Stock Market in Asia Rise, Nikkei Hit Two Month High

Written By: admin on January 5, 2009 No Comment

Monday, January 05, 2009. Japan’s stock market has finished its first session of 2009 up 2.1% and at its highest level for nearly two months, buoyed by new years hopes.

In Seoul the KOSPI gained 1.2 percent, and Hong Kong’s Hang Seng picked up 1.3 percent, but the All Ordinaries index in Australia was down 0.6 percent.

Honda Motor Co and other exporters climbed on a weaker yen while resource-linked firms such as trading houses surged as oil jumped more than 3%.

The market had its worst year on record in 2008, with the Nikkei share index losing 42% of its value.
Global financial woes and a soaring yen fuelled last year’s losses.

The Nikkei climbed 183.56 points, or 2.07%, on Monday to end the half-day of trading at 9,043.12, its first time above the 9,000 level since 11 November.

The broader Topix rose 1.9% to 875.91.

“Sentiment was upbeat as investors were hopeful over US economic stimulus measures” under incoming President-elect Barack Obama, said Yutaka Miura, senior strategist at Shinko Securities.