Most Asian markets up
Friday, 20 July 2007
HONG KONG, July 19 (AP): Most Asian markets rose Thursday, with Japanese stocks advancing as gains in shipping, steel, auto and consumer finance issues outweighed losses in power companies hurt by this week's strong earthquake.
Hong Kong edged up as traders bought blue chips, and Jakarta finished at a record high.
Japan's Nikkei 225 index rose 100.99 points, or 0.56 per cent, to finish at 18,116.57 on the Tokyo Stock Exchange.
The index got a boost in late trade on a report that consumer finance companies Promise Company and Sanyo Shinpan Finance Company are in talks to merge this year. The news sent the two companies' share prices soaring. Both issued statements denying any decision to merge had been reached.
Shipping and steel company stocks likewise posted gains. And auto shares climbed despite plans at Toyota Motor Corporation and other major manufacturers to temporarily halt domestic production due to damage at a key parts supplier from Monday's magnitude-6.8 quake.
Power company stocks fell on woes at Tokyo Electric Power Company, which has experienced a slew of problems at one of its nuclear plants due to the quake, including a fire and leaks of radioactive material into the ocean. TEPCO shares fell 5.55 per cent.
Hong Kong shares edged higher Thursday as traders bought blue chips, shrugging off concerns that China may soon launch new tightening measures to contain its red-hot economy.
The Hang Seng Index rose 174.28 points, or 0.80 per cent, to 23,016.20.
Conglomerate Hutchison Whampoa rose a sharp 4.10 per cent, and its affiliate Cheung Kong surged 4.20 per cent.
In other stocks, Hang Seng Bank rose 2.40 per cent and fellow bank HSBC edged up 0.10 per cent.
BANGKOK: Thai shares pared intraday losses to end mildly lower. The main stock index dipped 0.30 per cent to 847.26 points.
JAKARTA: Indonesia shares hit a fresh closing high on foreign buying in most blue chips amid hopes of strong first-half earnings. The main stock index jumped 1.70 per cent to 2,333.68 points.
KUALA LUMPUR: Malaysian shares moved up 0.50 per cent to 1,376.40 points in moderate volume.
MANILA: Philippine shares slipped as investors cashed in gains to raise funds for ongoing public offerings. A wider-than-expected first-half budget deficit and higher oil prices also weighed on the market. The benchmark 30-company Philippine Stock Exchange Index dropped 31.89 points, or 0.85 per cent, to 3,702.91.
SEOUL: South Korean shares advanced as banks and LG Electronics rose on earnings momentum. Brokerage stocks gained on merger and acquisition speculation. The Korea Composite Stock Price Index, or Kospi, rose 7.2 points, or 0.40 per cent, to 1,937.90.
SHANGHAI/SHENZHEN: China shares ended mixed Thursday, as stronger-than-expected economic data heightened expectations of imminent policy tightening measures. The benchmark Shanghai Composite Index slipped 17.12 points to close 0.40 per cent lower at 3,912.94. The Shenzhen Composite Index gained 2.48 points, or 0.20 per cent, to 1,082.43.
SINGAPORE: Singapore shares rose slightly as a late-day rally by oil-related stocks outweighed losses in property firms. The benchmark Straits Times Index edged higher 20.65 points, or 0.60 per cent, to 3,604.62.
TAIPEI: Taiwan shares declined due to weakness in financial and construction stocks. The Weighted Price Index of the Taiwan Stock Exchange dropped 12.04 points, or 0.10 per cent, to close at 9,473.31.
SYDNEY: Australian shares ended higher, led by resources and banking stocks, including Macquarie Bank, which issued an upbeat earnings outlook. The benchmark S&P/ASX 200 advanced 55.10 points, or 0.90 per cent, to 6,384.2.
WELLINGTON: New Zealand shares ended higher as blue chips rallied on strong institutional demand, surmounting continued worries over a high local currency and the prospect of higher interest rates. The benchmark NZX-50 gained 0.90 per cent, or 38.62 points, closing at 4,294.26.
Traders weren't discouraged by worries that China may rein in its economy in light of new growth figures.
China's gross domestic product grew 11.90 per cent in the April-June quarter compared to a year earlier, according to figures announced Thursday by China's National Bureau of Statistics. That was faster than the 11.10 per cent gain in GDP in the first quarter.
Hong Kong edged up as traders bought blue chips, and Jakarta finished at a record high.
Japan's Nikkei 225 index rose 100.99 points, or 0.56 per cent, to finish at 18,116.57 on the Tokyo Stock Exchange.
The index got a boost in late trade on a report that consumer finance companies Promise Company and Sanyo Shinpan Finance Company are in talks to merge this year. The news sent the two companies' share prices soaring. Both issued statements denying any decision to merge had been reached.
Shipping and steel company stocks likewise posted gains. And auto shares climbed despite plans at Toyota Motor Corporation and other major manufacturers to temporarily halt domestic production due to damage at a key parts supplier from Monday's magnitude-6.8 quake.
Power company stocks fell on woes at Tokyo Electric Power Company, which has experienced a slew of problems at one of its nuclear plants due to the quake, including a fire and leaks of radioactive material into the ocean. TEPCO shares fell 5.55 per cent.
Hong Kong shares edged higher Thursday as traders bought blue chips, shrugging off concerns that China may soon launch new tightening measures to contain its red-hot economy.
The Hang Seng Index rose 174.28 points, or 0.80 per cent, to 23,016.20.
Conglomerate Hutchison Whampoa rose a sharp 4.10 per cent, and its affiliate Cheung Kong surged 4.20 per cent.
In other stocks, Hang Seng Bank rose 2.40 per cent and fellow bank HSBC edged up 0.10 per cent.
BANGKOK: Thai shares pared intraday losses to end mildly lower. The main stock index dipped 0.30 per cent to 847.26 points.
JAKARTA: Indonesia shares hit a fresh closing high on foreign buying in most blue chips amid hopes of strong first-half earnings. The main stock index jumped 1.70 per cent to 2,333.68 points.
KUALA LUMPUR: Malaysian shares moved up 0.50 per cent to 1,376.40 points in moderate volume.
MANILA: Philippine shares slipped as investors cashed in gains to raise funds for ongoing public offerings. A wider-than-expected first-half budget deficit and higher oil prices also weighed on the market. The benchmark 30-company Philippine Stock Exchange Index dropped 31.89 points, or 0.85 per cent, to 3,702.91.
SEOUL: South Korean shares advanced as banks and LG Electronics rose on earnings momentum. Brokerage stocks gained on merger and acquisition speculation. The Korea Composite Stock Price Index, or Kospi, rose 7.2 points, or 0.40 per cent, to 1,937.90.
SHANGHAI/SHENZHEN: China shares ended mixed Thursday, as stronger-than-expected economic data heightened expectations of imminent policy tightening measures. The benchmark Shanghai Composite Index slipped 17.12 points to close 0.40 per cent lower at 3,912.94. The Shenzhen Composite Index gained 2.48 points, or 0.20 per cent, to 1,082.43.
SINGAPORE: Singapore shares rose slightly as a late-day rally by oil-related stocks outweighed losses in property firms. The benchmark Straits Times Index edged higher 20.65 points, or 0.60 per cent, to 3,604.62.
TAIPEI: Taiwan shares declined due to weakness in financial and construction stocks. The Weighted Price Index of the Taiwan Stock Exchange dropped 12.04 points, or 0.10 per cent, to close at 9,473.31.
SYDNEY: Australian shares ended higher, led by resources and banking stocks, including Macquarie Bank, which issued an upbeat earnings outlook. The benchmark S&P/ASX 200 advanced 55.10 points, or 0.90 per cent, to 6,384.2.
WELLINGTON: New Zealand shares ended higher as blue chips rallied on strong institutional demand, surmounting continued worries over a high local currency and the prospect of higher interest rates. The benchmark NZX-50 gained 0.90 per cent, or 38.62 points, closing at 4,294.26.
Traders weren't discouraged by worries that China may rein in its economy in light of new growth figures.
China's gross domestic product grew 11.90 per cent in the April-June quarter compared to a year earlier, according to figures announced Thursday by China's National Bureau of Statistics. That was faster than the 11.10 per cent gain in GDP in the first quarter.