Share in Asia gain as currency swings provide opportunities: 16-Dec-2016

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Asian shares gained on Friday led by Japan as investors focused on currency plays.

The Nikkei 225 rose 0.67% asy a weaker yen supported exporters. Nintendo plummeted 4.82% to 26,250 yen, and falling more than 10.8% this week.
Investors were cautious ahead of the “Super Mario Run” smartphone game release on Apple (NASDAQ:AAPL)’s iOS.

Shanghai Composite Index rose 0.11%, while Hong Kong’s Hang Seng Index edged up 0.12%.

The yuan fell against the dollar for the third consecutive day, hitting the lowest level since May 2008 after the People’s Bank of China set the fixing at 6.9508 Friday.

Chinese policymakers have been rushing to curb capital outflows and spending foreign exchange reserve to support the yuan, after the Fed raised rates and the dollar hit 14-year highs. China’s foreign exchange reserves fell more-than-expected to a six-year low of $3.05 trillion in November.

Overnight, U.S. stocks were higher after the close on Thursday, as gains in the Financials, Telecoms and Basic Materials sectors led shares higher.At the close in NYSE, the Dow Jones Industrial Average added 0.34%, while the S&P 500 index climbed 0.41%, and the NASDAQ Composite index gained 0.36%.

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