Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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Asia in positive territory after strong US lead; Nikkei jumps 2.8%
Published in Amwal Al Ghad on 04 - 01 - 2018

Major Asian markets traded mostly higher on Thursday, on the back of the stronger lead from Wall Street following positive economic data. South Korean markets underperformed regional peers, with the benchmark Kospi sinking below the flat line despite opening firmer as automakers declined.
Japan's Nikkei 225 touched levels not seen since January 1992, jumping 2.84 percent as markets there opened for their first day of trade after a long New Year weekend.
Most sectors were in positive territory, with financials, technology and automakers higher across the board. Toyota rose 2.25 percent and Honda climbed 2.51 percent. Heavyweight SoftBank Group rose 4.2 percent.
Meanwhile, the Kospi slid into negative territory, with the index slipping 0.49 percent after trading higher at the open. Technology names traded mixed, with Samsung Electronics losing 0.85 percent. Chipmaker SK Hynix held onto gains, climbing 1.16 percent.
Automakers saw declines, with Hyundai Motor falling 2.33 percent and affiliate Kia Motors losing 2.61 percent.
Shipbuilders, which had rallied in the new year due to optimism in the outlook for the sector, were mixed. Hyundai Heavy Industries was 7.69 percent higher and Daewoo Shipbuilding was off by 0.58 percent.
In Sydney, the S&P/ASX 200 edged up by 0.04 percent, with the energy sub-index the top-performer of the day after oil prices touched their highest levels in two and a half years. Oil and gas producers mostly notched gains, with Oil Search rising 3.47 percent and Woodside climbing 2.71 percent. Greater China markets clung to gains in the morning. Hong Kong's Hang Seng Index rose 0.38 percent.
Energy-related plays were higher following oil's overnight gains, with the casino and tech sectors also recording sizable gains: CNOOC was up 3.27 percent, Tencent advanced 1.37 percent and Melco International Development added 1.97 percent.
On the mainland, markets saw moderate gains. The Shanghai Composite added 0.45 percent and the Shenzhen Composite advanced 0.19 percent.
A survey released Thursday showed the services sector in the country grew at its fastest rate in more than three months in December. The Caixin services PMI came in at 53.9 last month, compared to the 51.9 seen in November. That was the highest level recorded since August 2014, according to Reuters.
The positive read followed the release of expectation-topping Caixin manufacturing PMI data earlier this week. Official PMI for December had been in line with estimates.
U.S. stocks closed higher in the last session, with the S&P 500 closing above 2,700 for the first time as technology stocks notched more gains. Semiconductor names led the sector higher, with AMD jumping 5.19 percent and Nvidia soaring 6.58 percent on the day.
The Dow Jones industrial average advanced 0.4 percent, or 98.67 points, to close at 24,922.68 and the S&P 500 gained 0.64 percent to finish at 2,713.06.
On the data front, manufacturing activity stateside topped expectations, with the ISM manufacturing index for December released Wednesday coming in at 59.7.
Investors also digested minutes from the Federal Reserve's meeting in December, which showed that most members thought upcoming changes in taxes would lead to higher real GDP growth. The minutes also showed members of the Federal Open Market Committee were somewhat at odds over meeting the central bank's inflation target of 2 percent.
Elsewhere, European markets ended higher as new financial sector rules under Mifid ll came into effect, with the pan-European Stoxxx 600 closing nearly 0.5 percent higher.
The dollar was steady after firming overnight on the back of optimistic releases stateside. The dollar index, which tracks the U.S. currency against a basket of six peers, traded at 92.161 at 1:00 p.m. HK/SIN, after falling to a more than three-month low earlier this week.
The greenback also edged higher against the yen to fetch 112.64, after beginning the week at the 112.3 handle.
Meanwhile the Korean won declined as the dollar firmed. The currency had traded at its highest levels in more than three years earlier this week. At 1:00 p.m. HK/SIN, the won traded at 1,064.60 to the dollar.
"Support for the dollar should provide some relief in Asia over strong exchange rates," said DBS Group strategists Eugene Leow and Philip Wee in a morning note, highlighting South Korea's concerns over recent strength in the won.
Oil prices extended gains after touching their highest levels in two and a half years on Wednesday on the back of a wider market rally. The move higher in prices also came as protests continued in Iran, although analysts said those were unlikely to negatively impact oil production in the country.
U.S. West Texas Intermediate advanced 0.75 percent to trade at $62.09 per barrel after rising 2.1 percent in the last session. Brent crude futures tacked on 0.43 percent to trade at $68.13.
Shares of Japanese videogame maker Nintendo were up 4.42 percent following news that its hit "Pokemon Go" game was headed to China. The Financial Times reported earlier this week that U.S.-based developer Niantic was partnering with NetEase to launch the game on the mainland.
Dalian Wanda Commercial Property was downgraded from "BBB" to "BB+" by Fitch Ratings on Wednesday, a two-notch downward revision. Fitch said the downgrade reflected the company's "inability to access offshore funding channels to boost its offshore liquidity in a timely manner."
Source: CNBC


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