(MENAFN– ecpulse)
A strong finish on Wall Street last week, with the with the S&P 500 recording its first close above 1,800 and the Dow posting its longest weekly win streak in nearly three years, and the historic deal over Iran`s nuclear program bolstered the appetite for risk.
Tehran vowed to limit its nuclear activities in exchange for sanctions relief during negotiations in Geneva on Sunday. The interim agreement will lead to the suspension of some sanctions and increase oil supplies in the global markets.
- The MSCI Asia Pacific Index gained 0.3% to 141.67 as of 14:01 in Hong Kong
The rising appetite for risk has pushed the yen to a new four-year low against the euro and a six-month trough against the US dollar at 101.90, giving strong support to exporters which pushed Nikkei to close at a new six-month peak for a third straight session.
The yen also weakened after Bank of Japan chief Haruhiko Kuroda said the central bank could expand its massive stimulus program if needed.
- Nikkei 225 closed 1.54% higher at 15619.13
- Topix closed 0.88% higher at 1259.61
In China and Hong Kong stocks underperformed the broader Asian region in choppy trade amid profit taking following last week’s gains. Adding to the downside pressures was the rising tensions with Japan amid territorial dispute over some islands in the East China Sea.
- China’s CSI 300 Index closed 0.39% lower at 2388.63
- Hong Kong’s Hang Seng closed 0.05% lower at 23684.45
In Australia stocks was supported by the weaker currency, as the Australian dollar hit a new two-and-a-half-month low against the greenback, while stocks in South Korea stocks were supported by the improving sentiment after data showed foreign investors continued to buy local stocks.
- The S&P/ASX 200 closed 0.32% higher at 5352.83
- New Zealand’s NZX 50 closed 0.09% lower at 4813.88
- Kospi closed 0.49% higher at 2015.98
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