Asian Stocks Continue the Upward Movement on the Second Consecutive Day

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Asian Stocks Continue the Upward Movement on the Second Consecutive Day
Asian Stocks Continue the Upward Movement on the Second Consecutive Day

Asian Stocks Continue the Upward Movement on the Second Consecutive Day

Asian stocks are up today; thus, they are rising on the second consecutive days with the regional benchmark poised for its longest winning streak in three months. In yesterday’s trading China’s benchmark money-market rates though slid after the government decided to inject fifty billion dollars in market, the Shanghai Composite Index (SHCOMP) was up, the same tendency is seen today.

Major gain has been for the Japanese stocks today as the Topix (TPX) index rose to a five-year high after the yen fell to record levels. The major gainer in today’s trading is the world’s biggest carmaker, Toyota Motor Corp., which has got an increase of 2.9 percent in Tokyo. Toyota Motor Corp. depends a lot on exports and weak yen has given impetus to it.

A similar pattern was seen in banking companies wherein some of them went up; one of them is SoftBank Corp. which added 3.4 percent in Tokyo. The banks’ growth is attributed to the fact that it’s likely to raise funds to buy T-Mobile US Inc. in the U.S. bond market.

However, Rex International Holding Ltd was unable to maintain the momentum of market and fell 9.4 percent in Singapore.

Rex International Holding Ltd is an oil explorer, admitted that it won’t operate its first well in Oman; it was an ambitious project fir the firm.

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Major Indexes and Their Performances

Continuing the positive trade of yesterday, the MSCI Asia Pacific Index added 0.4 percent to 139.76 as of 3:25 p.m. in Tokyo. It is its rise for an eighth day which in fact, is the longest winning streak since September. A similar growth has been seen in Japan’s Topix index which went up by 1.7 percent to 1,279.34.

Topix has been able to garner the most recently and crossed the highest point which it got on Aug. 11, 2008. Earlier yesterday, Japan’s Nikkei 225 (NKY) Stock Average closed above 16,000 for the first time in six years. The growth continued even today as it gained 1 percent to 16,174.44 which is the highest close since Nov. 6, 2007.

Thus, so far the Topix has obtained a growth of 49 percent in the current year which according to some market observers is the most among 24 major developed markets. Japanese economy is on the right track as yen has slid on prospects the Bank of Japan will continue unprecedented easing.

To contact the reporter of this story: Jonathan millet at john@forexminute.com