Sunday, June 10, 2012

Asian stock market June 11 2012

Asian stock market June 11 2012 : Asian stock markets zoomed higher early Monday, rallying after news of a plan to shore up Spanish banks, the source of recent global financial anxiety.

Japan's Nikkei Stock Average gained 1.9 percent to 8,619.23 in the early minutes of trading, while the South Korean Kospi climbed 1.5 percent. Australian equity markets were shut for the Queen's Birthday public holiday.

The gains reflected an easing over European jitters after Spain's Finance Minister Luis de Guindos said the country is seeking European Union loans for as much as €100 billion ($125 billion) to help its struggling banking sector.

Financials were among the Tokyo-listed beneficiaries, with Nomura Holdings Inc. rising 2.2 percent, Daiwa Securities Group Inc. advancing 3.5 percent and Japanese shares of Citigroup Inc. surging 4.7 percent.

Strength in the euro also helped Japanese exporters with sizeable European exposure, as the currency rose back above the ¥100 mark ahead of the market open.

Gains included a three percent rise for Mazda Motor Corp., a 6.6 percent pop for Sharp Corp., and an improvement of 2.2 percent for Canon Inc.

Over in Seoul, blue-chip exporters were also outperformers, with SK Hynix Inc. adding 3.7 percent to its value -- helped by a reported chip-development alliance with IBM Corp. -- and LG Display Co. rocketing up 3.9 percent.

Japanese and South Korean markets appeared to largely shrug off a mixed bag of Chinese economic data released over the weekend showing a broadly softening economy but a strong trade account.

The gains in Asia followed an advance Friday in the US, when the Dow Jones Industrial Average added 0.8 percent, and the Nasdaq rose one percent. US stock-index futures late Sunday pointed to gains on Wall Street.

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