Asian stocks ended higher Thursday after data on China’s December exports far surpassed expectations, with Japanese stocks extending gains as exporters such as Sony Corp. got a boost from the weakened yen.
In Japan, the Nikkei 225 index gained 74.07 points, or 0.7%, to 10,652.64
In Hong Kong, the Hang Seng index added 135.84 points, or 0.6%, to 23,354.31
In Hong Kong, property firms and banks were among the notable gainers after the mainland Chinese data (see below). New World Development Co. jumped 5.4%, Cheung Kong Holdings Ltd. climbed 1.9%, Bank of China Ltd. improved 1.7% and Bank of Communications Co added 0.5%.
In Japan, investors found buying impetus from the yen’s latest multi-year low. With the dollar firmly over the ¥88 mark, investors bought exporter shares on hopes prolonged yen weakness would boost the sector’s competitiveness.
Notable moves included a 3.4% advance for Sony Corp., a 1.9% rise for Bridgestone Corp., and a 10.2% surge for Mazda Motor Corp. — one of the most sensitive stocks to currency moves.
Isuzu Motors Ltd. rallied 3.8% after confirming plans to rekindle a tie-up with General Motors Co. The two are in talks to jointly develop a new pickup truck. Their combined global market share would total some 25%, according to a Nikkei news report.
Brewers were among the decliners in Tokyo as investors shunned more defensive areas of the market, with Asahi Group Holdings Ltd. losing 0.7% and Sapporo Holdings Ltd. down 0.7%.
Exporters also climbed in Seoul, with Samsung Electronics Inc. gaining 2% and Hyundai Motor Co. climbing 1%.
Australian miners staged a turnaround after the Chinese data; Rio Tinto Ltd. rose 0.4% and iron ore extractor Fortescue Metals Group Ltd. surged 2.3%.
MacMahon Holdings Ltd. gained 1.8% after receiving a new offer for its construction assets.
CHINA
The Shanghai CSI 300 inched higher 4.44 points, or 0.2%, to 2,530.57
The gains came after data showing China’s December trade surplus jumped to $31.6 billion U.S., well above economists’ expectations for a $19.6-billion U.S. surplus, as exports climbed 14.1% from a year earlier.
In other markets
In Singapore, the Straits Times Index advanced 5.84 points, or 0.2%, to 3,226.25
Korea’s Kospi Index gained 14.99 points, or 0.8%, to 2,006.80
Taiwan’s Taiex Index boosted 73 points, or 0.9%, to 7,811.64
The NZX 50 tacked on 15.54 points, or 0.4%, to 4,119.09
Australia’s ASX Index added 14.82 points, or 0.3%, to 4,722.96
