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Tokyo hits 7-month high, Shanghai breaks record, other Asian markets quiet

Tokyo hits 7-month high, Shanghai breaks record, other Asian markets quiet

Stock prices in Tokyo hit a seven-month high Tuesday, Shanghai set a new record and Taipei advanced to a six-year high, but other Asian markets saw little movement as traders took time out for the Christmas holiday.
Japan's benchmark Nikkei 225 stock index added 76.30 points, or 0.45 percent, to finish at 17,169.19 points on the Tokyo Stock Exchange _ the highest close since May 9.
The Nikkei started lower as some investors took profit following recent gains in thin trading due to many foreign investors taking vacation.
In afternoon trading, the index moved into positive territory led by steel and nonferrous metal stocks, which are still believed to be laggard among players, traders said.
Gainers included Nippon Steel Corp., which rose 5.07 percent, and Sumitomo Metal Industries Ltd., which posted a 3.56 percent gain. Mitsubishi Materials Corp. jumped 5.73 percent.
Pharmaceuticals also advanced, with Takeda Pharmaceutical Co. edging up 0.74 percent.
Market players largely ignored economic indicators, including Japan's nationwide consumer prices and jobless rate, which fell within expectations.
Earlier Tuesday, the government said Japan's nationwide core consumer price index rose 0.2 percent on-year in November, and the nation's November jobless rate improved to 4.0 percent from 4.1 percent in October, both falling within market expectations.
Also Tuesday, China's benchmark stock index broke through the crucial 2,500-level and closed at a record as robust fund demand boosted heavyweight banks, but it lost some gains on a broad decline by blue chips.
The Shanghai Composite advanced 1.8 percent to 2,479.73 points, a record closing high, after having hit 2,505.70 during the day.
It has more than doubled since the start of the year on persistently strong liquidity.
The Shenzhen Composite Index dipped 0.7 percent to 539.77.
In Taipei, Taiwanese shares rose to a six-year high, with all sectors being pulled up partly by fund managers' buying for year-end window-dressing.
The Weighted Price Index of the Taiwan Stock Exchange gained 80.78 points, or 1.1 percent, to close at 7,727.59, the highest since its closing mark of 7,785.62 on Sept. 5, 2000.
In currency trading, the U.S. dollar gained against both the euro and the Japanese yen in Tokyo.
The euro fell to US$1.3132 from US$1.3143.
The greenback bought 118.89 yen in Tokyo late Tuesday, up from 118.84 yen late Monday in Tokyo.
Elsewhere:
BANGKOK: Thai shares edged up 0.6 percent to 688.72 in thin trade on buying in blue-chip banks.
JAKARTA: Indonesian shares slipped 1.78 points, or 0.1 percent, to 1,783.98 as investors took profit amid light trading.
KUALA LUMPUR: Malaysian shares retreated in quiet trade, but late buying by local funds helped trim earlier losses. The Kuala Lumpur Composite Index of 100 blue chips fell 0.2 percent to 1,078.15 points.
SEOUL: South Korean shares dipped as local institutions took profit in transportation and other shares, taking cues from losses in U.S. markets Friday. The Korea Composite Stock Price Index, or Kospi, declined 3.57 points, or 0.3 percent, to 1,433.92.
SINGAPORE: Singapore shares inched up in slow trade. The Straits Times Index rose just 0.1 point after trading mostly lower during the day.
The stock markets in Hong Kong, Sydney, Manila and Wellington were closed.


Updated : 2020-12-02 05:54 GMT+08:00