Most Asian markets rise after Wall Street gain
Thursday, 8 November 2007
BANGKOK, Nov 7 (AP): Most Asian markets rose Wednesday after Wall Street was lifted overnight by companies outside the banking, lending and housing industries. Japanese stocks, meanwhile, fell their fourth straight session.
Shares advanced in Australia, China, Malaysia, New Zealand and Taiwan. Indonesia's benchmark index posted a record close.
Hong Kong's benchmark stock index edged higher, led by property developers and Chinese telecoms.
The blue chip Hang Seng Index rose 0.90 per cent to close at 29,708.93.
Property companies rose on expectation of higher property prices. JP Morgan predicted in a report that residential property prices in Hong Kong will rise 15 per cent in 2007 and another 25 per cent in 2008.
Henderson Land Development rose 10 per cent. Sun Hung Kai Properties jumped 4.40 per cent.
Chinese telecommunications operators gained after Goldman Sachs raised price targets in the sector.
China Mobile, the largest blue chip by capitalisation, rose 1.0 per cent. China Unicom gained 4.10 per cent.
Gains were also boosted by a Shanghai Securities News report saying the Qualified Domestic Institutional Investors, or QDII, programme would continue to be expanded. Some analysts think Beijing may be expanding the QDII programme rather than allowing individual mainland investors to invest directly in the Hong Kong stock market.
Meanwhile, Japanese stocks were weighed down by soft economic indicators, political drama and profit-taking in steel and construction shares.
The Nikkei 225 index fell 0.90 per cent to 16,096.7 points on the Tokyo Stock Exchange. It has now declined 4.60 per cent over the last four sessions.
MUMBAI: Indian shares fell, pulled down by technology major Infosys Technologies Ltd. and HDFC Bank Ltd. The Bombay Stock Exchange's Sensex index fell 0.60 per cent to close at 19,290 points. On the broader National Stock Exchange, the S&P Nifty index fell 0.07 per cent to end at 5,782 points.
BANGKOK: Thailand's main stock index fell 0.70 per cent to close at its session low of 880.3. Investors sold energy and banking blue chips, paring gains made in early trade.
JAKARTA: Indonesia's benchmark index on the Jakarta stock exchange rose 1.20 per cent to a new record close of 2,714.0 a day after the central bank left its key interest rate unchanged.
KUALA LUMPUR: Malaysian shares rose, with plantation stocks surging after palm oil prices posted a fresh record high. The Kuala Lumpur Composite Index rose 1.80 per cent to 1,413.9.
MANILA: Philippine shares edged up, lifted by blue chips with strong third-quarter earnings and mining stocks. The Philippine Stock Exchange Index rose 0.40 per cent to 3,788.3.
SEOUL: South Korean shares traded near all-time highs Wednesday, but retreated toward the end to close lower. The Korea Composite Stock Price Index slipped 0.50 per cent to finish at 2,043.2.
SHANGHAI: China shares rose as investors snapped up bargains after four straight days of losses. Gains were limited by lingering worries over a possible interest rate hike. The benchmark Shanghai Composite Index rose 1.20 per cent to 5,601.78 in light trading. The Shenzhen Composite Index edged down 0.03 per cent to 1,379.3.
SINGAPORE: Singapore shares fell as early gains were erased by a slide in banking and property stocks. The Straits Times Index fell 0.30 per cent to close at 3,673.0.
TAIPEI: Taiwan shares rose slightly Wednesday as gains in plastics and cement shares held against a late sell-off in the electronics sector. The benchmark index of the Taiwan Stock Exchange finished at 9,300.2, up 0.08 per cent but still its lowest level for the session.
Shares advanced in Australia, China, Malaysia, New Zealand and Taiwan. Indonesia's benchmark index posted a record close.
Hong Kong's benchmark stock index edged higher, led by property developers and Chinese telecoms.
The blue chip Hang Seng Index rose 0.90 per cent to close at 29,708.93.
Property companies rose on expectation of higher property prices. JP Morgan predicted in a report that residential property prices in Hong Kong will rise 15 per cent in 2007 and another 25 per cent in 2008.
Henderson Land Development rose 10 per cent. Sun Hung Kai Properties jumped 4.40 per cent.
Chinese telecommunications operators gained after Goldman Sachs raised price targets in the sector.
China Mobile, the largest blue chip by capitalisation, rose 1.0 per cent. China Unicom gained 4.10 per cent.
Gains were also boosted by a Shanghai Securities News report saying the Qualified Domestic Institutional Investors, or QDII, programme would continue to be expanded. Some analysts think Beijing may be expanding the QDII programme rather than allowing individual mainland investors to invest directly in the Hong Kong stock market.
Meanwhile, Japanese stocks were weighed down by soft economic indicators, political drama and profit-taking in steel and construction shares.
The Nikkei 225 index fell 0.90 per cent to 16,096.7 points on the Tokyo Stock Exchange. It has now declined 4.60 per cent over the last four sessions.
MUMBAI: Indian shares fell, pulled down by technology major Infosys Technologies Ltd. and HDFC Bank Ltd. The Bombay Stock Exchange's Sensex index fell 0.60 per cent to close at 19,290 points. On the broader National Stock Exchange, the S&P Nifty index fell 0.07 per cent to end at 5,782 points.
BANGKOK: Thailand's main stock index fell 0.70 per cent to close at its session low of 880.3. Investors sold energy and banking blue chips, paring gains made in early trade.
JAKARTA: Indonesia's benchmark index on the Jakarta stock exchange rose 1.20 per cent to a new record close of 2,714.0 a day after the central bank left its key interest rate unchanged.
KUALA LUMPUR: Malaysian shares rose, with plantation stocks surging after palm oil prices posted a fresh record high. The Kuala Lumpur Composite Index rose 1.80 per cent to 1,413.9.
MANILA: Philippine shares edged up, lifted by blue chips with strong third-quarter earnings and mining stocks. The Philippine Stock Exchange Index rose 0.40 per cent to 3,788.3.
SEOUL: South Korean shares traded near all-time highs Wednesday, but retreated toward the end to close lower. The Korea Composite Stock Price Index slipped 0.50 per cent to finish at 2,043.2.
SHANGHAI: China shares rose as investors snapped up bargains after four straight days of losses. Gains were limited by lingering worries over a possible interest rate hike. The benchmark Shanghai Composite Index rose 1.20 per cent to 5,601.78 in light trading. The Shenzhen Composite Index edged down 0.03 per cent to 1,379.3.
SINGAPORE: Singapore shares fell as early gains were erased by a slide in banking and property stocks. The Straits Times Index fell 0.30 per cent to close at 3,673.0.
TAIPEI: Taiwan shares rose slightly Wednesday as gains in plastics and cement shares held against a late sell-off in the electronics sector. The benchmark index of the Taiwan Stock Exchange finished at 9,300.2, up 0.08 per cent but still its lowest level for the session.