Many Asian markets rise
Friday, 26 October 2007
BANGKOK, Oct 25 (AP): Most Asian markets rose Thursday, with Hong Kong share hitting a record close on hopes of a US interest rate cut next week, and comments by US billionaire investor Warren Buffett pushing up stocks in South Korea.
Shares also rose in India, Indonesia, Malaysia, Singapore, the Philippines and Thailand.
But Asia's biggest market, in Tokyo, declined. Stocks also fell in Australia, China and New Zealand.
Hong Kong's benchmark Hang Seng Index rose 1.80 per cent to 19,854.49, as further news of a slowing US economy gave rise to more hope the Federal Reserve will cuts its key rate next week.
The local currency is pegged to the US dollar and Hong Kong's monetary authority usually mimics any US moves on interest rates.
"Property stocks are mainly riding on the potential rate cut theme, but gains may not be sustained as the market has already factored in all good news," said Castor Pang, strategist at Sun Hung Kai Research Ltd.
The property subindex rose 7.50 per cent. Sino Land, the best performing blue chip, rose 11 per cent, Cheung Kong gained 7.80 per cent and Sun Hung Kai Properties advanced 8.40 per cent.
MUMBAI: Indian shares gained Thursday led by Tata Steel, bank and automobile companies. The Bombay Stock Exchange's 30-share Sensex index moved up 258 points, or 1.40 per cent, to close at 18,771 points. On the broader National Stock Exchange, the 50-company S&P Nifty index moved up 72 points, or 1.30 per cent, to end at 5,568 points.
BANGKOK: Thailand's main stock index rose 3.20 per cent to 893.45 as foreign investors bought banking and energy blue chips. The index is expected to break 900 Friday.
JAKARTA: Indonesia's main stock benchmark rose 2.80 per cent to 2,596.66, with foreign buying expected to continue ahead of strong third-quarter earnings announcements next week.
KUALA LUMPUR: The Kuala Lumpur Composite Index gained 1.40 per cent to 1,378.27 as local funds bought blue chips and plantation stocks.
MANILA: Philippine shares edged up in the absence of fresh leads, with investors awaiting third-quarter earnings results and the US Federal Reserve's next move on interest rates. The 30-company Philippine Stock Exchange Index rose 0.10 per cent to 3,767.78.
SINGAPORE: Singapore's benchmark index closed up 1.60 per cent as investors remained cautiously optimistic ahead of earnings reports, but analysts said market uncertainty is likely to prevent the index from rallying in coming days.
TAIPEI: Taiwan shares rose, lifted by finance companies after the Cabinet passed an authorization for NT$140 billion (US$4.24 billion) of domestic mutual funds to be invested in Chinese shares. The Weighted Price Index of the Taiwan Stock Exchange rose 1.33 per cent to 9,568.26 points.
Shares also rose in India, Indonesia, Malaysia, Singapore, the Philippines and Thailand.
But Asia's biggest market, in Tokyo, declined. Stocks also fell in Australia, China and New Zealand.
Hong Kong's benchmark Hang Seng Index rose 1.80 per cent to 19,854.49, as further news of a slowing US economy gave rise to more hope the Federal Reserve will cuts its key rate next week.
The local currency is pegged to the US dollar and Hong Kong's monetary authority usually mimics any US moves on interest rates.
"Property stocks are mainly riding on the potential rate cut theme, but gains may not be sustained as the market has already factored in all good news," said Castor Pang, strategist at Sun Hung Kai Research Ltd.
The property subindex rose 7.50 per cent. Sino Land, the best performing blue chip, rose 11 per cent, Cheung Kong gained 7.80 per cent and Sun Hung Kai Properties advanced 8.40 per cent.
MUMBAI: Indian shares gained Thursday led by Tata Steel, bank and automobile companies. The Bombay Stock Exchange's 30-share Sensex index moved up 258 points, or 1.40 per cent, to close at 18,771 points. On the broader National Stock Exchange, the 50-company S&P Nifty index moved up 72 points, or 1.30 per cent, to end at 5,568 points.
BANGKOK: Thailand's main stock index rose 3.20 per cent to 893.45 as foreign investors bought banking and energy blue chips. The index is expected to break 900 Friday.
JAKARTA: Indonesia's main stock benchmark rose 2.80 per cent to 2,596.66, with foreign buying expected to continue ahead of strong third-quarter earnings announcements next week.
KUALA LUMPUR: The Kuala Lumpur Composite Index gained 1.40 per cent to 1,378.27 as local funds bought blue chips and plantation stocks.
MANILA: Philippine shares edged up in the absence of fresh leads, with investors awaiting third-quarter earnings results and the US Federal Reserve's next move on interest rates. The 30-company Philippine Stock Exchange Index rose 0.10 per cent to 3,767.78.
SINGAPORE: Singapore's benchmark index closed up 1.60 per cent as investors remained cautiously optimistic ahead of earnings reports, but analysts said market uncertainty is likely to prevent the index from rallying in coming days.
TAIPEI: Taiwan shares rose, lifted by finance companies after the Cabinet passed an authorization for NT$140 billion (US$4.24 billion) of domestic mutual funds to be invested in Chinese shares. The Weighted Price Index of the Taiwan Stock Exchange rose 1.33 per cent to 9,568.26 points.