Toyko, Shanghai stocks rise in holiday-cut trade

GMT 14:41 2016 Saturday ,26 March

Arab Today, arab today Toyko, Shanghai stocks rise in holiday-cut trade

Shanghai economy
Shanghai - AFP

Shanghai and Tokyo stocks turned higher in holiday-thinned Asian trade on Friday, while the dollar ticked up with talk re-emerging of another US interest rate hike.

With most markets closed for the Easter break there was little to drive buying at the end of an up-dand-down week that was marred by the terror attacks in Brussels on Tuesday.

"The market is seeing a little bit of a pause in momentum," Kevin Caron, a New Jersey-based market strategist and portfolio manager at Stifel Nicolaus & Co, told Bloomberg News.

"Now we're looking ahead at what drives us beyond what central bank actions have been able to curry so far."

In Japan, exporters rose with the yen easing against the dollar as a broad global rally inspired by a string of central bank easing measures from Asia to the Americas injected some much-needed optimism into trade.

By the break in Tokyo, Japan's Nikkei was up 0.5 percent, with global giants Toyota, Canon and Sony amongthe best performers.

There was little response to data showing Japanese inflation remained at zero in February for the second month in a row.

The dollar -- which earlier this month tumbled after the Federal Reserve lowered its rate cut forecasts for 2016 -- edged up as talk turned back to a possible increase in April or June as the bank's policymakers eye a more positive outlook.

Shanghai added 0.5 percent after tumbling 1.6 percent Thursday. Seoul was 0.1 percent higher and Taipei marginally lower. Most other markets including Hong Kong, Sydney and Wellington were closed for the long Easter weekend.

Oil markets were also shut.

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: UP 0.5 percent at 16,971.83 (break)

Shanghai - Composite: UP 0.5 percent at 2974.69

Hong Kong - Hang Seng: Closed for public holiday

Euro/dollar: DOWN at 1.1162 from 1.1179 on Thursday

Dollar/yen: UP at 113.21 yen from 112.88 yen

New York - Dow: UP: 0.1 percent at 17,515.73 (close)

London - FTSE 100: DOWN 1.5 percent at 6,106.48 (close)


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