Asian stocks rise
Thursday, 5 July 2007
HONG KONG, July 4: Asian stock markets rose Wednesday, with South Korea's benchmark KOSPI index hitting a fresh record high after stocks such as Hyundai Motor rose, while broader sentiment was lifted by fresh US takeover talk, according to Internet.
Tokyo's Nikkei average had climbed 0.10 per cent as Internet conglomerate Softbank added 2.40 per cent and Canon Inc. put on 0.40 per cent.
But Fast Retailing slumped 3.50 per cent after the clothing retailer posted a 1.30 per cent fall in same-store sales in June.
"I expect us to start higher following gains on Wall Street but then to meander at slightly elevated levels," said Masayoshi Yano, a senior manager of investment information at Tokai Tokyo Securities.
In South Korea, investors snapped up a number of banks including top lender Kookmin Bank a day after Moody's said it may upgrade their ratings, helping drive the key KOSPI 1.30 per cent higher to a record high of 1,828.63.
Market heavyweight Samsung Electronics, which is a key chip provider of the hot-selling Apple Inc.'s iPhone, advanced 1.40 per cent.
"US stock markets ended higher last night, while the money flow from domestic institutions is growing. The environment in the stock markets is very positive," said Kim Joong-hyun, an analyst at Goodmorning Shinhan Securities.
Volumes may be lower as US markets close for the Independence Day holiday.
Australia's benchmark S&P/ASX 200 index advanced 0.20 per cent thanks to gains of 1.1 per cent for mining giant BHP Billiton and 0.50 per cent for fellow global miner Rio Tinto.
BHP said earlier it had approved a project to develop oil fields off northwestern Australia and sees production in the first half of 2010, further boosting its oil producing assets.
MSCI's measure of Asia Pacific stocks excluding Japan also hit a fresh record after rising 0.30 per cent, adding to Tuesday's 1.20 per cent rally.
On Wall Street, the blue-chip Dow edged up 0.30 per cent, while the tech-laden Nasdaq Composite Index added 0.50 per cent.
Tokyo's Nikkei average had climbed 0.10 per cent as Internet conglomerate Softbank added 2.40 per cent and Canon Inc. put on 0.40 per cent.
But Fast Retailing slumped 3.50 per cent after the clothing retailer posted a 1.30 per cent fall in same-store sales in June.
"I expect us to start higher following gains on Wall Street but then to meander at slightly elevated levels," said Masayoshi Yano, a senior manager of investment information at Tokai Tokyo Securities.
In South Korea, investors snapped up a number of banks including top lender Kookmin Bank a day after Moody's said it may upgrade their ratings, helping drive the key KOSPI 1.30 per cent higher to a record high of 1,828.63.
Market heavyweight Samsung Electronics, which is a key chip provider of the hot-selling Apple Inc.'s iPhone, advanced 1.40 per cent.
"US stock markets ended higher last night, while the money flow from domestic institutions is growing. The environment in the stock markets is very positive," said Kim Joong-hyun, an analyst at Goodmorning Shinhan Securities.
Volumes may be lower as US markets close for the Independence Day holiday.
Australia's benchmark S&P/ASX 200 index advanced 0.20 per cent thanks to gains of 1.1 per cent for mining giant BHP Billiton and 0.50 per cent for fellow global miner Rio Tinto.
BHP said earlier it had approved a project to develop oil fields off northwestern Australia and sees production in the first half of 2010, further boosting its oil producing assets.
MSCI's measure of Asia Pacific stocks excluding Japan also hit a fresh record after rising 0.30 per cent, adding to Tuesday's 1.20 per cent rally.
On Wall Street, the blue-chip Dow edged up 0.30 per cent, while the tech-laden Nasdaq Composite Index added 0.50 per cent.