Asian stocks were already on the green the moment when Monday opened its bell. This was driven by the moderate gains from the energy sector as it surpassed its 10-month low on the previous week. Many markets are shut on the day.
Even though U.S. crude is still trading under the $45 per barrel handle, the price of oil made moderate gains. U.S. West Texas Intermediate (WTI) rose as much as 0.49 percent and finished the day at $43.23 per barrel while global benchmark Brent crude advanced about 0.55 percent and settles at $45.79 per barrel.
Meanwhile in Asian indexes, Japanese benchmark Nikkei 225 was marginally higher by 0.05 percent, Kospi index in South Korean added 0.23 percent and Aussie benchmark ASX 200 edged up more than 0.19 percent on the day.
In Japan, automotive parts company Takata decided to file for bankruptcy in the country, according to reports from a local media. Air bags that are defected manufactured by Takaya have resulted in the biggest-to-date product recall in the car industry, with about 17 deaths connected to the issue. Their shares were suspended from trading on the Tokyo Stock Exchange (TSE/TYO). The company’s U.S. branch Takata Americas also filed for bankruptcy in Delaware.
Shares of the Japanese conglomerate Toshiba, however, was 2.57 percent down after the released news suggesting the company have been assigned again to the second section of the TSE form the first section.
Markets in Philippines, Singapore, Indonesia and Malaysia were shut due to the end of Ramadan. According to Michael McCarthy, chief market strategist at CMC Markets, there are possibilities that Asia-Pacific markets will have peaceful start to the trading week