Asian shares mostly up as tough year draws to a close

HONG KONG—Asian markets mostly rose on Monday, with Tokyo cheered by the yen’s fall to a five-year low against the dollar and regional traders broadly upbeat towards the end of a tumultuous year.

Tokyo enjoyed its best performance in more than four decades in 2013, while Chinese stocks were the worst regional performer.

Tokyo rose 0.69 percent, or 112.37 points, to close at 16,291.31 as the index surged 56.72 percent over the past 12 months, the best annual performance since 1972.

Sydney added 0.61 percent, or 32.7 points, to 5,356.8 and Seoul closed 0.45 percent higher, adding 9.06 points to 2,011.34.

Shanghai slipped 0.18 percent, or 3.72 points, to 2,097.53. Hong Kong ended flat, edging up 1.63 points to 23,244.87.

Manila and Bangkok were closed for public holidays.

The Nikkei, which is closed on Tuesday, was boosted for the final trading day of the year as the yen came under further selling pressure, boosting exporters.

“This has been a boom year—it’s been a long time since we’ve seen such a robust performance,” said Hikaru Sato, a senior technical analyst at Daiwa Securities of the Tokyo stock market’s rise.

“The rise beat most investors’ expectations and many seem to think it will be another boom next year.”

Exporters were the main beneficiaries, as the weaker yen makes their goods cheaper overseas and swells the yen value of their repatriated earnings.

Yen tumbles against dollar, euro

The dollar hit 105.41 yen in the morning session, its highest since October 2008. In the afternoon it sat at 105.38 yen compared with 105.13 yen in New York Friday.

The euro fetched 144.87 yen against 144.37 yen in New York, after touching 145.69 yen Friday, also its highest since October 2008.

This year the yen has lost about a fifth of its value against the dollar and more than a quarter against the euro.

Europe’s single currency bought $1.3750 Monday against $1.3743 Friday.

The euro has enjoyed strong buying since Bundesbank President Jens Weidmann, who sits on the European Central Bank’s Governing Council, told a German newspaper last week that soft inflation figures should not justify unfettered monetary easing.

On Wall Street Friday the Dow edged down 0.01 percent and the S&P 500 dipped 0.03 percent, after ending at record highs again in the previous session. The tech-rich Nasdaq slipped 0.25 percent.

In Shanghai shares gave up earlier gains to end down Monday as dealers remain wary about a possible slowdown in the Chinese economy. There are also worries about growing debt in the country that some analysts fear could hammer the financial system.

Traders this week will be watching the release of manufacturing data from around the world, which will provide the latest snapshot of the state of the global economy.

Global markets have seen a mixed year, with most enjoying strong buying in the first half thanks to the US Federal Reserve’s stimulus programme, which provided cheap cash for investment in mostly emerging economies.

However traders began pulling out of emerging markets from May after Fed chief Ben Bernanke said the bank could begin to wind down its bond-buying operations as the US economy showed signs of strengthening.

In oil trade New York’s main contract, West Texas Intermediate for February delivery, was down 11 cents at $100.21 in afternoon trade. Brent North Sea crude for February gained 31 cents to $112.49.

Gold fetched $1,203.35 at 0810 GMT compared with $1,211.56 late Friday.

In other markets:

— Mumbai fell 0.24 percent, or 50.57 points, to 21,143.01.

Private Gintanjali Gems fell 9.04 percent to 67.95 rupees, while the second-largest software outsourcer Infosys fell 1.70 percent to 3,501.65 rupees.

— Kuala Lumpur’s main index gained 16.96 points, or 0.62 percent, to 1,872.52.

Shipping company MISC added 2.9 percent to 5.71 ringgit, while telecommunications provider Maxis rose 1.7 percent to 7.30. Utility Tenaga Nasional lost 0.9 percent to 11.50 ringgit.

— Jakarta ended up 1.45 percent, or 61.20 points, at 4,274.18.

Palm oil firm Sinar Mas Agro Resources jumped 12.95 percent to 7,850 rupiah, while Bank Permata slipped 0.56 percent to 1,260 rupiah.

— Singapore closed up 0.11 percent, or 3.53 points, at 3,153.29.

Oversea-Chinese Banking Corporation rose 0.20 percent to Sg$10.20, while real estate developer Capitaland dipped 0.33 percent to Sg$3.02.

— Taipei rose 1.04 percent, or 88.39 points, to 8,623.43.

Taiwan Semiconductor Manufacturing Co. added 1.44 percent to Tw$106.0 while leading chip design house Mediatek was up 1.95 percent at Tw$444.5.

— Wellington ended flat, edging up 1.62 points to 4,768.98.

Telecom rose 0.21 percent to NZ$2.34 while Fletcher Building was unchanged at NZ$8.52.