monday that core machine orders in Japan hiked a seasonally adjusted by 8.0 percent on month in July, standing at 853.3 billion yen. That beat expectations for an increase of 4.1 percent following the 1.9 percent decline in June.
Looking at major Japanese exporters, Sony gained 3 percent while Mitsubishi electric and canon gained 2 percent and 1 percent respectively.
Among best performing shares Maruha Nichiro is rose more than 5 percent, while Trend Micro and Yaskawa Electric gained almost 5 percent each.
Australian Stock Market (ASX 200)
Australian equities edged higher by 0.71 percent to settle at 5,713.15 points on Monday’s session supported by gains in Financials and Healthcare sectors.
In the banking sector, Westpac, Commonwealth Bank, National Australia Bank and ANZ Banking ranged higher between 0.8 percent and 1.2 percent.
Oil stocks were mostly higher despite more than a 3 percent drop in crude oil prices during Friday’s session; Santos rose by 0.4 percent, and Oil Search added 0.7 percent, while Woodside Petroleum was down 0.4 percent.
In the mining sector, BHP Billiton and Rio Tinto lost more than 2 percent each, while Fortescue Metals fell by almost 3 percent pressured a drop in base metal prices.
Gold miners were fell on profit taking, as Newcrest Mining fell by 3 percent, and Evolution Mining lost more than 2 percent.
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