Published: Tue, January 09, 2018
People | By Leon Thompson

Asian shares, dollar steady, Nikkei rallies

Asian shares, dollar steady, Nikkei rallies

The Nikkei was up 0.9 percent at 23,952.61 in early trade, its highest since November 1991. Hong Kong's Hang Seng added 0.3 percent to 30,993.36, while the Shanghai Composite inched up almost 0.1 percent to 3,411.05.

Tuesday saw most Asian markets rising, with Hong Kong adding 0.2 percent and marking its best run of gains since October 2012, while Shanghai finished 0.1 percent higher.

"With tailwind from U.S. shares, investors were betting there's some more room for share prices to rise", said Okasan Online Securities strategist Yoshihiro Ito.

Shares of automakers and technology companies were the leading gainers. Japan's Nikkei was closed for a holiday but last week touched its highest since 1992.

THE QUOTE: "A continuation of Monday's bullish glow looks set for Asian markets into Tuesday with few data points to observe", says Jingyi Pan, market strategist at IG in Singapore.

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KOREAS: The region is closely watching developments from talks between delegates from North Korea and South Korea, the first such talks in two years.

Tensions were ratched up by last year's nuclear and rocket tests by Pyongyang, which raised concerns of a possible nuclear conflict with the US. The euro fell to $1.1968 from $1.2032.

On the other hand, the yen, which also tends to be used as a funding currency for investment in higher-yielding assets, has lost 0.3 percent against the dollar this week to 113.02 yen.

ENERGY: Benchmark U.S. crude added 37 cents to $62.10 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the global standard, gained 39 cents to $68.17 per barrel.

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