Agence France-Presse
11:17 am | Monday, May 20th, 2013
In this Wednesday, May 15, 2013, file photo, people are reflected on the electronic stock board of a securities firm in Tokyo. AP FILE PHOTO
Hong Kong – Asian shares rose on Monday, reflecting a bullish mood on Wall Street and extending their two-week rally, buoyed by better-than-expected US data.
Tokyo stocks were up 1.38 percent by the break, as Shanghai gained 0.12 percent and Sydney rose 1.25 percent.
Hong Kong was 1.3 percent higher and Seoul was up 0.15 percent.
Tokyo stocks rose from the start of trade, buoyed by gains in overseas stock markets last week, as a Japanese minister said the recent correction against the yen was nearly over.
“Bullish equities markets and the progressively weaker yen should help drive the market to a fresh multi-year high after much profit-taking in the last several sessions,” said Hiroichi Nishi, general manager of equities at SMBC Nikko Securities.
US stocks had closed another week of record highs Friday as investors focused on the positive side of mixed economic news and corporate earnings. Global stocks have rallied over the past four weeks, bringing up market capitalisation by $2.3 trillion.
The Dow Jones Industrial Average jumped 0.80 percent to 15,354.40 while the the broad-based S&P 500 rose 0.95 percent to 1,666.12.
A pair of better-than-expected US reports Friday — on consumer confidence and the economic outlook — drove a rally that pushed the Dow and S&P 500 to end-of-the-week all-time highs for the third straight week.
The dollar was changing hands at 102.84 yen in Tokyo morning trade, down from 103.19 yen in New York late Friday but still up from the lower 102-yen range seen before the Tokyo market closed on Friday.
The dollar dipped early Monday after Economy, Trade and Industry Minister Akira Amari on Sunday suggested the Japanese government may not want the yen to weaken further.
The euro was quoted at $1.2825 and 131.90 yen against $1.2834 and 132.44 yen in US trade.
Oil was higher in Asian trade with New York’s main contract, light sweet crude for delivery in June, up eight cents at $96.10 a barrel and Brent North Sea crude for July delivery climbing 14 cents to $104.78.
Gold was at $1,349.38 at 1023 GMT from $1,379.02 late on Friday and just above two year lows.
– Dow Jones Newswires contributed to this article –
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