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Market Update

Tokyo, Hang Seng Up in Weak Asia

Japanese stocks outperformed their regional peers as most Asian markets traded mostly lower Monday.

The Nikkei ended up 1.3%. The Shanghai Composite edged up 0.1% while the Hang Seng made a late surge to end 1.4% higher. The Sensex declined 0.8% and the All Ordinaries was off 0.3%.

A strong jobs U.S. report last week Friday boosted the dollar versus the yen, helping Japanese exporters. In China, the focus was on a major political meeting underway in Beijing – the so-called Third Plenum- set to conclude Tuesday, and expected to result in a road map for the new government’s policies over the next decade.

Elsewhere in the region, stocks in Manila struggled after Typhoon Haiyan hit the central part of Philippines over the weekend. As many as 10,000 people are said to have lost their lives.

Economic data showed Japan posted a higher-than-expected trade surplus for September. Also in China over the weekend, data showed industrial production grew by 10.3% year-over-year in October. Consumer inflation rose to 3.2%.

Stocks on the Move

Sony lost half a percent while Olympus Corp. fell 2.3%. The camera-maker reported second-quarter operating-profit that missed several estimates.

Sharp was down 2.9%.

In auto, Toyota gained 0.8% while Nissan accelerated 1.6%. Mazda ended flat.

Advantest gained 2.7% while Softbank was up 1.9%. Fanuc ended 1 percent higher.

In China, a report from the state-run Xinhua news agency that Beijing may ban the presale of some new homes weighed on developers, according to Kim Eng Securities. China Resources Land retreated 1.4% in Hong Kong while on the mainland, Poly Real Estate and Gemdale were down 2.2% and 1.2% each, respectively.

Financial heavyweight HSBC ended 1.6% higher in Hong Kong, helping the index higher, while ICBC also made a late move upward, ending up 2.7%. Other banks were also among the major gainers with AgBank up 2.5%, and China Construction Bank Corp. up 2.4%.

Losers outnumbered gainers in Mumbai, with Hindalco the top loser, down 4.6%, followed by L&T, down 3%, and SBI, down 2.6%. Hero MotoCorp and ONGC both ended 2.4% lower. Tata Motors fell 2% while Bajaj Auto, Jindal Steel, NTPC, SSLT, Airtel, BHEL, RIL, HUL, Gail India, ICICI Bank, and Tata Power were all lower in a range between 1% and 1.9%.

In Sydney, index leader BHP Billiton edged 0.1% lower while Rio Tinto was also down 0.3%.