Asian markets mostly higher
Wednesday, 12 December 2007
BANGKOK (Thailand), Dec 11 (AP): Most Asian stock markets rose Tuesday in anticipation that an expected US interest rate cut later in the day will help ease the pressure on the US economy, a major export market.
Japan's benchmark stock index hit a one-month high, as the Nikkei 225 index added 120.33 points, or 0.76 per cent, to finish at 16,044.72 points, the highest since Nov. 7.
Investors were heartened by overnight gain on Wall Street after an uptick in pending home sales helped offset concerns about another round of subprime mortgage-related losses. The Dow rose 101.45, or 0.74 per cent, to 13,727.03.
The benchmark Shanghai Composite Index rose 13.15 points, or 0.3 per cent, to 5,175.08.
"Today, food companies rallied on the CPI figure, buoyed by expectations of higher earnings in the sector now that food prices have increased so much," said Hao Guomei, an analyst with Huatai Securities.
China Quanjude (Group), a roast-duck restaurant chain, rose by the 10 per cent limit to 47.07 yuan. Meat-processing firm Henan Shuanghui Investment & Development added 4.3 per cent to 51.20 yuan.
In Tokyo currencies, the dollar was trading at 111.86 yen at 4:50 p.m. (0750 GMT) Tuesday, up from 111.67 yen late Monday in New York. The euro rose to US$1.4740 from US$1.4712.
Elsewhere:
BANGKOK: Thailand's main stock index dipped 0.1 per cent to 840.45.
JAKARTA: Indonesian shares rose, with the JSX index rising 0.7 per cent at 2,810.962.
MANILA: Philippine shares slipped as the market awaited the US Federal Reserve's decision on interest rates. The Philippine Stock Exchange Index fell 3.14 points, or 0.1 per cent, at 3,672.38, after losing 1.9 per cent Monday.
MUMBAI: Indian shares climbed, led by strong gains in telecommunications company Bharti Airtel Ltd. and HDFC Bank Ltd. The Bombay Stock Exchange's benchmark 30-stock Sensex rose 360 points, or 1.8 per cent, to 20,291 points.
SEOUL: Rallies in telecommunication stocks and banks helped the South Korean stock market to advance. The Kospi rose 18.65 points, or 1 per cent, to 1,925.07.
SINGAPORE: Singapore's benchmark Straits Times Index rose 35.95 points, or 1 per cent, to 3,589.03.
SYDNEY: Australian stock market hit its highest level in five weeks, with an anticipated cut in US interest rates expected to further calm US market nerves. he benchmark S&P/ASX 200 index closed up 55.3 points, or 0.8 per cent, to 6,680.4.
TAIPEI: Taiwan's stock market rose slightly, led by the cement and textile sectors. The Weighted Price Index of the Taiwan Stock Exchange rose 40.30 points, or 0.47 per cent, to 8,638.33 in thin volume.
WELLINGTON: New Zealand shares fell, hurt by losses in blue-chips, as investors stayed on the sidelines in the absence of corporate news. The benchmark NZX-50 ended down 31 points, or 0.8 per cent, at 4,026.951.
Japan's benchmark stock index hit a one-month high, as the Nikkei 225 index added 120.33 points, or 0.76 per cent, to finish at 16,044.72 points, the highest since Nov. 7.
Investors were heartened by overnight gain on Wall Street after an uptick in pending home sales helped offset concerns about another round of subprime mortgage-related losses. The Dow rose 101.45, or 0.74 per cent, to 13,727.03.
The benchmark Shanghai Composite Index rose 13.15 points, or 0.3 per cent, to 5,175.08.
"Today, food companies rallied on the CPI figure, buoyed by expectations of higher earnings in the sector now that food prices have increased so much," said Hao Guomei, an analyst with Huatai Securities.
China Quanjude (Group), a roast-duck restaurant chain, rose by the 10 per cent limit to 47.07 yuan. Meat-processing firm Henan Shuanghui Investment & Development added 4.3 per cent to 51.20 yuan.
In Tokyo currencies, the dollar was trading at 111.86 yen at 4:50 p.m. (0750 GMT) Tuesday, up from 111.67 yen late Monday in New York. The euro rose to US$1.4740 from US$1.4712.
Elsewhere:
BANGKOK: Thailand's main stock index dipped 0.1 per cent to 840.45.
JAKARTA: Indonesian shares rose, with the JSX index rising 0.7 per cent at 2,810.962.
MANILA: Philippine shares slipped as the market awaited the US Federal Reserve's decision on interest rates. The Philippine Stock Exchange Index fell 3.14 points, or 0.1 per cent, at 3,672.38, after losing 1.9 per cent Monday.
MUMBAI: Indian shares climbed, led by strong gains in telecommunications company Bharti Airtel Ltd. and HDFC Bank Ltd. The Bombay Stock Exchange's benchmark 30-stock Sensex rose 360 points, or 1.8 per cent, to 20,291 points.
SEOUL: Rallies in telecommunication stocks and banks helped the South Korean stock market to advance. The Kospi rose 18.65 points, or 1 per cent, to 1,925.07.
SINGAPORE: Singapore's benchmark Straits Times Index rose 35.95 points, or 1 per cent, to 3,589.03.
SYDNEY: Australian stock market hit its highest level in five weeks, with an anticipated cut in US interest rates expected to further calm US market nerves. he benchmark S&P/ASX 200 index closed up 55.3 points, or 0.8 per cent, to 6,680.4.
TAIPEI: Taiwan's stock market rose slightly, led by the cement and textile sectors. The Weighted Price Index of the Taiwan Stock Exchange rose 40.30 points, or 0.47 per cent, to 8,638.33 in thin volume.
WELLINGTON: New Zealand shares fell, hurt by losses in blue-chips, as investors stayed on the sidelines in the absence of corporate news. The benchmark NZX-50 ended down 31 points, or 0.8 per cent, at 4,026.951.