Nikkei 225 closed above 17,000 points

Noam Stiekema

The leading stock markets in Asia reported mixed results on Tuesday after another record on Wall Street a day earlier. The main market focus was directed to Japan, where trade was the most successful in the region. On Monday, the indices of the stock exchange in New York ended with increases, as S&P 500 and […]

Nikkei 225

Nikkei 225The leading stock markets in Asia reported mixed results on Tuesday after another record on Wall Street a day earlier. The main market focus was directed to Japan, where trade was the most successful in the region. On Monday, the indices of the stock exchange in New York ended with increases, as S&P 500 and Dow Jones closed at new highs amid positive reporting season.

The Japanese benchmark Nikkei 225 closed above 17,000 points for the first time in seven years, a day after closing at a one-week low. The mood was upbeat after the Bank of Japan has put 38 billion JPY in local exchange traded fund after market close on Monday. Incentives were part of a comprehensive program to boost the institution. The data showed that the current account balance in September increased by 61.9% from a year earlier, marking the third consecutive month of surplus. The capitalization of Sumitomo Metal Mining rose 5.0% after the company raised its profit forecast for the year.

Chinese shares reporting increases in the majority of the session, reaching a new peak of three to close but eventually the red. Earlier gains were supported by the rise in financial shares. Founder Securities added 7%, while Agricultural Bank of China rose by 6%. The market capitalization of China Minsheng Banking rose 2.5% after the company announced plans to sell preferred shares worth 30 billion CNY.

Australian benchmark S&P ASX 200 extended its decline as investors ignored the study of National Australia Bank, which showed that the conditions for doing business reported its biggest improvement from last half year in October. Miners BC Iron, Atlas Iron and Mount Gibson erased between 5 and 8% due to the decline in the price of iron ore, which retreated below 76 USD per ton – unheard of since June 2009 levels. Fertilizer manufacturer Incitec Pivot added over 5.0% after raising the final dividend to 7.3 cents from 5.8 cents per share and 33% fall in annual net profit.

South Korean shares ended the session at its highest level this month, rising for a fourth day after news of the free trade agreement between the country and China. Hyundai Motor added almost 6% after announcing it will repurchase its shares worth 413 million USD. Kia Motors does surged by over 2%.

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