Asian markets close mostly higher on NYT report
Sunday, 13 July 2008
The stock markets across the Asia-Pacific region closed mostly higher Friday after Wall Street finished in positive territory Thursday. After a directionless morning session, most Asian markets moved into positive territory after the New York Times reported that the US government was considering taking over the two top mortgage finance companies Freddie Mac and Fannie Mae. However, India's Sensex plunged 3.3 per cent.
Oil prices continued to remain a matter of concern. Crude futures climbed above $144.05 a barrel in Asian trade after surging as much as $5.6 to finish at $141.65 a barrel in US trading Thursday.
On the currency front, the dollar regained ground to lower 107-yen levels in late Tokyo deals and traded flat with Thursday's late quotes. The greenback, however, closed lower against the South K9orean won at 1,002.3. The Aussie and the kiwi also edged higher against the dollar to US$0.9605-0.9609 and US$0.7579 respectively.
The Japanese market closed slightly lower, reversing Thursday's marginal gains. The 225-issue Nikkei Stock Average lost 27.52 points or 0.21 per cent to finish at 13,039.69 after the key index briefly fell below the 13,000 mark. The index has lost 1.5 per cent over the week. The broader Topix index of all First Section issues on the Tokyo Stock Exchange closed down 4.85 points or 0.38 per cent at 1,285.91.
On the economic front, the Ministry of Economy, Trade and Industry said in its latest report that Japan's industrial output rose by a seasonally adjusted 2.8 per cent, slower than the initial estimate of 2.9 per cent.
Meanwhile, the cabinet office said that Japanese consumer confidence slumped to the lowest on record. The Cabinet Office's quarterly consumer sentiment index worsened to 32.3 on a seasonally adjusted basis in June from 36.5 in March.
The South Korean market closed higher, extending Thursday's 1.2 per cent gains. The benchmark Korea Composite Stock Price Index or KOSPI rose 30.08 points or 1.96 per cent to finish at 1,567.51.
Tech exporters and automakers posted significant gains. Market leader Samsung Electronics gained 1.4 per cent and chipmaking giant Hynix Semiconductor surged 4.6 per cent. Top carmaker Hyundai Motor soared 5.0 per cent.
Top shipyard Hyundai Heavy Industries advanced 2.1 per cent, but Korean Air Lines and its rival Asiana Airlines lost 0.1 per cent each.
The Chinese market closed lower for a second day, led by property stocks. The benchmark Shanghai Composite Index closed down 18.82 points or 0.65 per cent at 2,856.63. After rising about 9.0 per cent in the first three days of the week amid strong first-half earnings forecast by blue chip banks and property developers, the key index finished the week with 7.0 per cent gains. The key index posted gains for the first week after seven weeks of losses.
The Hong Kong market closed higher, led by Hong Kong Exchanges and Clearing, telecoms heavyweight China Mobile, mainland banks and Chalco.
The benchmark Hang Seng index closed up 362.77 points or 1.66 per cent at 22,184.55. For the week, the index has gained 761 points or 3.55 per cent.
The Australian market closed higher, led by the resources sector. The benchmark S&P/ASX 200 index closed up 42.5 points or 0.9 per cent at 4,979.9, reversing Thursday's 1.5 per cent decline. The broader All Ordinaries index gained 47.3 points or 0.9 per cent to finish at 5,067.8.
The New Zealand market closed slightly higher, reversing Thursday's sharp decline. After opening higher, the market slid to a fresh three-year low by noon following the release of house prices data. But recovered some ground going into close of the trading session as other regional markets pared their early losses and moved into positive territory. However, higher oil prices raised concerns about consumer spending and corporate profits and capped the gains.
The benchmark NZX 50 index closed up 8.98 points or 0.29 per cent at 3,121.54, extending Thursday's 2.1 per cent plunge. The broader NZX All Capital index added 9.44 points or 0.3 per cent to finish at 3,167.71.
Taiwan's Taiex closed up 2.4 per cent at 7,244, Singapore's STI closed up 0.9 per cent at 2,926, Malaysia's KLCI closed up 1.3 per cent at 1,150, Indonesia's Jakarta Composite index closed flat at 2,276 and India's Sensex closed down 3.3 per cent at 13,469.
Oil prices continued to remain a matter of concern. Crude futures climbed above $144.05 a barrel in Asian trade after surging as much as $5.6 to finish at $141.65 a barrel in US trading Thursday.
On the currency front, the dollar regained ground to lower 107-yen levels in late Tokyo deals and traded flat with Thursday's late quotes. The greenback, however, closed lower against the South K9orean won at 1,002.3. The Aussie and the kiwi also edged higher against the dollar to US$0.9605-0.9609 and US$0.7579 respectively.
The Japanese market closed slightly lower, reversing Thursday's marginal gains. The 225-issue Nikkei Stock Average lost 27.52 points or 0.21 per cent to finish at 13,039.69 after the key index briefly fell below the 13,000 mark. The index has lost 1.5 per cent over the week. The broader Topix index of all First Section issues on the Tokyo Stock Exchange closed down 4.85 points or 0.38 per cent at 1,285.91.
On the economic front, the Ministry of Economy, Trade and Industry said in its latest report that Japan's industrial output rose by a seasonally adjusted 2.8 per cent, slower than the initial estimate of 2.9 per cent.
Meanwhile, the cabinet office said that Japanese consumer confidence slumped to the lowest on record. The Cabinet Office's quarterly consumer sentiment index worsened to 32.3 on a seasonally adjusted basis in June from 36.5 in March.
The South Korean market closed higher, extending Thursday's 1.2 per cent gains. The benchmark Korea Composite Stock Price Index or KOSPI rose 30.08 points or 1.96 per cent to finish at 1,567.51.
Tech exporters and automakers posted significant gains. Market leader Samsung Electronics gained 1.4 per cent and chipmaking giant Hynix Semiconductor surged 4.6 per cent. Top carmaker Hyundai Motor soared 5.0 per cent.
Top shipyard Hyundai Heavy Industries advanced 2.1 per cent, but Korean Air Lines and its rival Asiana Airlines lost 0.1 per cent each.
The Chinese market closed lower for a second day, led by property stocks. The benchmark Shanghai Composite Index closed down 18.82 points or 0.65 per cent at 2,856.63. After rising about 9.0 per cent in the first three days of the week amid strong first-half earnings forecast by blue chip banks and property developers, the key index finished the week with 7.0 per cent gains. The key index posted gains for the first week after seven weeks of losses.
The Hong Kong market closed higher, led by Hong Kong Exchanges and Clearing, telecoms heavyweight China Mobile, mainland banks and Chalco.
The benchmark Hang Seng index closed up 362.77 points or 1.66 per cent at 22,184.55. For the week, the index has gained 761 points or 3.55 per cent.
The Australian market closed higher, led by the resources sector. The benchmark S&P/ASX 200 index closed up 42.5 points or 0.9 per cent at 4,979.9, reversing Thursday's 1.5 per cent decline. The broader All Ordinaries index gained 47.3 points or 0.9 per cent to finish at 5,067.8.
The New Zealand market closed slightly higher, reversing Thursday's sharp decline. After opening higher, the market slid to a fresh three-year low by noon following the release of house prices data. But recovered some ground going into close of the trading session as other regional markets pared their early losses and moved into positive territory. However, higher oil prices raised concerns about consumer spending and corporate profits and capped the gains.
The benchmark NZX 50 index closed up 8.98 points or 0.29 per cent at 3,121.54, extending Thursday's 2.1 per cent plunge. The broader NZX All Capital index added 9.44 points or 0.3 per cent to finish at 3,167.71.
Taiwan's Taiex closed up 2.4 per cent at 7,244, Singapore's STI closed up 0.9 per cent at 2,926, Malaysia's KLCI closed up 1.3 per cent at 1,150, Indonesia's Jakarta Composite index closed flat at 2,276 and India's Sensex closed down 3.3 per cent at 13,469.