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Market Report-South Korean Exports Grow Faster than Expected

9 years ago|70 views
In today’s market report… Asian stock markets rose Monday, after South Korean exports grew faster than expected, while new data showed the Chinese economy was not as weak as feared.

The Korean won hit a near 6-week high on the trade figures, while the Australian dollar firmed on the Chinese manufacturing numbers.

South Korea's KOSPI rose to its highest in over a year, with Hyundai Motor shares at a record high after investors took a bullish view of its prospects.

Financial markets paused briefly when HSBC released its own manufacturing data Monday morning that showed that China’s economy had contracted slightly, but buying resumed after the bank played down the numbers.

Tokyo's Nikkei found support from strong corporate earnings, particularly from Honda Motor, which rose nearly five percent after it raised it profit forecast and posted the best quarterly profits in two-and-a-half years.

The Japanese benchmark closed 0.4 percent higher, as persistent yen strength capped sentiment.

Australian resource stocks benefitted from higher commodity prices, and a seventh straight month of manufacturing expansion.

Coal explorer Linc Energy jumped over 20 percent, after confirming it was in talks with India's Adani on the sale of a coal asset, among other sale discussions.

The All Ordinaries ended Monday nearly one percent higher.

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