Asian stock market september 21 2012 : Asian stocks rose, with a regional index paring its first decline in three weeks, as oil and copper advanced. South Korea’s won strengthened.
The
MSCI Asia Pacific (MXAP) Index gained 0.4 percent as of 10:59 a.m. in Tokyo, heading for a 0.4 percent decline in the week. Standard & Poor’s 500 Index futures rose 0.2 percent. Oil in New York advanced 0.8 percent while copper, corn and gold for immediate delivery climbed at least 0.2 percent. The won appreciated against its 16 major peers and was up 0.3 percent to 1,119.66 per dollar. Credit-default swaps in Asia rose
Shares in Asia are heading for the first drop since the week ended Aug. 31 after data from China and Europe to the U.S. raised concern about global growth. China’s slowdown is part of a government policy and the country has the tools to avert a severe downturn, Australian Treasurer Wayne Swan said. A gauge of leading Australian economic indicators remained in July at its highest since January, the Conference Board said today.
Investors remain uncertain about the global economy despite support from stimulus. Some investors expect the U.S. economy to improve by the end of year, while Europe, China and Japan aren’t very good but are treading water thanks to easing measures.”
The Nikkei 225 Stock Average gained 0.4 percent in Tokyo after plunging 1.6 percent yesterday as reports pointed to slower output in Japan and China. Hong Kong’s Hang Seng Index rose 0.7 percent.
New iPhone
About three shares rose for every two that fell on the MSCI Asia Pacific Index, as Apple Inc.’s iPhone 5 debut boosted information technology shares and energy companies advanced on higher crude prices.
Samsung Electronics Co. (005930), a smartphone maker that gets 9 percent of its sales from Apple, gained 0.8 percent in Seoul. Inpex Corp., Japan’s No.1 energy explorer, advanced 1.3 percent.
Oil in New York rose after sliding 7.2 percent in the four days through yesterday. The contracts settled below the lower Bollinger Band of $92.55 for the past two days. The last time oil closed below the technical indicator, on June 21, prices gained 12 percent over the next eight trading sessions.
Soybeans in Chicago climbed 1 percent after closing 3 percent lower, while corn was up 0.4 percent.
The cost of protecting Asia-Pacific corporate and sovereign bonds from default rose. The Markit iTraxx Asia Series 18 index of 40 investment-grade borrowers outside Japan rose 3 basis points to 134 basis points, Westpac Banking Corp. prices show.
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