Asian markets close mixed
Friday, 11 April 2008
TOKYO, Apr 10 (RTTNews): Stock markets across the Asia-Pacific region closed mixed Thursday after Wall Street closed lower overnight as a surge in crude prices and a profit warning by United Parcel Service raised US recession fears.
While Japan and Australia fell, South Korea gained after the ruling party won a parliamentary majority in elections and China rebounded on earnings announcements and record yuan. Hong Kong, Taiwan and Indonesian markets also closed higher, but markets India, Singapore and New Zealand closed in negatve territory.
Japan's Nikkei 225 index fell 166.59 points or 1.30 per cent to close at 12,945.30, while the Topix index of all the Tokyo Stock Exchange First Section issues lost 14.83 points or 1.20 per cent to finish at 1,248.07.
Among electronics stocks, Fanuc fell 6.20 per cent, Casio dropped 3.50 per cent and Elpida Memory lost 3.80 per cent. Real estate stocks extended their losses following a cut in their ratings. Sumitomo Realty & Development shed 3.40 per cent and Mitsui Fudosan dropped 3.60 per cent.
Commodity-linked stocks gained after gold and oil prices rose overnight. Crude oil futures closed at $110.87 a barrel, topping the previous record settlement of $110.33 set on March 13. Mitsubishi Corporation rose 2.10 per cent, Sumitomo Metal Mining added 1.90 per cent and Inpex Holdings gained 1.70 per cent.
Big banks closed mixed. Mizuho Financial lost 1.50 per cent and Sumitomo Mitsui Financial shed 0.30 per cent, while Mitsubishi UFJ Financial Group added 0.50 per cent.
South Korea's KOSPI index closed up 9.93 points or 0.60 per cent at 1,764.64, recovering from 1.0 per cent fall in early trade.
In currency trading, the dollar closed at 976.3 won, up from Wednesday's close of 976.1 won.
In the tech space, Samsung Electronics rose 1.60 per cent and Hynix Semiconductor jumped 3.0 per cent. LG Display lost 1.50 per cent on profit taking. After the market closed, the company reported a first-quarter net profit of 717 billion won compared to a net loss of 169 billion won a year earlier on improved productivity, the stabilisation of panel prices and a weaker won.
While Japan and Australia fell, South Korea gained after the ruling party won a parliamentary majority in elections and China rebounded on earnings announcements and record yuan. Hong Kong, Taiwan and Indonesian markets also closed higher, but markets India, Singapore and New Zealand closed in negatve territory.
Japan's Nikkei 225 index fell 166.59 points or 1.30 per cent to close at 12,945.30, while the Topix index of all the Tokyo Stock Exchange First Section issues lost 14.83 points or 1.20 per cent to finish at 1,248.07.
Among electronics stocks, Fanuc fell 6.20 per cent, Casio dropped 3.50 per cent and Elpida Memory lost 3.80 per cent. Real estate stocks extended their losses following a cut in their ratings. Sumitomo Realty & Development shed 3.40 per cent and Mitsui Fudosan dropped 3.60 per cent.
Commodity-linked stocks gained after gold and oil prices rose overnight. Crude oil futures closed at $110.87 a barrel, topping the previous record settlement of $110.33 set on March 13. Mitsubishi Corporation rose 2.10 per cent, Sumitomo Metal Mining added 1.90 per cent and Inpex Holdings gained 1.70 per cent.
Big banks closed mixed. Mizuho Financial lost 1.50 per cent and Sumitomo Mitsui Financial shed 0.30 per cent, while Mitsubishi UFJ Financial Group added 0.50 per cent.
South Korea's KOSPI index closed up 9.93 points or 0.60 per cent at 1,764.64, recovering from 1.0 per cent fall in early trade.
In currency trading, the dollar closed at 976.3 won, up from Wednesday's close of 976.1 won.
In the tech space, Samsung Electronics rose 1.60 per cent and Hynix Semiconductor jumped 3.0 per cent. LG Display lost 1.50 per cent on profit taking. After the market closed, the company reported a first-quarter net profit of 717 billion won compared to a net loss of 169 billion won a year earlier on improved productivity, the stabilisation of panel prices and a weaker won.