Market Report – Asia Rallies On, July 22

Asian shares touched 10-month highs today… although profit-taking ahead of corporate earnings season began to weigh on gains.

The Nikkei edged higher, but five straight gains and a firm yen prompted mild selling of stocks like Sony.

On a day of solar eclipse-watching across Asia, retailer Yamada Denki rose on plans to set up a solar panel joint venture for homes.

Across Asia, companies linked to renewable energy such as Linuo Solar in Shanghai jumped the daily gain limit, powered by state plans for solar subsidies.

In Seoul, shares rose for a seventh straight session, as world No.1 shipbuilder Hyundai Heavy Industries gained on a report on joint plans to build and export Aegis ships.

Sydney’s share benchmark edged up, buoyed by mining giant BHP Billiton, after an analyst report pegging output in line with expectations.

National Australian Bank sold $1.6 billion in shares, and the capital raising weighed on the entire financial sector.

(NTDTV)