Asian Stocks Mostly Higher; Japan Ends Flat Monday

Upbeat comments from Barclays set a positive tone for financials in Asian deals on Monday

Nazim Khan 29 March, 2010 | 9:42AM
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Shares in the Asian region were mostly higher Monday afternoon as financial stocks rose across the region after analysts retained their positive outlook on Japan banks and China launched its stock index futures.

At 07:50 a.m. (BST), Japan’s Nikkei had shut down 0.1% lower, Hong Kong’s Hang Seng gained 0.8% while mainland China’s Shanghai Composite surged 1.9%. India’s Sensex was up 0.2% while Australia’s ASX had closed down flat.

In commodities, gold, crude oil and most base metals inched up.

Stocks on the Move

In Tokyo, financials outperformed the benchmark index after Barclays said banks were likely to beat their profit estimates in April. Mitsubishi UFJ Financial climbed 2.7%, Sumitomo Mitsui Financial gained 3.3% while Orix Corporation jumped 5.1%.

The same trade played out in China, with financial stocks among the top advancers. Equities got a shot in the arm after the China Securities Regulatory Commission said it would allow the country’s top two exchanges start futures trading.

China Construction Bank rose 2.5%, Bank of China advanced 3% while Industrial and Commercial Bank of China was up 2.7%.

Property plays also saw buying interest: China Vanke, Poly Real Estate and Gemdale Corporation were up between 1.8% and 3.4%.

Both sectors had been beaten down heavily in March amid concerns of monetary policy tightening in China.

In Hong Kong, Geely Auto rose 2.9% after its parent company finalised a deal to buy Ford’s Volvo car unit.

Indian stocks were generally trading mildly positive. The day’s listing, DQ Entertainment shot up 60% on debut.

Nazim Khan is an assistant site editor for Morningstar.com based in Mumbai, India.

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Nazim Khan  Nazim Khan is an assistant site editor for Morningstar.com based in Mumbai, India.

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