Tokyo, Japan (BBN)-Japanese markets have started the week in positive territory with strong economic data helping to boost investor sentiment.
The latest government data showing industrial output rose by 3.7 per cent in January, the first rise in three months, helped lift investors’ mood, reports BBC.
However, retail sales disappointed, falling by 0.1 per cent in January, compared to forecasts for a 0.5 per cent rise.
The Nikkei 225 index rose by 0.3 per cent to 16,244.11 points in early trade.
Gaming giant Nintendo’s shares fell sharply, losing more than 5 per cent at one point in early trade.
The drop came after Friday’s announcement that its full year profit would be half of its original forecast.
Due to a stronger yen and disappointing sales of its handheld gaming consoles and software, the company slashed its full-year profit outlook to 17bn yen (£150m), down from the previously expected 35bn yen.
CHINESE SLUMP CONTINUES
Chinese shares however failed to extend Friday’s gains.
The Shanghai Composite lost 3.3 per cent to 2,672.68, dashing hopes that Friday’s brief recovery could be sustained.
The losses came despite the G20 meeting in Shanghai pledging to work towards boosting growth.
Hong Kong’s Hang Seng also lost ground, but fared better than the mainland.
The index fell by 0.9 per cent to 19,178.44 points.
In Sydney, the ASX 200 rose by 0.5 per cent to 4,905.10 points, with mining companies BHP Billiton and Rio Tinto both gaining more than 1.5 per cent.
The rise comes ahead of Australia’s fourth quarter economic growth data, due to be released on Wednesday.
In South Korea, the benchmark Kospi index remained flat at 1,919.86 points.
Samsung shares rose by 1 per cent following Friday’s decision by a US appeals court to overturn a verdict against the company in a longstanding patent dispute with its US rival Apple.
BBN/SK/AD
