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Asian shares higher in thin trade | |
(about 5 hours later) | |
Asian markets headed higher on Monday, although trading was thin at the start of a working week that will be shortened by the Christmas break. | |
Trading activity is likely to muted until the New Year with many investors away for the holidays. | Trading activity is likely to muted until the New Year with many investors away for the holidays. |
In Japan, shares edged higher ahead of a public holiday on Tuesday. | |
The benchmark Nikkei 225 closed up 13.74 points at 17,635.14, while the dollar was at 119.46 yen compared with 119.43 yen in New York on Friday. | |
Shares of oil refiner Showa Shell Sekiyu jumped more than 27% after local media reported that it was in talks to be acquired by larger rival Idemitsu Kosan. | |
The deal could create Japan's second-largest firm in the domestic gasoline market. | |
Rest of Asia | |
Chinese shares were higher, taking the lead from Wall Street where shares made big gains on Friday. | |
The benchmark Hang Seng Index rose 1.4% to 23,449.56, while the Shanghai Composite was 1.5% higher at 3,154.41. | |
Australian shares led the region's gains after rising 2.5% on Friday, which was its biggest one-day gain since July last year. | |
The S&P/ASX 200 index closed up nearly 2% at 5,441.96, marking the fourth consecutive session of gains. | |
In South Korea, the market hit a two-week high despite news that the government had cut its growth forecasts for this year and 2015. | |
Officials said the economy would grow by 3.4% this year, down from 3.7% projected in July, while growth next year is predicted to be 3.8%, down from an earlier estimate of 4%. | |
The benchmark Kospi finished up 0.7% at 1,943.12 points. |