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Asia stocks gain, Tokyo remains volatile

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(Globalpost/GlobalPost)

Asian stocks rose on Tuesday, with Tokyo clawing back some ground in choppy trade following sharp declines in recent sessions as a stronger yen prompted a bout of profit-taking.

There was little overnight news from outside of the region to influence trading in Asia, with markets in London and New York shut for holidays.

Tokyo swung between positive and negative territory in a volatile morning session before rising 0.57 percent by noon.

The Nikkei had gained about 60 percent over the past six months under the pro-spending, pro-growth policies of Prime Minister Shinzo Abe but tumbled 7.3 percent on Thursday.

The turbulence persisted for the next two sessions, with stocks driven down by a stronger yen and disappointing data from China which stoked fears about the world's second-largest economy, a major trade partner with Japan.

Sydney rose 0.13 percent, Seoul traded 0.38 percent higher, Hong Kong edged up 0.12 percent while Shanghai was flat.

Europe's stock markets ended on a positive note on Monday while the London and New York markets were closed.

In Frankfurt, the Dax climbed 0.94 percent to reach 8,383.3 points, while in Paris the CAC 40 index of leading shares gained 0.97 percent to 3,995.16 points.

The dollar was trading at 101.12 yen in early Asian trade Tuesday against 101.09 yen in European trade late Monday.

The euro bought $1.2931 and 130.78 yen against $1.2928 and 130.69 yen in Europe.

Oil prices were mixed in Asia, with New York's main contract, light sweet crude for delivery in July, dropping 46 cents to $93.69 a barrel and Brent North Sea crude for July delivery rising seven cents to $102.69 in mid-morning trade.

Gold was at $1,390.12 at 0255 GMT from $1,394.20 late Monday.

ac/mtp

http://www.globalpost.com/dispatch/news/afp/130528/asia-stocks-gain-tokyo-remains-volatile