Hong Kong and Japanese shares close up for the weekend
City Index April 8, 2011 9:40 PM
<p>Asian Markets were stronger today with the Nikkei and Hang Seng Indices rising 2.1% and 0.5% respectively. Japanese stocks gained, reversing earlier declines, on growing […]</p>
Asian Markets were stronger today with the Nikkei and Hang Seng Indices rising 2.1% and 0.5% respectively. Japanese stocks gained, reversing earlier declines, on growing speculation damage from yesterday’s 7.1 magnitude aftershock was limited and as the Yen weakened against the US dollar.
Mitsubishi UFJ Financial group, Japan’s largest listed lender gained 1.8%. Fast retailing Co jumped 6.6% after boosting its earnings forecast.
In Hong Kong, stocks pushed the Hang Seng Index to its third weekly gain as China Unicom and HSBC advanced after analysts forecast earnings growth. China Unicom, the nation’s second largest mobile phone company jumped 6.7% after UBS AG raised its share price estimate, while HSBC, Europe’s biggest bank, gained 0.7% after Goldman Sachs group Inc recommended buying the stock on earnings prospects.
In Australia, the Australian dollar continued its strong run, touching the 1.0533 level and seems to enjoy support at the mark. Along with the Euro and the GBP, the Aussie is still very much in traders’ favour against the weakening US dollar.
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