Asian stocks take cue from Wall Street

Filomena Scalise

Filomena Scalise

Published Sep 1, 2014

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Singapore - Tokyo stocks rose 0.28 percent on Monday morning following another record close on Wall Street, while a weaker yen boosted exporters.

The benchmark Nikkei 225 index added 43.65 points to 15,468.24 by the break, while the Topix index of all first-section shares climbed 0.29 percent, or 3.75 points, to 1,281.72.

The modest gains follow two losing sessions for the Nikkei.

US markets provided the positive cue, despite worries about tensions between Russia and Ukraine.

The S&P 500 - which ended above 2,000 for the first time last week - rose 0.33 percent, the Dow added 0.11 percent and the Nasdaq put on 0.50 percent to end at its highest level in 14 years on Friday

Friday's upbeat US lead filtered through to currency trading, with the dollar ending last week at 104.06 yen - near a seven-month high.

In Asian business on Monday the dollar bought 104.16 yen.

However, Investrust chief executive Hiroyuki Fukunaga told Dow Jones Newswires: “Small-capital stocks continue to be in favour, but... it's not enough to keep the broader indexes moving forward.

“The Nikkei consistently retreats when it hits the mid-15,000 level.”

Nidec shares rose 1.88 percent to 6,758.0 yen on a report in the leading Nikkei business daily that said the electric motor maker would invest more than 100 billion yen in India over the next seven or eight years.

Retailer Ryohin Keikaku, better known as Muji, rose 1.28 percent to 11,830.0 yen on a separate report that said it may set up shops in India as early as next year.

The stories came as visiting Indian Prime Minister Narendra Modi embarks on an official visit to Japan, where he will meet counterpart Shinzo Abe. - AFP

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