asian markets sink tokyo rally extended on weak yen
Last Updated : GMT 05:17:37
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Last Updated : GMT 05:17:37
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As a weak yen boosted exporters

Asian markets sink, Tokyo rally extended on weak yen

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Emiratesvoice, emirates voice Asian markets sink, Tokyo rally extended on weak yen

The rally in Japan's export sector was enough to offset a more than 10% plunge
Hong Kong - Arab Today

Asian stock markets mostly fell Tuesday on profit-taking following a week-long rally but Tokyo headed for a sixth straight gain as a weak yen boosted exporters.

The rally in Japan's export sector was enough to offset a more than 10 percent plunge in mobile giant Softbank, which was hammered after agreeing a $32 billion deal to buy a British chip designer.

Hopes for fresh global central bank stimulus, coupled with forecast-beating readings on US jobs and retail sales, have injected some much-needed optimism after last month's shock British vote to leave the European Union.

The upbeat outlook has also fed a surge on Wall Street that has seen the Dow and S&P 500 rack up multiple record closes. 

While Asian investors cashed in Tuesday, Chris Weston, chief market strategist at IG Ltd. in Melbourne, predicted further gains to come.
"On current sentiment, it seems likely that any pullbacks will be shallow and a buying opportunity," he said, according to Bloomberg News. "We will need to see good earnings, or the market is at risk of rolling over."

Hong Kong, which had climbed the previous six days, slipped 0.6 percent, while Shanghai ended down 0.2 percent. Sydney dipped 0.1 percent and Seoul was off 0.2 percent. Singapore shed 0.6 percent.

- Softbank plunges -

However, Tokyo -- which was closed Monday for a holiday -- added 1.4 percent as exporters were lifted by the soft yen.

The Japanese unit has retreated against the dollar in recent weeks on expectations the country will introduce new stimulus and other easing measures. In addition, positive US data have fanned expectations of a Federal Reserve interest rate rise this year.

The dollar was at 106.03 yen Tuesday afternoon, down from 106.14 yen but well up from the levels around 100 yen seen before the jobs report earlier this month.
The exporters' rally was enough to offset the collapse in market heavyweight SoftBank, which closed 10.3 percent lower.

Investors were unimpressed by the deal to buy Britain's ARM Holdings, which makes chips for Apple's iPhone. SoftBank paid a more than 40 percent premium per share for ARM, which caused renewed worries about its balance sheet following a string of other high-value purchases.

Nintendo soared 14 percent to take its market capitalisation higher than Sony. Its shares have doubled since July 6, when the wildly popular Pokemon Go smartphone game was released.

The Pokemon Go phenomenon was also boosting other firms. McDonald's Japan jumped more than five percent after it started giving away figurines from the game with sales of Happy Meals on Friday.

In early European trade London and Paris each dropped 0.3 percent and Frankfurt slipped 0.2 percent.

- Key figures at 0800 GMT -

Tokyo - Nikkei 225: UP 1.4 percent at 16,723.31 (close)

Hong Kong - Hang Seng: DOWN 0.6 percent at 21,673.20 (close)

Shanghai - Composite: DOWN 0.2 at 3,036.60 (close)

London - FTSE 100: DOWN 0.3 percent at 6,678.25

Dollar/yen: DOWN at 106.03 yen from 106.14 yen

Pound/dollar: DOWN at $1.3241 from $1.3257

Euro/dollar: DOWN at $1.1067 from $1.1075

New York - DOW: UP 0.1 percent at 18,533.05 (close)

Source: AFP

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asian markets sink tokyo rally extended on weak yen asian markets sink tokyo rally extended on weak yen

 



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