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APELY Alps Alpine Co Ltd (PK)

20.228
0.00 (0.00%)
21 Nov 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Alps Alpine Co Ltd (PK) USOTC:APELY OTCMarkets Depository Receipt
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.00 0.00% 20.228 18.80 21.06 128 21:00:42

ASIA MARKETS: Japan, Hong Kong Stocks Surge After China Data

08/03/2013 3:08am

Dow Jones News


Alps Alpine (PK) (USOTC:APELY)
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By Sarah Turner, MarketWatch

SYDNEY (MarketWatch) -- Japanese and Hong Kong rallied Friday, with Tokyo supported by a drop in the yen to levels last seen almost four years ago, and financials boosting the Hang Seng Index in an otherwise range-bound session for Asia.

After gaining 6.4% over the last six sessions, the Nikkei Stock Average climbed another 1.9% Friday, as investors picked up on a drop in the yen to a 2009 low against the dollar.

Hong Kong's Hang Seng Index climbed 0.8% while the Shanghai Composite index rose 0.1%.

Trade data out from China on Friday showed that the country recorded a surprise $15.3 billion trade surplus in February, confounding expectations the economy would swing to a trade deficit due to seasonal weakness from the weeklong Chinese Lunar New Year holiday last month.

February's exports were 21.8% higher than a year earlier, when the Lunar New Year fell in January, while imports were 15.2% lower than the year-earlier month. Dow Jones Newswires had projected exports to rise 5% and imports to fall 10%, while Reuters had exports increasing 10.1% and imports dropping 8.8%. (Read more on Chinese trade data http://www.marketwatch.com/story/china-posts-surprise-trade-surplus-despite-holiday-2013-03-07.)

The rest of the region saw a relatively flat performance, with Australia's S&P/ASX 200 and South Korea's Kospi each inching up 0.1%. Singapore's Straits Times Index slipped 0.1%.

U.S. stocks rose Thursday, after a six-week low for jobless claims added to optimism over the U.S. employment picture ahead of key February nonfarm payrolls due out later Friday. Read: U.S. stocks climb as jobless claims dip and What to look for in the February jobs report

Ahead of the report, the dollar (USDJPY) traded at 95.13 yen, up from Yen94.85 reached in late North American trading on Thursday and passing the Yen95 mark for the first time since August 2009. The yen's fall accelerated after the Chinese trade data. Read: Why the dollar could rise on a good -- or bad -- payrolls report.

Over in Hong Kong, financials traded mostly higher, with Bank of China Ltd. (BACHY) up 0.9% for a weekly gain of 2.5%, and China Construction Bank Corp. (ACGBY) higher by 1.1% for a weekly gain of 0.5%.

In Shanghai, however, banks were mostly lower, with Agricultural Bank of China Ltd. down 0.4%, and China Merchants Bank Co. (CIHKY) dropping 0.8%.

Meanwhile, the yen's losses helped the fortunes of many Japanese exporter shares, as Mazda Motor Corp. (7261.TO) gained 4.8%, Bridgestone Corp. (BRDCY) rose 4.5%, and Alps Electric Co. (APELY) advanced 4.2%.

The yen's moves also fed into optimism over Japan's fight against deflation, which helped the financial sector move higher in Tokyo.

Some of the second-tier brokers did particularly well, with Matsui Securities Co. (MAUSY) adding 5.2% and Credit Saison Co. (8253.TO) ahead by 5.8%.

In South Korean trading, exporters competing with Japanese firms were weaker, with auto giant Hyundai Motor Co. (HYMTF) down 0.5% and consumer electronics heavyweight Samsung Electronics Co. (SSNLF) moving lower by 0.8%.

In Sydney, investors were buying into resources after the data from China -- the biggest customer for many Australian firms.

Shares of Rio Tinto Ltd. (RIO) gained 1.9%, Newcrest Mining Ltd. (NCMGF) rose 1% and Fortescue Metals Group Ltd. (FSUMY) improved by 1.8%.

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