Asia stock markets may 21 2012

Asia stock markets may 21 2012 : Asia markets began the trading week on firmer footing early Monday, with selected exporters and resource shares rebounding after a sharp sell-off on Friday.

Japan’s Nikkei Stock Average JP:100000018 +0.33% added 0.6%. South Korea’s Kospi KR:SEU +0.64% also put on 0.6% and Australia’s S&P/ASX 200 index AU:XJO +0.46% added 0.9%, after both markets slumped to fresh 2012 lows on Friday.

The stronger start came despite the Dow Jones Industrial Average DJIA -0.59% sealing its 12th loss in 13 sessions, amid a lackluster initial public offering from Facebook Inc. FB +0.61% , while political uncertainty in Europe also dampened sentiment.

World leaders confirmed their interest in Greece remaining in the euro zone at a meeting of the Group of Eight leaders on Saturday, but they also stressed the need for the debt-stricken nation to uphold its financial commitments. Read more on the G8 summit.

In Tokyo, strength for heavily-weighted components underpinned broader gains in early trading.

Shares of Fast Retailing Co. JP:9983 +2.58% FRCOY +0.87% rose 2.2%, and Fanuc Corp. JP:6954 +2.80% FANUY -1.72% jumped 2% after a weekend Nikkei report that the firm will boost production capacity for numerical-control equipment.

Some exporters also found support as the Japanese yen eased slightly against major rivals, with the dollar USDJPY +0.0101% edging up to ¥79.120 from ¥79.025 late Friday, and the euro EURUSD +0.3235% moved back above the psychologically important ¥101 level.

Mazda Motor Corp. JP:7261 +0.95% MZDAY -5.41% , which has relatively high exposure to the euro, climbed 1.9%, while Pioneer Corp. JP:6773 +0.96% PNCOY -1.79% traded up 1.3%, and Fujitsu Ltd. JP:6702 +1.14% FJTSY -1.55% gained 0.9%.

Exporters also headed higher in Seoul, as Samsung Electronics Co. SSNGY 0.00% rose 3.2% and Kia Motors Corp. added 2.2%,

Some stronger commodity prices helped Asian resource firms rebound, also boosted by Chinese Premier Wen Jiabao promising timely pro-growth policies. Read more on Chinese premier’s remarks.

In Sydney, mining majors BHP Billiton Ltd. AU:BHP +1.46% BHP -1.67% and Rio Tinto Ltd. AU:RIO +0.76% RIO -2.50% rose 2% and 0.9%, respectively, and gold miner Newcrest Mining Ltd. AU:RIO +0.76% RIO -2.50% tracked a lift in gold prices to advance 1.6%.

Kobe Steel Ltd. JP:5406 +1.06% KBSTY -2.44% put on 1.1% in Tokyo, and BlueScope Steel Ltd. AU:BSL +1.49% BLSFF -11.11% jumped 3% in Sydney.

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