Eagle River, WI 10/17/2011 (PennyPayDay) – The Nikkei jumped 1.3% on Monday on optimism that European leaders are getting to grips with the region's debt crisis. Hopes were lifted after G20 finance leaders urged the eurozone leaders to resolve the crisis as soon as possible.
Better than expected US retail sales data out Friday also improved buyer appetite at the start of the week.
The Nikkei advanced 131 points to settle at 8,880 in Tokyo.
Japanese exporters pushed ahead with shares of Sony up 5% and Fujitsu adding 3.7%. Sharp rallied 2.8% andAdvantest Corp tacked on 2.5%.
A jump in crude oil futures sent shares of with Inpex 2.9% higher while Japan Petroleum Exploration surged over 4% in Tokyo.
Shares of optical equipment Olympus went into freefall, plunging 24%, after a string of broker downgrades following Friday’s dismissal of Michael Woodford.
The group’s former chief executive said in an interview with the Wall Street Journal that he may have been fired because he raised questions about some of the firm's accounting practices.
The Hang Seng raced 2.03% ahead on Monday with momentum provided by hopes of a resolution to the eurozone debt crisis.
Resource plays were mostly higher in Hong Kong with share of Jiangxi Copper rising over 6%, Aluminum Corp of China or Chalco gained 6.7% while Cnooc advanced 3.3%.
Clothing giant Esprit vaulted 8% after a German press report said the company may close its North American stores in the next year and a half if it fails to find a buyer for them.
Banks put in a strong performance with shares of HSBC adding 2.1%, Bank of China gained 2.2% while ICBCincreased 1.42%.
The Hang Seng index closed up 375 points at 18,877 in Hong Kong.
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