Thursday 5 January, 10:00 AM GMT (Thomson Financial): Asian markets ended
mixed as some markets were subject to profit taking, despite gains in U.S.
markets. Japan's market rose on strength in technology shares, while Hong
Kong's market extended gains from the previous day. Meanwhile, the Korean
bourse fell as investors showed concern for the strength of the won, while
Taiwan's market continued its outperformance on strength in technology stocks.
Finally, the market in Australia ended lower on profit taking.
Tokyo's Nikkei-225 Index firmed by 63.83 points or 0.39% to 16425.37,
while Hong Kong's Hang Seng Stock Index gained 71.07 points or 0.47% to
15271.13. Korea's Kospi Index weakened by 6.60 points or 0.47% to 1395.51,
while Taiwan's Weighted Index surged by 93.43 points or 1.41% to 6709.87.
Australia's All Ordinaries Index eased 7.20 points or 0.15% to 4757.90.
Japan's market rose to a new five year high, with sentiment lifted by the
gain on Wall Street. Technology stocks were major gainers in the market
following strength in their counterparts in the U.S., although shipbuilders
and steel makers succumbed to profit taking.
In the technology sector, consumer electronics stocks rose, with Sony,
Sanyo Electronics and Sharp all posting large gains, while Toshiba jumped
after it said it will launch its next generation high definition DVD players
in the U.S. in March. High technology stocks were also in focus, with Tokyo
Electron, Advantest and Rohm all closing with strong rises.
Shipbuilders came under pressure following their large gains the previous
day, with Mitsui Engineering & Shipbuilding and Hitachi Zosen falling, while
steel makers also suffered from profit taking as Nippon Steel and Kobe Steel
ended lower. Elsewhere, Nippon Paper fell after Nikko Citigroup said one of
its traders had erroneously bought 1,000 times more of the company's shares
than it intended.
Hong Kong's market rose in the wake of Wednesday's large rise and amid an
easing of interest rate worries. Property stocks continued to benefit from the
interest rate outlook, with Hang Lung Properties, Wharf Holdings and Henderson
Land leading the gainers, as China related stocks also gained, while banks
remained in favor, with HSBC Holdings and Hang Seng Bank ending higher.
In Korea, the key share index fell on profit taking, overlooking the
fourth consecutive gain in the consumer confidence index in December as the
strength of the won caused concern over the outlook for foreign earnings in
the heavily weighted technology sector. Samsung Electronics dropped heavily,
with LG Electronics and Hynix Semiconductor slumping, although construction
firms provided a bright spot on strong earnings expectations, with Hyundai
Engineering & Construction and Daewoo Engineering & Construction surging.
Meanwhile, Taiwan's market extended its winning streak for a third day to
record another sharp rise on strength in technology stocks and positive
sentiment from Wall Street. Mobile phone makers enjoyed strong gains, with
High Tech Computer and Compal Communications continuing their strong run from
the previous month, while electronics contract manufacturer Hon Hai Precision
Industry also advanced sharply. Heavyweight TSMC rose, although UMC slipped,
while flat panel makers declined further, with AU Optronics and Chi Mei
Optoelectronics both ending lower.
Finally, the market in Australia closed fractionally lower as investors
took profits in resources stocks and switched into financial shares.
Heavyweights BHP Billiton and Rio Tinto softened, with gold miners Lihir Gold,
Oxiana and Newcrest Mining falling despite the strength of the precious metal.
However, banks limited falls in the overall market, with ANZ, Westpac,
Commonwealth Bank and National Australia Bank all closing higher.
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
reports. For more information about Thomson Financial visit us on-line at
http://www.thomsonfinancial.com.
SOURCE Thomson Financial Corporate Group
back to top
