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Oct. 11, 2017, 11:40 p.m. EDT

Nikkei keeps rising as Asian markets extend gains

Japanese stocks build on 21-year-high; Kospi adds to record close

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By Kenan Machado


Getty Images/iStockphoto
A bamboo forest in Kyoto, Japan.

Equity markets in Asia extended their gains on Thursday, taking cues from fresh overnight records set by key U.S. indexes as the earnings season kicks off.

Strong earnings growth has supported major stock indexes this year, and some analysts said they expect third-quarter results to continue to outperform expectations. Meanwhile, the Federal Reserve signaled its confidence that the U.S. economy was strong enough to support further rate increases.

“The Fed minutes indicated a positive outlook on the U.S. economy. That augurs well for global growth,” said Alex Wijaya, head of Southeast Asia for Axicorp Financial Services.

Minutes from the Fed’s latest policy meeting, released Wednesday, showed most officials expect the central bank to raise short-term interest rates again this year. That helped alleviate signs of rate uncertainty in the market, said Wijaya.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.39%   rose 0.5%, after closing at a 21-year high on Wednesday. The market’s strength came despite overnight appreciation in the yen, which usually weighs on export-related stocks.

The U.S. dollar /zigman2/quotes/210561418/realtime/sampled JPYUSD +0.2331%   last bought ¥112.38, compared with ¥112.48 yen at the end of Wednesday trade in New York.

Technology shares led gains in Japan, with SoftBank /zigman2/quotes/207303954/delayed JP:9984 +2.40%   rising 3.7% and Line /zigman2/quotes/205382025/delayed JP:3938 0.00%  adding 1.3%. But energy stocks weakened, with Inpex /zigman2/quotes/206689846/delayed JP:1605 -0.23%   falling 1.8% and Japan Petroleum /zigman2/quotes/201212147/delayed JP:1662 -1.14%   shedding 0.8% following a drop in oil prices after data from the American Petroleum Institute showed U.S. crude inventories rose last week.

Although the API report showed U.S. oil inventories rose last week, analysts polled in a Wall Street Journal survey said they expect data from the U.S. Energy Information Administration due later Thursday to show a decline.

Oil futures in Asia were down about 0.6% in morning trade.

Elsewhere in the region, Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.49%   added 0.2% to Wednesday’s record close, while Singapore’s Straits Times Index /zigman2/quotes/210597985/delayed SG:STI -0.16%   was up 0.6% and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.33%   rose 0.2%.

Technology stocks also helped Taiwan’s Taiex   rise 0.4% in early trade, with key Apple suppliers leading gains. Largan Precision /zigman2/quotes/210444196/delayed TW:3008 +1.07%   was up 1.7%, while Hon Hai /zigman2/quotes/207256514/delayed TW:2317 -1.33%   rose 0.9% and Taiwan Semiconductor /zigman2/quotes/207385621/delayed TW:2330 -0.15%   added 1.5%.

The Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +0.31%   bucked broad gains the region, falling 0.2% as traders await new policy initiatives from the Communist Party Congress, which starts next week.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.09%   was slightly lower in morning trade, reversing early gains and adding to Wednesday’s declines.

/zigman2/quotes/210597971/delayed
JP : Nikkei
23,386.74
-92.41 -0.39%
Volume: 0.00
Feb. 21, 2020 3:15p
loading...
/zigman2/quotes/210561418/realtime/sampled
US : Tullett Prebon
0.0089
+0.0000 +0.2331%
Volume: 0.0000
Feb. 21, 2020 2:32a
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 5,664.00
+133.00 +2.40%
Volume: 20.70M
Feb. 21, 2020 3:00p
P/E Ratio
38.00
Dividend Yield
0.78%
Market Cap
¥11456.70 billion
Rev. per Employee
¥126.96M
loading...
/zigman2/quotes/205382025/delayed
JP : Japan: Tokyo
¥ 5,370.00
0.00 0.00%
Volume: 117,200
Feb. 21, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
¥1286.70 billion
Rev. per Employee
¥40.62M
loading...
/zigman2/quotes/206689846/delayed
JP : Japan: Tokyo
¥ 1,069.50
-2.50 -0.23%
Volume: 4.30M
Feb. 21, 2020 3:00p
P/E Ratio
9.94
Dividend Yield
3.37%
Market Cap
¥1565.33 billion
Rev. per Employee
¥291.81M
loading...
/zigman2/quotes/201212147/delayed
JP : Japan: Tokyo
¥ 2,766.00
-32.00 -1.14%
Volume: 218,000
Feb. 21, 2020 3:00p
P/E Ratio
7.93
Dividend Yield
1.81%
Market Cap
¥159.91 billion
Rev. per Employee
¥156.48M
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,162.84
-32.66 -1.49%
Volume: 619,266
Feb. 21, 2020 3:33p
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,193.54
-5.14 -0.16%
Volume: 0.00
Feb. 21, 2020 3:17p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,139.00
-23.50 -0.33%
Volume: 1.07M
Feb. 21, 2020 5:17p
loading...
/zigman2/quotes/210444196/delayed
TW : Taiwan
NT$ 4,740.00
+50.00 +1.07%
Volume: 376,714
Feb. 21, 2020 1:30p
P/E Ratio
24.02
Dividend Yield
1.43%
Market Cap
NT$629.12 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207256514/delayed
TW : Taiwan
NT$ 81.70
-1.10 -1.33%
Volume: 29.78M
Feb. 21, 2020 1:30p
P/E Ratio
8.81
Dividend Yield
4.90%
Market Cap
NT$1147.73 billion
Rev. per Employee
NT$8.60M
loading...
/zigman2/quotes/207385621/delayed
TW : Taiwan
NT$ 325.00
-0.50 -0.15%
Volume: 22.81M
Feb. 21, 2020 1:30p
P/E Ratio
24.41
Dividend Yield
2.92%
Market Cap
NT$8440.34 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,039.67
+9.52 +0.31%
Volume: 36.46B
Feb. 21, 2020 3:01p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,308.07
-301.09 -1.09%
Volume: 1.40M
Feb. 21, 2020 3:17p
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