Asian markets close higher
Thursday, 21 August 2008
TOKYO, Aug 20 (RTTNews): The stock markets across the Asia-Pacific region closed mostly higher Wednesday, rebounding from early lows as the Chinese stock market surged on expectation that the government would introduce a stimulus package soon to boost the slowing economy.
Financials in Asia were mixed, while resources rose on firmer commodity prices.
The Japanese market closed lower for the second consecutive trading session. After a weak opening, the market briefly traded in positive territory in the afternoon session as sentiment improved following a rally in the Chinese market.
The benchmark Nikkei 225 index fell 13.36 points or 0.10 per cent to finish at 12,851.69 and the broader Topix index of all the Tokyo Stock Exchange First Section issues closed down 2.17 points or 0.20 per cent at 1,233.37.
On the economic front, Japan's all-industry activity index dropped 0.90 per cent on month in June, the Ministry of Economy, Trade and Industry reported Wednesday.
The decline matched the estimates of most analysts. The index for the three months to June rose 0.50 per cent from the previous quarter. The ministry also said that the index in June was 1.20 per cent below its level a year earlier.
Meanwhile, the Bank of Japan said in its Monthly Report of Recent Economic and Financial Developments for August that the Japanese economic growth has been sluggish.
According to the central bank, high energy and material prices and weak exports growth contributed to the sluggishness.
The financial sector recouped some of the early losses and closed mixed. Mitsubishi UFJ Financial Group fell 1.50 per cent and Sumitomo Mitsui Financial Group lost 1.0 per cent, but Resona Holdings rose 0.90 per cent and Mizuho Financial Group edged up 0.20 per cent.
Insurers also closed mixed, with Mitsui Sumitomo Insurance plunging 3.0 per cent and Sompo Japan Insurance gaining 0.40 per cent.
Toyota Motor lost 1.80 per cent following a report that the automaker will hike the price of some domestically sold hybrids and commercial vehicles by around 1.0 per cent to 3.0 per cent in September.
Among other exporters, Sony plunged 2.80 per cent, Canon fell 2.0 per cent, Nissan Motor declined 0.90 per cent and Honda Motor dropped 1.70 per cent.
Shippers finished lower, with Kawasaki Kisen falling 1.50 per cent, Mitsui OSK Lines plummeting 2.50 per cent and Nippon Yusen losing 2.70 per cent. Oil and gas miner Inpex Holdings jumped 2.50 per cent, Nippon Mining Holdings added 0.90 per cent and Nippon Oil gained 1.20 per cent after oil rebounded Tuesday.
Among trading houses, Marubeni and Itochu added 1.50 per cent each and Mitsubishi Corporation soared 4.30 per cent, while Mitsui & Company slipped 0.20 per cent.
Seven & I Holdings advanced 1.20 per cent on the back of a report that the retailer will open its first discount store in Tokyo on August 29. Fast Retailing rose 1.10 per cent.
The South Korean market closed lower for the third consecutive trading session.
The market started off weak, but recovered ground and moved into positive territory by afternoon and finished the session slightly below the flat line. Investors sold tech and shipyard shares, but bought steel and chemical stocks.
The benchmark Korea Composite Stock Price Index or KOSPI declined 0.7 point or 0.05 per cent to finish at 1,540.71.
Tech stocks and shipbuilders lost ground on concerns that a global economic downturn will hurt demand. Among tech stocks, market leader Samsung Electronics dropped 0.70 per cent, Hynix Semiconductor lost 1.30 per cent and LG Display fell 1.20 per cent. Hyundai Heavy Industries, the world's largest shipbuilder, shed 2.10 per cent.
Steelmakers rose across the board, with POSCO gaining 1.10 per cent and Hyundai Steel edging up 0.70 per cent. SK Chemicals gained 2.20 per cent and LG Chem advanced 0.90 per cent.
Financials in Asia were mixed, while resources rose on firmer commodity prices.
The Japanese market closed lower for the second consecutive trading session. After a weak opening, the market briefly traded in positive territory in the afternoon session as sentiment improved following a rally in the Chinese market.
The benchmark Nikkei 225 index fell 13.36 points or 0.10 per cent to finish at 12,851.69 and the broader Topix index of all the Tokyo Stock Exchange First Section issues closed down 2.17 points or 0.20 per cent at 1,233.37.
On the economic front, Japan's all-industry activity index dropped 0.90 per cent on month in June, the Ministry of Economy, Trade and Industry reported Wednesday.
The decline matched the estimates of most analysts. The index for the three months to June rose 0.50 per cent from the previous quarter. The ministry also said that the index in June was 1.20 per cent below its level a year earlier.
Meanwhile, the Bank of Japan said in its Monthly Report of Recent Economic and Financial Developments for August that the Japanese economic growth has been sluggish.
According to the central bank, high energy and material prices and weak exports growth contributed to the sluggishness.
The financial sector recouped some of the early losses and closed mixed. Mitsubishi UFJ Financial Group fell 1.50 per cent and Sumitomo Mitsui Financial Group lost 1.0 per cent, but Resona Holdings rose 0.90 per cent and Mizuho Financial Group edged up 0.20 per cent.
Insurers also closed mixed, with Mitsui Sumitomo Insurance plunging 3.0 per cent and Sompo Japan Insurance gaining 0.40 per cent.
Toyota Motor lost 1.80 per cent following a report that the automaker will hike the price of some domestically sold hybrids and commercial vehicles by around 1.0 per cent to 3.0 per cent in September.
Among other exporters, Sony plunged 2.80 per cent, Canon fell 2.0 per cent, Nissan Motor declined 0.90 per cent and Honda Motor dropped 1.70 per cent.
Shippers finished lower, with Kawasaki Kisen falling 1.50 per cent, Mitsui OSK Lines plummeting 2.50 per cent and Nippon Yusen losing 2.70 per cent. Oil and gas miner Inpex Holdings jumped 2.50 per cent, Nippon Mining Holdings added 0.90 per cent and Nippon Oil gained 1.20 per cent after oil rebounded Tuesday.
Among trading houses, Marubeni and Itochu added 1.50 per cent each and Mitsubishi Corporation soared 4.30 per cent, while Mitsui & Company slipped 0.20 per cent.
Seven & I Holdings advanced 1.20 per cent on the back of a report that the retailer will open its first discount store in Tokyo on August 29. Fast Retailing rose 1.10 per cent.
The South Korean market closed lower for the third consecutive trading session.
The market started off weak, but recovered ground and moved into positive territory by afternoon and finished the session slightly below the flat line. Investors sold tech and shipyard shares, but bought steel and chemical stocks.
The benchmark Korea Composite Stock Price Index or KOSPI declined 0.7 point or 0.05 per cent to finish at 1,540.71.
Tech stocks and shipbuilders lost ground on concerns that a global economic downturn will hurt demand. Among tech stocks, market leader Samsung Electronics dropped 0.70 per cent, Hynix Semiconductor lost 1.30 per cent and LG Display fell 1.20 per cent. Hyundai Heavy Industries, the world's largest shipbuilder, shed 2.10 per cent.
Steelmakers rose across the board, with POSCO gaining 1.10 per cent and Hyundai Steel edging up 0.70 per cent. SK Chemicals gained 2.20 per cent and LG Chem advanced 0.90 per cent.