News Column

Asia hikes, yen softens

July 14, 2014

Japanese stocks on Monday snapped a five-day losing streak and closed higher on a weaker currency.

Japan'sNikkei 225 index vaulted 132.78 points, or 0.9%, to 15,296.82, as the yen turned weaker against the U.S. dollar, trading at 101.503 from 101.315 in the prior session.

The Hang Seng Index in Hong Kong recovered 113.22 points, or 0.5%, to 23,346.67, bolstered by a rally in Chinese telecom shares

Tech and auto makers traded mostly firmer, with IT service provider NEC Corp. jumping 3.4%, telecoms giant SoftBank Corp. and optics maker Olympus both climbing 2.3%, and Honda Motor Co. and Nissan Motor Co. rising 1.2% and 1.1%, respectively.

China's three biggest state-owned mobile carriers agreed to form a joint venture to construct, maintain and operate their telecommunications towers across China, according to separate filings of the companies on Friday.

China Mobile, the largest carrier in the country, would hold a 40% stake in the new venture, while smaller rivals China Unicom and China Telecom would control 30.1% and 29.9% of the shares separately.

Shares of China Unicom (Hong Kong) spiked 4.7%, China Telecom Corp. jumped 3.9%, and China Mobile snagged a 2% gain.

In other markets;

The Shanghai CSI 300 index improved 23.75 points, or 1.1%, to 2,171.76

In Korea, the Kospi index nicked up 5.14% points, or 0.3%, to 1,993.88

Singapore's Straits Times Index slid 2.75 points, or 0.1%, to 3,290.98

In Taiwan, the Taiex index acquired 24.46 points, or 0.3%, to 9,520.30

In New Zealand, the NZX 50 gained 27.27 points, or 0.5%, to 5,127.87

Australia's S&P/ASX 200 added 24.61 points, or 0.5%, to 5,511.40

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Source: Baystreet Foreign Markets Wrap (Canada)

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