Asia stocks post sharp gains on banks; Nikkei surges 1.81%
Investing.com
Published Oct 06, 2010 04:00AM ET
Hong Kong's Hang Seng Index climbed 1.22%, South Korea's Kospi Composite gained 1.33%, while Japan’s Nikkei 225 Index surged 1.81%.
Earlier in the day, Japan’s financial regulator said it was not considering imposing a capital surcharge on major lenders beyond the existing levels of the Basel III capital requirements.
Following the announcement, shares in Japan’s third-biggest bank Mizuho Financial Group soared 8.62%, stocks of the nation’s largest lender Mitsubishi UFJ Financial Group jumped 2.56% and rivals Sumitomo Mitsui Financial Group saw its shares gain 1.80%.
Meanwhile, shares of big-name Japanese exporters were mixed on the day, as the yen weakened against the dollar. Electronics giant Sony gained 0.92%, Honda Motor stocks rose 0.33%, digital-camera maker Canon Inc. shed 0.63% while Nissan Motor saw its shares slide 2.40%.
In Hong Kong, property developers led gains, as shares in Hong Kong's biggest property developer Sun Hung Kai Properties climbed 1.43%, shares in rivals Cheung Kong Holdings added 1.04% and Hang Lung Properties soared 4.76%.
Elsewhere, commodity sector stocks posted gains amid rising crude oil and metal prices. Shares in China Shenhua Energy surged 2.21%, Cnooc Limited, China’s largest offshore oil producer climbed 2.26% while Zhaojin Mining Industry Company saw its shares gain 3.39%.
In Europe, equity markets opened higher. The EURO STOXX 50 was up 0.83%, France’s CAC 40 gained 0.85%, the FTSE 100 rose 0.73% and Germany's DAX advanced 0.70%.
Later in the day, the euro zone was to release final data on its GDP.
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