Most Asian markets rally
Tuesday, 10 July 2007
HONG KONG, July 9 (AP): Most Asian markets advanced Monday, Hong Kong finishing at a record close for the fifth consecutive session.
Stocks in South Korea and Indonesia also ended at all-time highs, while Taiwan reached a seven-year record.
Investors were heartened by figures released earlier Monday that the country's core machinery orders rose a stronger-than-expected 5.90 per cent in May from April, the biggest gain in a nearly a year. Economists had forecast a 2.60 per cent gain.
Machinery orders are widely regarded as a leading indicator of corporate capital investment, which accounts for about 15 per cent of Japan's gross domestic product.
BANGKOK: Thai shares advanced 1.40 per cent to 844.19 points, driven by strong fund flows into Asia.
JAKARTA: Indonesian shares ended at yet another record high, with the JSX index advancing 2.0 per cent to 2,271.34 points.
KUALA LUMPUR: Malaysia shares edged up 0.40 per cent to 1,378.69 points, with traders buying into small and mid-capitalisation stocks.
MANILA: Philippine shares retreated, pulled down by heavyweights Philippine Long Distance Telephone Co. and Ayala Land Inc., as the market consolidated after rising to new highs last week. The benchmark 30-company Philippine Stock Exchange Index dipped 14.79 points, or 0.40 per cent, to 3,744.05, extending Friday's 1.10 per cent loss.
SEOUL: South Korean shares ended at a record high for the sixth consecutive session Monday, and though analysts expect gains to extend into the Tuesday session, there are signs of developing caution. The Korea Composite Stock Price Index, or Kospi, rose 22.58 points, or 1.20 per cent, to 1,883.59. The Kospi has risen 8 per cent in the recent six sessions.
SHANGHAI: Chinese stocks extended gains after government moves to limit the sale of state-owned shares eased worries over a flood of shares coming onto the market. The benchmark Shanghai Composite Index jumped 2.70 per cent to 3,883.22 points. The Shenzhen Composite Index soared 3.20 per cent to 1,100.61.
SINGAPORE: Singapore's benchmark Straits Times Index closed higher and could continue its uptrend for the week due in part to expectations of strong second-quarter earnings reports, analysts said. The STI moved up 64.76 points, or 1.80 per cent, to 3,626.72.
TAIPEI: Taiwan shares rose for a sixth straight session to hit a new 7-year high on broad-based buying. Gains were led by tech, financial, and construction issues.
The Weighted Price Index of the Taiwan Stock Exchange rose 181.53 points, or 2.0 per cent, to close at 9,369.84, the highest since April 14, 2000.
SYDNEY: Australian share prices ended higher, led by strong gains in the resource sector, with majors BHP Billiton and Rio Tinto closing at record highs. The benchmark S&P/ASX 200 index edged higher 49.5 points, or 0.80 per cent, to its intraday high of 6,400.6.
WELLINGTON: New Zealand shares closed slightly higher on low volumes, with rebounding export stocks leading the way. The benchmark NZX-50 closed up 14 points, or 0.30 per cent, at 4,237.56.
Stocks in South Korea and Indonesia also ended at all-time highs, while Taiwan reached a seven-year record.
Investors were heartened by figures released earlier Monday that the country's core machinery orders rose a stronger-than-expected 5.90 per cent in May from April, the biggest gain in a nearly a year. Economists had forecast a 2.60 per cent gain.
Machinery orders are widely regarded as a leading indicator of corporate capital investment, which accounts for about 15 per cent of Japan's gross domestic product.
BANGKOK: Thai shares advanced 1.40 per cent to 844.19 points, driven by strong fund flows into Asia.
JAKARTA: Indonesian shares ended at yet another record high, with the JSX index advancing 2.0 per cent to 2,271.34 points.
KUALA LUMPUR: Malaysia shares edged up 0.40 per cent to 1,378.69 points, with traders buying into small and mid-capitalisation stocks.
MANILA: Philippine shares retreated, pulled down by heavyweights Philippine Long Distance Telephone Co. and Ayala Land Inc., as the market consolidated after rising to new highs last week. The benchmark 30-company Philippine Stock Exchange Index dipped 14.79 points, or 0.40 per cent, to 3,744.05, extending Friday's 1.10 per cent loss.
SEOUL: South Korean shares ended at a record high for the sixth consecutive session Monday, and though analysts expect gains to extend into the Tuesday session, there are signs of developing caution. The Korea Composite Stock Price Index, or Kospi, rose 22.58 points, or 1.20 per cent, to 1,883.59. The Kospi has risen 8 per cent in the recent six sessions.
SHANGHAI: Chinese stocks extended gains after government moves to limit the sale of state-owned shares eased worries over a flood of shares coming onto the market. The benchmark Shanghai Composite Index jumped 2.70 per cent to 3,883.22 points. The Shenzhen Composite Index soared 3.20 per cent to 1,100.61.
SINGAPORE: Singapore's benchmark Straits Times Index closed higher and could continue its uptrend for the week due in part to expectations of strong second-quarter earnings reports, analysts said. The STI moved up 64.76 points, or 1.80 per cent, to 3,626.72.
TAIPEI: Taiwan shares rose for a sixth straight session to hit a new 7-year high on broad-based buying. Gains were led by tech, financial, and construction issues.
The Weighted Price Index of the Taiwan Stock Exchange rose 181.53 points, or 2.0 per cent, to close at 9,369.84, the highest since April 14, 2000.
SYDNEY: Australian share prices ended higher, led by strong gains in the resource sector, with majors BHP Billiton and Rio Tinto closing at record highs. The benchmark S&P/ASX 200 index edged higher 49.5 points, or 0.80 per cent, to its intraday high of 6,400.6.
WELLINGTON: New Zealand shares closed slightly higher on low volumes, with rebounding export stocks leading the way. The benchmark NZX-50 closed up 14 points, or 0.30 per cent, at 4,237.56.