Asian stocks rose Monday, taking their cues from greater stability in crude oil prices and the Russian ruble, along with the U.S. Federal Reserve’s indication last week it would take a slow approach to raising interest rates.
In Japan, the Nikkei 225 poked 13.74 points, or 0.1%, to 17,635.14, having hovered above and below the breakeven mark throughout the session on a day of thin trading.
Not everyone has gained from the upturn in crude prices. Japanese airline stocks fell, after recent gains on the lower oil prices, which translate into reduced fuel costs. Japan Airlines Co. lost 1.7%.
Among other individual stock movers in Japan, Idemitsu Kosan Co rose 2.5% following news of a potential buyout of Showa Shell Sekiyu K.K. which surged 28%.
Japan’s second-biggest oil refiner and distributor said Saturday it is in talks to buy the number-five player in the industry as falling domestic oil demand pinches the margins of wholesalers.
In Hong Kong, the Hang Seng index spiked 291.94 points, or 1.3%, 23,408.57, as concerns eased over further instability in commodity and other global market conditions.
U.S. and global oil benchmarks jumped to their largest percentage gains in more than two years Friday. The Russian ruble recovered some ground to 56.56 per dollar from the record low of 80.00 Tuesday last week.
PetroChina Co. Ltd. China’s biggest oil firm listed in Hong Kong, rose 4.1% as oil prices rebounded.
BHP Billiton Ltd. which has both energy and mining interests, added 3.0%.
Taiwan shares gained 1.1% on a rosy outlook for technology companies in the coming quarter as many big names are expected to roll out new products. Acer Inc. rose 2.9%.
JX Holdings Inc. rose 6.4% after its unit JX Nippon Oil & Energy signed a pact Friday with Vietnam National Petroleum Corp. to negotiate a deal to buy a stake in the state-run firm and set up a joint venture to develop an oil refinery in the nation.
In other markets;
Shanghai’s CSI 300 index gained 11.31 points, or 0.3%, to 3,394.48.
Singapore’s Straits Times Index added 51.43 points, or 1.6%, to 3,330.96
The Taiex index in Taiwan hiked 95.48 points, or 1.1%, to 9,095
Korea’s Kospi index moved higher 13.14 points, or 0.7%, to 1,943.12
New Zealand’s Exchange 50 gained 13.99 points, or 0.3%, to 5,541.74
Australia’s S&P/ASX 200 spiked 103.31 points, or 1.9%, to 5,441.96
