Despite the national currency of Japan falling, the stock market of the country is up. The trend is being followed by the regional stock markets and Asian markets are trading higher today. Weak yen is helping Japanese exports. The regional stocks have improved also due to the Iran nuke deal that is going to push the price of oil lower.
Whereas Japan’s Nikkei 225 stock average rose 1.1 percent to 15,551.28, the growth for Hong Kong’s Hang Seng was close to 0.2 percent to 23,732.43. There was a marginal growth for Seoul’s Kopsi which climbed 0.8 percent to 2,021.52. Similarly, following the trend in the regional market Australia’s S&P/ASX 200 gained 0.5 percent to 5,360.20.
However, there was no positive indication from Thailand which is contrary to the trend in the regional stock market fell 0.7 percent. The fall in the Thai stocks is due to anti-government protests on the weekend drew tens of thousands of people and there is a political uncertainty that is worrying investors and traders. Following the trend in regional market, China’s Shanghai Composite rose 0.3 percent to 2,203.47.
According to investors, Asian market is up as the appetite for stocks was energized by Wall Street’s string of milestones. Additionally, the nuclear deal with Iran has given impetus to better oil economy which has been facing a trouble after a ban was imposed on the Islamic republic.
On a better trading day, stocks remained buoyant in Asia. This was in continuation of the bumper trading on Friday in Wall Street on Friday, where the S&P 500 SPX +0.50% finished above 1,800 points for the first time. Market observers believe that the fall of the yen is enhancing Japanese exports which are helping the stocks fare better.
Following the trend in Japanese stocks markets, China stocks were higher wherein Hong Kong’s Hang Seng Index experienced growth of 0.13 percent which is up 0.2 percent. However, in Hong Kong, shares in China Petroleum & Chemical Corp. fell. The Australian dollar weakened further to 91.48 U.S. cents after losing nearly 2 percent against the greenback last week.
Earlier on Friday, the last trading day in the U.S., the Standard & Poor’s 500 closed above 1,800 for the first time and capped seven straight weeks of gains. Similarly, the Dow logged a seventh week of increases. The ongoing week is expected to give a positive market outlook for investors and traders as the world can now see smooth supply of crude from Iran.
To contact the reporter of this story: Jonathan Millet at firstname.lastname@example.org