Asian markets made an all green start on good US data

Asian markets have made a positive start supported by gains in exporting companies on better than exported US retail sales data. Initially there was some somberness in Chinese market on earnings concern but it too has recovered. The US is China’s second-largest export market, making up about 17 percent of the nation’s overseas sales. Japanese market has taken the lead, as the yen fell against 15 of its 16 major counterparts, depreciating to as low as 78.86 against the dollar. Exporters have moved higher as a weaker yen boosts the value of overseas income when repatriated. There was one deal news that too have boosted the morale of investors, Softbank Corp, Japan’s third-largest mobile-phone company agreed to acquire 70 percent of Sprint Nextel Corp.’s stake.

Shanghai Composite was up by 8.39 points or 0.40% to 2,107.09, Hang Seng gained 52.69 points or 0.25% to 21,200.94, Jakarta Composite added 5.54 points or 0.13% to 4,314.70, KLSE Composite was up by 2.76 points or 0.15% to 1,656.87, Nikkei 225 surged by 80.89 points or 0.94% to 8,658.82, Straits Times was up by 11.07 points or 0.36% to 3,054.31, Kospi Composite ascended by 10.59 points or 0.58% to 1,936.03 and Taiwan Weighted was up by 36.11 points or 0.49% to 7,455.11.