Nikkei 225 Index Ends Week at 7-month High; Oil, Gold, Copper and Corn all Fall; Yen Weakens Against US Dollar

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Ending the week on a strong note, the Nikkei 225 Index closed at 9,777.03, a seven month high. March is traditionally the strongest month for the Nikkei 225 Index as it is the last month of the fiscal year in Japan. February was the strongest for the Nikkei 225 Index since 1991. Other Asian markets were strong with the Hang Seng Index endinig trading at 21,562.30, up 174.30 or 0.81%. At 4,273.10, the Standard & Poor's Asia 200 Index closed 17.56 and 0.41% higher.

Profit taking hit the auto sector as Toyota Motors ( TM ) was down 0.6%. Nissan

Motor ( NSANY ) fell 1.1%. Intervention by the Bank of Japan weakened the yen, which lifted export shares, particularly auto makers. Tata Motors ( TTM ) of India is also down 1.51% today in ADR action.


There is concern among traders that the Nissei 225 Index is due for a correction after rising double digits in February and more than 15.6% this year. Overall trading volume was thin, with 2.25 billion shares changing hands on the main board, down from 2.63 billion shares on Thursday. Futures trading, however, has been strong over the past three sessions at nearly double the long-term average. "The rally has been so fast that market players are becoming wary of overheating. At the individual company level, it is becoming difficult to buy at the current price as well," observed Ryota Sakagami, chief strategist at SMBC Nikko Securities. The relative strength index for the Nikkei 225 Index is at 82, well above the 70 standard for considered to be overbought.

ASIA MARKETS

*Nikkei 225 Index closed at 9,777.03, up 69.66 and 0.72%.

*Hang Seng Index closed at 21,562.30, up 174.30 and 0.81%.

*Standard & Poors Asia 200 Index closed at 42730, up 17.56 0.41%

ASIA MARKETS FUTURES

*Nikki 225 Index is at 225 at 9,770.00 after reaching a high of 9,820.00 and a low of 9,750.00.

*Hang Seng Index is at 21,534.00 after reaching a high of 21,596.00 and a low of 21,484.00.

*Standard & Poor's Asia 200 Index is at 4,257.00 after reaching a high of 4,280.00 and a low of 4,255.00.

COMMODITY INDEXES

*UBS Bloomberg CMCI Index is at 1,643.33 after reaching a high of 1,654.87 and a low of 1,642.11.

*Standard & Poor's GSCI Index is at 713.18 after reachng a high of 717.45 and a low of 702.08.

*RJ/CRB Commodity Index is at 321.90 after reaching a high of 323.40 and a low of 321.90.

*Rogers International Index is at 3,915.08 after reachng a high of 3,945.64 and a low of 3,913.27.

COMMODITIES

*Gold ( GLD ) is at $1,709.90, down $12.30 and 0.72%.

*Oil ( USO ) is at $107.44, down $1.40 -1.30%

*Corn (CORN) is at $649.00, down $5.00 and 0.77%.

*Copper (JJC) is at $389.700, down $3.450 and 0.88%

CURRENCIES

*USD/JPY 81.560, up +0.58%.

*EUR/USD is at 1.3202, down -0.80%.

*GBP/USD is at 1.5848, down -0.68%.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: GLD , NSANY , TM , TTM , USO

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