Asian markets rebound led by car makers in Japan; lower oil price bodes well for airlines
City Index April 13, 2012 5:08 PM
<p>After a couple of days of weak prices, Asian equities rebounded today on the back of falls in oil prices. Both the Nikkei and Hang […]</p>
After a couple of days of weak prices, Asian equities rebounded today on the back of falls in oil prices.
Both the Nikkei and Hang Seng indices were up around 0.7% and 0.2% respectively.
In Japan, stocks rose led by car makers after Nomura Holdings called the shares ‘oversold’. Shares in Tokyo Electric, the operator of the damaged nuclear power plants, jumped on a report other utilities may be asked to share the cost of the Fukushima nuclear accident.
Honda Motor Co and Nissan Motor Co, Japan’s second and third largest car makers, rose at least 2.2%. Tokyo Electric surged 12%. Rensas Electronics Corp advanced 8.9% after a report the chipmaker will restart a factory damaged in last month’s earthquake ahead of schedule.
In Hong Kong, stocks advanced as airlines gained after crude oil prices dropped, countering declines among raw material producers. Cathay Pacific Airways Limited, Hong Kong’s No. 1 carrier climbed 2.5%, while Air China Ltd, the world’s largest airline by market value, jumped 5.1%.
In Australia, the All Ords Index closed marginally higher today after some big falls at the open in the morning. We saw the market trading within a tight range on the back of some soft commodity prices while the Aussie dollar was holding above the US$1.04778 level.
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