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Asia shares gain as Irma weakens

Asia shares gain as Irma weakens

by Himanshu Singh Sep 11, 2017 at 04:21

Asian stocks rose gained on Monday in morning session as hurricane Irma’s force waned and the United Nations prepared to vote on tougher North Korean sanctions.

The Nikkei 225 rallied 1.38%, heading for its biggest gain in more than three months as a weaker yen gave a boost to exporters.  

South Korea's benchmark Kospi index tacked on 0.88% as geopolitical tensions eased on the Korean peninsula over the weekend.

Down Under, the S&P/ASX 200 added 0.57%, with the information technology sub-index leading gains. The heavily-weighted financials sub-index added 1.18%.

Greater China markets also gained. Hong Kong's Hang Seng Index jumped 1.01%. On the mainland, the Shanghai Composite was up 0.25% and the Shenzhen Composite gained 0.32%.

The rally took place after no North Korean missile launches materialised on 9 September, the anniversary of the country's founding. There had been speculation in the lead up to the weekend that North Korea could conduct its next missile test then to celebrate the occasion.

China's central bank, the People's Bank of China, intends to ease requirements for financial institutions to set aside foreign-exchange risk reserves for trading yuan forwards as of 11 September, according to Reuters.

In company news, South Korean automakers Hyundai Motor and Kia Motors said they were likely to miss their 2017 sales targets, as per reports. Hyundai and Kia shares erased gains seen earlier in the session to fall 0.74% and 0.94% respectively.

Also in South Korea, retailer Lotte Shopping could potentially sell its supermarket outlets in China. Shares of Lotte Shopping were 1.98% higher.

On the energy front, oil prices edged up after settling 3% lower on Friday. US crude added 0.82% to trade at $47.87 a barrel and Brent crude rose 0.5% to trade at $54.05 a barrel.

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