Asian Markets rise further, led by Taiwan Index
Most Asian markets advanced Monday, with Taiwanese shares rallying on China Airlines and financials such as Cathay Financial Holding Co., as investors hoped the weekend election result would lead to closer ties with China.
Japanese shares came off the day's highs as weaker-yen-spurred gains in exporters such as Nissan Motor Co. and Nintendo Co. were countered by declines in insurers such as Mitsui Sumitomo Insurance Co. Shanghai-listed stocks suffered steep losses on worries about a slowdown in January-March corporate earnings.
In Taipei, the Weighted Index soared 4% to 8,865.35, extending gains into a fifth session. The gain has been the biggest in six weeks i.e. the most since 14 February 2008. The surge came on the heels of a landslide victory for the Kuomintang Party's presidential candidate, Ma Ying-jeou, who scored a 17-percentage-point win over Frank Hsieh of the Democratic Progressive Party. Ma campaigned on closer economic and political ties to Mainland China, which claims Taiwan as a territory.
In Tokyo, the Nikkei 225 Average finished little changed at 12,480.09, on top of Friday's 1.8% advance, while the broader Topix index climbed 0.3% to 1,224.15.
China's Shanghai Composite suffered another big loss in late-afternoon selling, ending 4.5% lower at 3,626.19, as fears of weaker-than-expected January-March quarter struck in the wake of series of negative factors during the period. The quarter was marked by brutal weather conditions in several parts of the country, soaring consumer prices and a steep decline in markets that is expected to hurt corporate investment income.
Elsewhere, South Korea's Kospi added 0.6% to 1,655.30, extending gains after finishing higher Thursday in the wake of an advance on Wall Street.
In afternoon trading, Singapore's Straits Times Index climbed 3.2% to 2,914.45 and India's Sensitive Index, or Sensex, added 0.9% at 15,132.30.
Stock markets in Australia, New Zealand and Hong Kong were closed for a holiday Monday. European markets will be closed today on the account of Easter Monday. The U.S. stock markets were closed Friday for Good Friday.
In currency trading, the U.S. dollar bought 99.88 yen in Asia, compared with 99.36 yen late in New York on Friday and 99.30 yen on Thursday.
Crude oil for May delivery slipped as much as $1.11 to $100.73 a barrel in electronic trading, after declining 70 cents to close at $101.84 a barrel Thursday on the New York Mercantile Exchange. The Nymex was closed Friday.
On the data release side there is no such a big event except the release of giving existing home sales figure for United States.
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