Asian stocks increased in early trading this morning (September 21st), as the debut of Apple's iPhone 5 boosted shares in information technology.
Smartphone marker Samsung – which gets nine per cent of its sales from Apple – improved by 1.2 per cent in Seoul as the new gadget was released, while Inpex Corp (1605) advanced 1.6 per cent.
In addition, GrainCorp rose one per cent and JP Morgan Chase & Co advised purchasing shares of eastern Australia's largest grain handler after energy firms enjoyed growth due to higher crude prices.
As a result, the MSCI Asia Pacific Index climbed 0.6 per cent to 123.24 this morning – following a fall yesterday by the most in two months – due to disappointing economic data in Japan and China.
Timothy Moe, a Hong Kong-based strategist at Goldman Sachs Group, told Bloomberg TV: "When you have catalysts such as the iPhone 5 coming out, that certainly helps prop things up in the technology sector."
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