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Market Update

Nikkei Leads Asian Gains

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Japanese markets led gains in Asia Wednesday after better-than-expected exports data.

The Nikkei rose 2%. The Shanghai Composite slipped 0.1% while the Hang Seng was up 0.3%. The Sensex gained 1.2% and the All Ordinaries slipped 0.1%.

Japan's exports rose for the ninth consecutive month, up 18.4% from a year ago in November, beating expectations for a 17.3% rise. The yen weakened, helping exporters.

Data also showed new home prices in China continued to rise in November with prices in major mainland cities up 9.9% over the last year.

Stocks on the Move

Sony was an underperformer, up just 0.3% after a Nikkei newspaper report that said the company is mulling additional investments of 30 billion yen in a facility that it plans to buy from Renesas Electronics Corp. Renesas shares gained 2.3%.

Mazda Motor accelerated 1.3% while Toyota and Nissan gained 1.6% and 2.9% each, respectively.

In Hong Kong, Kunlun Energy fell 3% after the company said in a stock exchange notice its chairman Wen Qingshan had resigned due to personal matters. Wen Qingshan, who is also China National Petroleum Company’s accountant, was taken away by authorities last week as part of a wider graft investigation.

In real estate, Sun Hung Kai Properties rose 1% while Sino Land Company gained 2.1%.

China Mobile was down 0.4%. The Wall Street Journal had earlier reported the company could unveil a deal this week to sell Apple’s iPhones.

Earlier in the day, the Reserve Bank of India surprised investors as it kept repo rates unchanged at 7.75%. Rate-sensitive stocks such as banks and autos were among the gainers. The top gainer was BHEL, up 5.7%, followed by Tata Power and Bajaj Auto, both up 4%, Hero MotoCorp, up 3.1%, and L&T, up 2.8%. SBI and HDFC were up 2.7% and 2.6% each, respectively.

Gold miners were lower in Sydney after a drop in gold futures overnight. Newcrest Mining lost 0.4%.

Rouhan Sharma does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.