Arab Today, arab today asian shares rally after string of upbeat data
Last Updated : GMT 14:48:41
Arab Today, arab today
Arab Today, arab today

Asian shares rally after string of upbeat data

Arab Today, arab today

Arab Today, arab today Asian shares rally after string of upbeat data

Hong Kong - AFP

Asian markets climbed for a second straight session on Friday following another record close on Wall Street and a string of positive economic data from China, Europe and the United States. Buying sentiment was also helped by much welcomed earnings results, while investor confidence helped the dollar push higher. Tokyo\'s benchmark Nikkei index surged 3.29 percent, or 460.39 points, to 14,466.16 as the yen slipped, while the Topix index of all first-section shares gained 2.82 percent, or 32.78 points, to 1,196.17. \"The Nikkei will likely continue to advance as uncertainties surrounding global economies have waned and expectations for better earnings for Japanese exporters mount on the back of a stronger dollar,\" said Hiroichi Nishi, general manager of equities at SMBC Nikko Securities. Big-hitters SoftBank and Sharp also helped drive the index higher after impressing with their first-quarter earnings released earlier this week. SoftBank\'s net profit more than doubled for the three months to June, while Sharp managed to reduce its loss in the same period thanks to the weaker yen and cost-cutting. SoftBank jumped 3.44 percent to 6,900 yen and Sharp leapt 3.40 percent to 425 yen.Sony, which swung to a net profit in April-June, rose 0.90 percent to 2,123 yen after giving up part of its earlier gains on profit-taking. Toyota, which announced after markets closed a near doubling in quarterly profit and said it was on track to produce more than 10 million vehicles this year, soared 3.37 percent to 6,430 yen. The Seoul index added 0.14 percent, or 2.64 points, to 1,923.38. Sydney rose 1.09 percent, or 55.3 points, to 5,116.8. Hong Kong closed 0.46 percent higher, adding 102.18 points, to 22,190.97 and Shanghai ended flat, edging up 0.35 points, to 2,029.42. On Friday the greenback climbed further, fetching 99.61 yen. The euro bought $1.3215 and 131.66 yen against $1.3208 and 131.45 yen. Eyes will now be on Washington later Friday, when the government releases non-farm payrolls data, which will give an idea about the strength of the world\'s number one economy. On oil markets New York\'s main contract, West Texas Intermediate for delivery in September, climbed 11 cents to $108.00 and Brent North Sea crude for September rose six cents to $110.60. Gold cost $1,288.41 per ounce at 0815 GMT, compared with $1,323.90 late Thursday. In other markets: -- Taipei rose 0.54 percent, or 43.66 points, to 8,099.88. Hon Hai rose 0.39 percent to Tw$76.9 while smartphone maker HTC fell 3.7 percent to Tw$143.0. -- Wellington added 0.82 percent, or 37.12 points, to 4,582.89. Chorus was up 2.59 percent at NZ$2.77, Contact Energy gained 1.11 percent to NZ$5,47 and Air New Zealand was steady at NZ$1.43. -- Manila closed 1.91 percent lower, shedding 127.49 points to 6,533.95. SM Investments plunged 8.58 percent to 879 pesos and SM Prime Holdings fell 5.57 percent to 16.62, while Alliance Global dropped 3.11 percent to 26.45 pesos.

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