Major Asian markets rise after mixed day on Wall Street
Friday, 4 April 2008
BANGKOK, Apr 3 (AP): Most major Asian markets rose Thursday after a mixed overnight session on Wall Street, with investors buying commodity, electronics and financial stocks.
Benchmark indices on the region's two largest bourses in Tokyo and Hong Kong rose for the third straight day, although early trade meandered following comments by Federal Reserve Chairman Ben Bernanke on the likelihood of an US recession in the first-half of the year.
Tokyo's benchmark Nikkei 225 index advanced 1.5 per cent to 13,389.9, while Hong Kong's Hang Seng rose 1.6 per cent to 24,264.6.
In Japan, "the effect of the rising yen was strong enough to offset negative sentiment," said Hiroichi Nishi, general manager at Nikko Cordial Securities. He noted that Bernanke also said he expects the economy to recover in the second half.
"The stock market tends to look ahead," Nishi said.
Toshiba was big gainers after it said unit Westinghouse Electric Co is in final talks to take orders from two US power companies for next-generation nuclear power reactors. Its shares rose 5.9 per cent.
Other electronics shares were also higher as the dollar climbed against the yen as high as 102.95 yen, the highest level in about three weeks. TDK rose 3.4 per cent, and Nikon gained 4.1 per cent.
Commodity shares benefited from a $12.40 rise in gold futures to $900.20 in New York. Inpex Holdings gained 4.5 per cent. Sumitomo Metal Mining added 4.3 per cent.
In Hong Kong, the market was lifted as Chinese blue chips continued to track gains in mainland stock markets.
Ping An Insurance surged 7.4 per cent and China Life Insurance rose 4.2 per cent.
In mainland China, the Shanghai Composite Index jumped 2.9 per cent to 3,446.24 points as investors expressed the hope that the government would announce market-boosting measures over the three-day weekend starting Friday.
Benchmark indices on the region's two largest bourses in Tokyo and Hong Kong rose for the third straight day, although early trade meandered following comments by Federal Reserve Chairman Ben Bernanke on the likelihood of an US recession in the first-half of the year.
Tokyo's benchmark Nikkei 225 index advanced 1.5 per cent to 13,389.9, while Hong Kong's Hang Seng rose 1.6 per cent to 24,264.6.
In Japan, "the effect of the rising yen was strong enough to offset negative sentiment," said Hiroichi Nishi, general manager at Nikko Cordial Securities. He noted that Bernanke also said he expects the economy to recover in the second half.
"The stock market tends to look ahead," Nishi said.
Toshiba was big gainers after it said unit Westinghouse Electric Co is in final talks to take orders from two US power companies for next-generation nuclear power reactors. Its shares rose 5.9 per cent.
Other electronics shares were also higher as the dollar climbed against the yen as high as 102.95 yen, the highest level in about three weeks. TDK rose 3.4 per cent, and Nikon gained 4.1 per cent.
Commodity shares benefited from a $12.40 rise in gold futures to $900.20 in New York. Inpex Holdings gained 4.5 per cent. Sumitomo Metal Mining added 4.3 per cent.
In Hong Kong, the market was lifted as Chinese blue chips continued to track gains in mainland stock markets.
Ping An Insurance surged 7.4 per cent and China Life Insurance rose 4.2 per cent.
In mainland China, the Shanghai Composite Index jumped 2.9 per cent to 3,446.24 points as investors expressed the hope that the government would announce market-boosting measures over the three-day weekend starting Friday.