Tuesday 3 January, 10:00 AM GMT (Thomson Financial): Asian markets ended
higher on new year optimism. Japan's market remained closed for new year
holidays, while Hong Kong's market ended higher in cautious trade ahead of the
release of the U.S. Fed minutes. Meanwhile, the Korean bourse closed higher on
strong retail buying, while Taiwan's market bounced back from falls the
previous day. Finally, the market in Australia gained on strength in resources
shares.
Hong Kong's Hang Seng Stock Index rose 68.34 points or 0.46% to 14944.77.
Korea's Kospi Index gained 5.60 points or 0.40% to 1394.87, while Taiwan's
Weighted Index surged 129.71 points or 2.01% to 6591.77. Australia's All
Ordinaries Index firmed 12.30 points or 0.26% to 4721.10.
Hong Kong's market ended the trading session higher on bargain hunting
following weakness in early trade, although investors remained cautious ahead
of the release of the U.S. Federal Reserve's Open Market Committee minutes.
China related stocks helped to boost the market, with China Resources and
China Unicom both surging, while banking stocks were higher. Property stocks
ended mostly up, with Cheung Kong Holdings and Henderson Land firming,
although Sun Hung Kai Properties remained unchanged.
In Korea, the key share index closed higher as strong retail buying offset
selling pressure from overseas and institutional investors. Technology
bellwether Samsung Electronics led the way, with a strong rise, while Hynix
Semiconductor also rose sharply, although on a weaker note, Samsung SDI
plunged on fears of weak fourth quarter earnings. Elsewhere, automakers fell
on profit taking following gains the previous day, with Hyundai Motor and Kia
Motors skidding, while banks also ended mostly lower.
Meanwhile, Taiwan's market rebounded from falls the previous day on
expectations of a rally before the Chinese new year. The market fell heavily
the previous day after the President of Taiwan's new year speech led investors
to believe the government will take a more conservative line on trade and
investment with China. Technology stocks led the rises, with heavyweight TSMC
jumping and UMC ending higher, while Acer rallied after in booked a capital
gain from the sale of shares in Hon Hai Precision Industry, which also rose.
Finally, the market in Australia closed higher on strength in resources
stocks. Heavyweight players BHP Billiton and Rio Tinto both underpinned the
rise in the market, advancing strongly, while oil stocks were lifted by the
increase in oil prices, with Woodside Petroleum, Oil Search and Santos all
posting large gains. In the financial sector stocks were less sanguine, with
Commonwealth Bank closing higher but ANZ and National Australia Bank falling.
Ian.Littlewood@thomson.com; Thomson Financial
This is Thomson Financial Corporate Services Asia Market Commentary. The
information herein is believed to be true and accurate. If you have any
questions please e-mail James Sang at James.Sang@tfn.com. We take no
responsibility for inaccurate information and reserve the right to update our
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SOURCE Thomson Financial Corporate Group
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