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Asia stocks extend global recovery

Asia stocks extend global recovery

Asian shares gained in morning trade on Monday, after the US's S&P 500 extended its winning streak on Friday to six days, amid a global recovery for equity markets.

Japan's Nikkei 225 rose 1.13% in early trade, while the Topix index was up 1.2%. Major export stocks traded up, with Toyota shares climbing 1.3%, Honda up 1.48% and Sony adding 0.42%.

Meanwhile, in the currency market, the Japanese yen traded at 106.32 to the dollar at 8:14 a.m. HK/SIN, coming off an earlier high of 106.11.

South Korea's Kospi index gained 0.87%, while after the first hour of trade, Australia's ASX 200 reversed early losses to trade up 0.36%. The heavily weighted financial subindex rose 0.39%, while the energy sector fell 1.07% and materials fell 0.12%.

Oil stocks in Australia traded mixed. Shares of Santos rose 1.39%, Oil Search was up 2.96% and Beach Energy added 4.74%.

But Woodside Petroleum declined 5.91% after the company said it completed the institutional component of its $1.98 billion share sale, announced on 14 February.  Woodside raised gross proceeds of about A$1.57 billion at A$27 per new share.

Markets in the Greater China region remain closed for the Lunar New Year holiday. The US market will also be closed on Monday for Presidents Day.

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