Japan’s Nikkei Registers Biggest Weekly Gain Since October

Japan’s Nikkei index registered its biggest weekly gain since October, while Asian shares were mostly higher as worries over Greece and China eased.

The Nikkei 225 closed up 50.80 points at 20,650.92, its fifth gain in a row, having risen by 4.4% over the week.

The market was lifted as the yen remained weak against the dollar, which is considered good news for exporters.

In mainland China, stocks rose with the Shanghai Composite climbing 3.5% to 3,957.35.
In Hong Kong, the Hang Seng index closed 1% higher at 25,415.27.

In South Korea, shareholders of construction firm Samsung C&T have approved the merger plans with holding company Cheil Industries.

The deal had been strongly criticised by US hedge fund Elliott Associates, the third-largest shareholder in Samsung C&T.

The share prices of both firms dived after the vote, with Samsung C&T closing down 10.4% and Cheil dropping 7.7%.

The country’s benchmark Kospi index closed down 0.5% at 2,076.79.

In Australia, the S&P/ASX 200 index ended flat at 5,670.11.

via BBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza