Asian markets lifted by Wall Street
Published Jul 07, 2011 09:55PM ET
During early Asian trade, Hong Kong’s Hang Seng Index advanced 0.78% to 22,706.20, Japan’s Nikkei 225 Index rose 1% to 10,172.63, Australia’s S&P/ASX 200 gained 0.91% to 4,647.50 and South Korea’s Kospi added 0.27% to 2,182.70.
Seoul shares opened higher Friday on the overnight strength of N.Y. stocks and indications of an improved U.S. labor market.
Shares of South Korea’s leading mobile phone company, SK Telecom, however, dropped 1.9% following news that the firm would be making an estimated USD2.4 billion bid for a stake in chip maker Hynix Semiconductor.
In Tokyo, a falling yen coupled with a better than expected current account surplus announcement aided blue chip exporters in driving gains.
Japan's current account surplus for May fell sharply from a year earlier largely due to the March 11 earthquake and its aftermath, Japanese government figures revealed Friday. Exports fell 9.8% from May 2010 and imports rose 14.7%.
Along with the Nikkei, the broader-based Topix Index of all issues listed on the first section of the Tokyo Stock Exchange gained 0.8%.
Sony Corp rose 0.87%, NEC Corp. climbed 1.6% and Toshiba Corp. padded gains by 0.70%.
Mobile phone provider NTT DoCoMo Inc. announced an agreement with Baidu Inc. on a joint venture deal to provide mobile content in China. DoCoMo shares advanced 1.33% in morning trade.
The outlook for European stocks was mixed. France’s CAC 40 futures was lower by 0.12% to 3990.90, the FTSE 100 futures rose 0.01% to 6039.80 while Germany’s DAX futures added 0.04% to 7521.80.
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