Asian shares ended Tuesday’s session in green territories following a firm lead from Wall Street as fears faded over the potential damage of Hurricane Irma and as Korean Peninsula tensions took a backseat.
The new UN sanctions on oil exports to North Korea are relatively modest compared to the original US suggestion regarding oil exports, and would be unlikely to have much effect on the operations of the North Korean military, according to IHS Markit
In China, blue chip companies index Shanghai Shenzhen edged up by 0.32 percent to settle at 3,837.93 points while Shanghai composite gained 0.09 percent to settle at 3,379.49 points. Moreover, Hong Kong’s main index hang Seng rose by 0.06 percent to close the session at 27,972.24 points.
In term of corporate news, Spain is looking into the Industrial and Commercial Bank of China’s operations in Europe for a potential money laundering, according to Reuters.
Elsewhere in South Korea, South Korea’s main Benchmark Kospi rose by 0.27 percent to settle at 2,365.47 points.
Japan Stock Market (Nikkei 225)
The Japanese stock market continued its rally on Tuesday’s session gaining 1.18 percent to settle at 19,776.62 points. The index found support from easing tension in Korean Peninsula, and easing concerns in Wall Street as the impact of Hurricane Irma was not as severe as many had expected. A weaker yen, as well as gains in the Electrical, Machinery and Pharmaceutical Industry sectors, also helped lift equities higher.
Regarding individual stocks, the Japanese government announced on Monday that it would sell $12 billion of Japan Post Holdings stock driving its share price up by 3.94 percent. On the othern hand, Japan's Fast Retailing, clothing line Uniqlo's parent company, outpaced gains made by Japanese retailers to close up 4.54 percent, After Deutsche Bank upgraded the company’s recommendation to buy.
Among major exporters Panasonic gained more than 2 percent, Mitsubishi electric and canon also edged higher by more than 1 percent and 0.4 percent respectively. On the other hand, Sony lost nearly 2 percent due to technical selling.
Australian Stock Market (ASX 200)
The Australian stock market gained on Tuesday’s session following the positive temper in international markets overnight as concerns about North Korea and Hurricane Irma eased.
The Australian benchmark index ASX 200 gained 0.58 percent to settle at 5,746.44 points supported by Financials, Metals & Mining and Materials sectors.
Regarding mining companies, BHP Billiton, Fortescue, and Rio Tinto Metals are all added more than 1 percent each. Despite gold prices losing its momentum during the last session.
Commonwealth Bank of Australia gained 2.24 percent despite a series of scandals that included money-laundering lawsuits by Australia’s corporate regulators.
© Copyright 2017
The information contained in this publication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any opinion offered herein reflects Gotinsiders.com current judgment and may change without notice. Users acknowledge and agree to the fact that, by its very nature, any investment in shares, stock options and similar and assimilated products is characterized by a certain degree of uncertainty and that, consequently, any investment of this nature involves risks for which the user is solely responsible and liable.