LONDON (ShareCast) - The Nikkei snapped its recent losing streak on Wednesday as investors bought oil and metal stocks.
The benchmark Nikkei 225 (news) index closed up 204 points to 9,991
in Tokyo.
Inpex was up 3.4% while Nippon Oil (Berlin: NIO.BE - news) added 1.7%. Hopes of increasing demand from China fuelled demand, as did rising oil prices. Shares in trading company Mitsubishi (MBC.IL - news) were up over 5% in Tokyo.
Several newspaper reports showing China's industrial production rose by a better than expected 8.9% in May, from a year before, increased demand for resource stocks.
Other shares on the move included Mitsui OSK Lines, which rose 5.3%, after a string of brokerages placed a "buy" recommendation on the stock.
The Hang Seng also shrugged off its two day losing streak with commodities spearheading gains.
Cnooc (0883.HK - news) , PetroChina and Sinopec all advanced as oil prices rose over $70 a barrel.
Aluminum Corporation of China surged 6.8% on the back of rising metal prices. Chalco was up 6.8% while Jiangxi Copper rose nearly 5% to HK$14.16.
The Hang Seng closed up 727 points at 18,785 in Hong Kong.
Bank of China powered ahead, rising 7.7%. HSBC (LSE: HSBA.L - news) advanced 4.6% after it won approval for an insurance joint venture with National Trust.
Hong Kong Exchanges rose over 6% after JP Morgan raised its recommendation on the stock to "overweight" from "neutral". The broker cited increasing potential for the bourse operator's expansion.
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
