Asian stocks mostly down
Thursday, 26 July 2007
MUMBAI, July 25 (Thomson Financial): Shares across the Asia-Pacific region were mostly down Wednesday, as the overnight plunge in Wall Street weighed on some markets, with stocks in Tokyo and Australia falling on low investor sentiment.
The Nikkei 225 Stock Average fell 143.61 points or 0.80 per cent to 17,858.42 as investors fretted about a rising yen, although some bargain-hunting helped the key index recoup some losses.
"Only a few stocks like Daihatsu and Nintendo rose after they announced their earnings and it is not likely to spread to the broader market. This trend is likely to remain this week," said Hiroyuki Nakai, chief strategist at Tokai Tokyo Research Centre.
Shares of Daihatsu Motor Company Limited rose 28 yen or 2.4 per cent to 1,197 after the compact vehicle maker said its fiscal first-quarter net profit rose 51 per cent from a year earlier because of higher global sales and a weaker yen, allowing it to lift its full-year forecast.
Nintendo Company Limited shares jumped 1,900 yen or 3.50 per cent to 56,400 after the video game maker reported its first-quarter net profit grew more than fivefold from a year ago.
China A-shares closed sharply higher led by financial and energy shares on optimism that the index will soon set a record high. Market sentiment was also boosted by large caps including Air China and CITIC Securities Company Limited announcing much stronger earnings estimates for the first half.
The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, closed up 113.64 points or 2.70 per cent at 4,323.97. The Shanghai A-share Index was up 118.92 points or 2.70 per cent at 4,535.78 and the Shenzhen A-share Index was up 30.45 points or 2.47 per cent at 1,265.61.
China B-shares closed higher led by energy stocks on the continued rise in the yuan and strong gains by the A-share market, dealers said. The Shanghai B-share Index closed up 10.59 points or 3.54 per cent at 309.32 and the Shenzhen B-share Index closed up 6.35 points or 0.82 per cent at 780.96.
In Jakarta shares closed lower, with the main index snapping its four-day record-setting streak, as investors pocketed profits across the board.
The composite index closed down 6.58 points or 0.30 per cent at 2,394.565 on volume of 6.19 billion shares worth 5.37 trillion rupiah.
The Nikkei 225 Stock Average fell 143.61 points or 0.80 per cent to 17,858.42 as investors fretted about a rising yen, although some bargain-hunting helped the key index recoup some losses.
"Only a few stocks like Daihatsu and Nintendo rose after they announced their earnings and it is not likely to spread to the broader market. This trend is likely to remain this week," said Hiroyuki Nakai, chief strategist at Tokai Tokyo Research Centre.
Shares of Daihatsu Motor Company Limited rose 28 yen or 2.4 per cent to 1,197 after the compact vehicle maker said its fiscal first-quarter net profit rose 51 per cent from a year earlier because of higher global sales and a weaker yen, allowing it to lift its full-year forecast.
Nintendo Company Limited shares jumped 1,900 yen or 3.50 per cent to 56,400 after the video game maker reported its first-quarter net profit grew more than fivefold from a year ago.
China A-shares closed sharply higher led by financial and energy shares on optimism that the index will soon set a record high. Market sentiment was also boosted by large caps including Air China and CITIC Securities Company Limited announcing much stronger earnings estimates for the first half.
The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, closed up 113.64 points or 2.70 per cent at 4,323.97. The Shanghai A-share Index was up 118.92 points or 2.70 per cent at 4,535.78 and the Shenzhen A-share Index was up 30.45 points or 2.47 per cent at 1,265.61.
China B-shares closed higher led by energy stocks on the continued rise in the yuan and strong gains by the A-share market, dealers said. The Shanghai B-share Index closed up 10.59 points or 3.54 per cent at 309.32 and the Shenzhen B-share Index closed up 6.35 points or 0.82 per cent at 780.96.
In Jakarta shares closed lower, with the main index snapping its four-day record-setting streak, as investors pocketed profits across the board.
The composite index closed down 6.58 points or 0.30 per cent at 2,394.565 on volume of 6.19 billion shares worth 5.37 trillion rupiah.