Tuesday 16 August, 10:00 AM BST (Thomson Financial): Asian markets ended
the day mixed, despite overnight gains on Wall Street and a slight pull-back
in oil prices. The Japanese market climbed on hopes for the domestic economy,
while Hong Kong's market ended slightly lower. The Korean market was unable to
hold onto its early gains and ended lower, while Taiwan's market was barely
lower. Finally the Australian market rose, boosted by positive earnings
reports.
Tokyo's Nikkei-225 Index rose by 59.12 points or 0.48% to 12,315.67, while
Hong Kong's Hang Seng Stock Index slipped by 22.44 points or 0.15% to
15,443.62. Korea's Kospi Index declined by 13.29 points or 1.18% to 1116.93,
while Taiwan's Weighted Index was barely lower, slipping by 2.73 points or
0.04% to 6242.40. Australia's All Ordinaries Index was up by 20.80 points or
0.47% to 4446.30.
The Japanese equity market rose, boosted by overnight gains and hopes of
an improvement in the country's economic fortunes following recent positive
economic data and comments from the Bank of Japan. Gains were widespread, with
technology groups and steel plays among stocks driving the share index higher.
On a weaker note, banking stocks ended the day lower as investors took profits
after recent gains.
Technology plays were mostly higher, with Advantest, Fujitsu and Nikon
ending higher, although Hitachi and Toshiba slipped, while steel groups such
as Kobe Steel and Nippon Steel also gained. Meanwhile, there was some strength
in the retail sector, while car manufacturers recovered from Monday's losses,
with Honda and Nissan higher, while Toyota ended flat. Banking stocks were
weaker, giving up some of their recent gains, with Mizuho Financial and
Mitsubishi Financial among lenders ending the day lower.
In Hong Kong, the market ended slightly lower as investors took profits
after recent gains. The properties sector was only slightly weaker, with
Cheung Kong Holdings and Henderson Land rising, but Hang Lung Properties and
Sun Hung Kai Properties declined. Elsewhere, financial stocks fell, while
there was some weakness among oil stocks, with CNOOC and PetroChina lower.
The Korean market was unable to hold on to its early gains and ended the
day lower, despite overnight gains on Wall Street. Oil prices fell back, but
prices remain close to their record highs. Heavyweight technology group
Samsung Electronics dropped, while display makers Samsung SDI and LG Philips
LCD both declined. Elsewhere, KEPCO fell on news the government would delay
power price rises, while steel group POSCO also weakened.
Taiwan's market ended the day slightly lower, despite overnight gains on
Wall Street, although a late rally hauled the key share index off its intraday
lows. Concerns over the effect of high oil prices weighed on sentiment and
heavyweight chipmaker UMC declined, but TSMC was unchanged, while the
construction sector also dropped. On a stronger note, steel stocks climbed on
hopes of higher prices, with China Steel ending the day higher.
Finally, the Australian market rose, boosted by overnight gains on Wall
Street and solid domestic earnings results. Computershare surged after its
full-year net profits rose by 27% to 101.5 million Australian dollars, while
Cochlear jumped after its full-year net profits climbed by 48% to 54.5 million
Australian dollars. Banking stocks were also higher, but on a weaker note,
resources heavyweights BHP Billiton and Rio Tinto dropped.
Olivier.Masson@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
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SOURCE Thomson Financial Corporate Group
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