Asian markets end mixed
Sunday, 1 July 2007
HONG KONG, June 30 (AP): Asian markets were mixed Friday, as Japanese stocks climbed for a second session and Hong Kong shares declined on profit-taking.
In Tokyo, the Nikkei 225 index rose 206.09 points, or 1.15 per cent, to 18,138.36 points. It was the biggest point rise in the index for June.
Predictions of higher-than-expected profit growth in the July-September quarter at auto, steel and precision equipment makers could push the Nikkei toward 19,000, said Shigeharu Shiraishi, a managing director at Societe Generale Asset Management.
"Japanese stocks are lagging behind overseas and will catch up on rises," Shiraishi said.
Toshiba Corporation jumped 3.86 per cent to 1,075 yen (US$8.74) after Credit Suisse raised its rating on the company to "outperform" from "neutral," partly due to a recovery in prices of NAND memory chips.
Takeda Pharmaceutical Corporation gained 1.53 to 7,960 yen ($64.72) after Nikko Citigroup lifted its rating on the drug maker. Strong sales of its Actos diabetes medication in the US, a rise in the dollar against the yen and solid domestic sales are likely to help it beat the company's earnings forecast for this fiscal year, the brokerage said.
Other gainers included steel, auto and shipping stocks, with JFE Holdings Inc. adding 3.09 per cent to 7,670 yen ($62.36) and Nissan Motor Co. rising 1.54 per cent to 1,321 yen ($10.74).
In Hong Kong, the market was weighed down by declines in China Mobile and HSBC. The Hang Seng Index fell 165.49 points, or 0.75 per cent, to 21,772.73.
China Mobile and HSBC, the two largest constituents of the Hang Seng Index by market capitalisation, fell on profit-taking.
HSBC slipped 0.70 per cent to HK$142.50. China Mobile lost 1.10 per cent to HK$83.95.
Oil stocks were mixed despite higher oil prices. CNOOC, China's largest offshore oil and gas producer by output, climbed 0.60 per cent to HK$8.86. Sinopec fell 0.80 per cent to HK$8.65. PetroChina lost 0.90 per cent to HK$11.52.
BANGKOK: Thai shares edged down 0.10 per cent at 776.79, as profit-taking in banks offset gains in some energy blue chips.
JAKARTA: Indonesian shares ended up 1.30 per cent at 2,139.28, as fund managers bought back shares to improve their equity portfolios by the end of June.
KUALA LUMPUR: Malaysian shares closed 0.30 per cent higher at 1,354.38 on window-dressing gains.
MANILA: Philippine shares gained for the second straight session, lifted by heavy buying in utility and bank stocks. The benchmark 30-company Philippine Stock Exchange Index rose 20.23 points, or 0.60 per cent, at 3,665.23, adding to Thursday's 1.60 per cent jump.
SEOUL: South Korean shares closed lower, led by losses in shipbuilding stocks, while analysts tipping further falls into July are likely to open up buying opportunities. The Korea Composite Stock Price Index, or Kospi, finished down 8.15 points, or 0.50 per cent, at 1,743.60.
SHANGHAI: Chinese stocks fell after regulators carried out a slew of market cooling measures amid expectations more were on the way. The benchmark Shanghai Composite Index slid 2.40 per cent at 3,820.70, following a 4.0 per cent slump Thursday. The Shenzhen Composite Index of China's second, smaller market fell 3.10 per cent to 1,077.92.
SINGAPORE: Singapore's shares ended higher on continued bargain-hunting that helped the island avoid mimicking Wall Street's overnight slip. The Straits Times Index closed up 9.97 points, or 0.28 per cent, at 3,548.20.
SYDNEY: Australian shares rose, led by miners BHP Billiton and Rio Tinto, boosted by higher copper, lead and zinc prices. The benchmark S&P/ASX 200 index closed 0.20 per cent higher at 6,274.9.
TAIPEI: Taiwanese shares fell on profit taking, led by declines in the financial sector. The Weighted Price Index of the Taiwan Stock Exchange lost 9.62 points, or 0.10 per cent, to close at 8,883.21.
WELLINGTON: New Zealand shares closed higher in an end-of-quarter bounce, though brokers doubt the rally will be sustained in the prevailing climate of high interest rates and a strong local currency. The NZX-50 closed up 45 points, or 1.10 per cent, at 4,234.29 on solid volume.
In Tokyo, the Nikkei 225 index rose 206.09 points, or 1.15 per cent, to 18,138.36 points. It was the biggest point rise in the index for June.
Predictions of higher-than-expected profit growth in the July-September quarter at auto, steel and precision equipment makers could push the Nikkei toward 19,000, said Shigeharu Shiraishi, a managing director at Societe Generale Asset Management.
"Japanese stocks are lagging behind overseas and will catch up on rises," Shiraishi said.
Toshiba Corporation jumped 3.86 per cent to 1,075 yen (US$8.74) after Credit Suisse raised its rating on the company to "outperform" from "neutral," partly due to a recovery in prices of NAND memory chips.
Takeda Pharmaceutical Corporation gained 1.53 to 7,960 yen ($64.72) after Nikko Citigroup lifted its rating on the drug maker. Strong sales of its Actos diabetes medication in the US, a rise in the dollar against the yen and solid domestic sales are likely to help it beat the company's earnings forecast for this fiscal year, the brokerage said.
Other gainers included steel, auto and shipping stocks, with JFE Holdings Inc. adding 3.09 per cent to 7,670 yen ($62.36) and Nissan Motor Co. rising 1.54 per cent to 1,321 yen ($10.74).
In Hong Kong, the market was weighed down by declines in China Mobile and HSBC. The Hang Seng Index fell 165.49 points, or 0.75 per cent, to 21,772.73.
China Mobile and HSBC, the two largest constituents of the Hang Seng Index by market capitalisation, fell on profit-taking.
HSBC slipped 0.70 per cent to HK$142.50. China Mobile lost 1.10 per cent to HK$83.95.
Oil stocks were mixed despite higher oil prices. CNOOC, China's largest offshore oil and gas producer by output, climbed 0.60 per cent to HK$8.86. Sinopec fell 0.80 per cent to HK$8.65. PetroChina lost 0.90 per cent to HK$11.52.
BANGKOK: Thai shares edged down 0.10 per cent at 776.79, as profit-taking in banks offset gains in some energy blue chips.
JAKARTA: Indonesian shares ended up 1.30 per cent at 2,139.28, as fund managers bought back shares to improve their equity portfolios by the end of June.
KUALA LUMPUR: Malaysian shares closed 0.30 per cent higher at 1,354.38 on window-dressing gains.
MANILA: Philippine shares gained for the second straight session, lifted by heavy buying in utility and bank stocks. The benchmark 30-company Philippine Stock Exchange Index rose 20.23 points, or 0.60 per cent, at 3,665.23, adding to Thursday's 1.60 per cent jump.
SEOUL: South Korean shares closed lower, led by losses in shipbuilding stocks, while analysts tipping further falls into July are likely to open up buying opportunities. The Korea Composite Stock Price Index, or Kospi, finished down 8.15 points, or 0.50 per cent, at 1,743.60.
SHANGHAI: Chinese stocks fell after regulators carried out a slew of market cooling measures amid expectations more were on the way. The benchmark Shanghai Composite Index slid 2.40 per cent at 3,820.70, following a 4.0 per cent slump Thursday. The Shenzhen Composite Index of China's second, smaller market fell 3.10 per cent to 1,077.92.
SINGAPORE: Singapore's shares ended higher on continued bargain-hunting that helped the island avoid mimicking Wall Street's overnight slip. The Straits Times Index closed up 9.97 points, or 0.28 per cent, at 3,548.20.
SYDNEY: Australian shares rose, led by miners BHP Billiton and Rio Tinto, boosted by higher copper, lead and zinc prices. The benchmark S&P/ASX 200 index closed 0.20 per cent higher at 6,274.9.
TAIPEI: Taiwanese shares fell on profit taking, led by declines in the financial sector. The Weighted Price Index of the Taiwan Stock Exchange lost 9.62 points, or 0.10 per cent, to close at 8,883.21.
WELLINGTON: New Zealand shares closed higher in an end-of-quarter bounce, though brokers doubt the rally will be sustained in the prevailing climate of high interest rates and a strong local currency. The NZX-50 closed up 45 points, or 1.10 per cent, at 4,234.29 on solid volume.