Thursday 1 September, 10:00 AM BST (Thomson Financial): Asian markets
ended higher, boosted by overnight rises on Wall Street, while oil prices
retreated slightly. The Japanese market climbed, with the technology
sector higher, while Hong Kong also climbed, driven by the properties
sector. Meanwhile, the Korean markets also gained, boosted by solid export
data, while the Australian market gained, with resources majors posting
solid gains. Taiwan's market was closed after Typhoon Talim struck the
island.
Tokyo's Nikkei-225 Index rose by 93.37 points or 0.75% to 12,506.97, while
Hong Kong's Hang Seng Stock Index was up by 240.20 points or 1.61% to
15,143.75. Korea's Kospi Index added 23.04 points or 2.13% to 1106.37,
while Australia's All Ordinaries Index gained 46.60 points or 1.06% to
4460.10.
The Japanese market ended the day higher, benefiting from Wednesday's rise
on Wall Street, while crude prices came off their recent highs. There were
gains in the technology sector, while steel stocks and brokerages also
ended higher. However, there were pockets of weakness, with major banks
declining, following recent strong gains, while car manufacturers were
also mostly lower.
Technology stocks benefited from the market upswing, with majors such as
Advantest and Toshiba ending higher, while brokerage houses such as Daiwa
Securities also rose. Elsewhere, steel stocks advanced, with Kobe Steel
and JFE Holdings gaining. On a weaker note, most car manufacturers were
lower, while banking stocks declined, gave up recent gains.
Meanwhile, Hong Kong's market rose strongly, supported by Wall Street's
gains overnight and hopes that the government's land auction later in the
month will attract high bids. The properties sector jumped, with Cheung
Kong Holdings and Sun Hung Kai Properties sharply higher, while Hang Lung
Properties gained after its full-year net profit rose by 48% to 6.85
billion Hong Kong dollars, after its property portfolio was re-valued.
The Korean market posted strong gains, as investors picked up bargains
following recent losses, while sentiment was lifted by overnight gains on
Wall Street and data showing exports in August had risen at their fastest
rate this year. Additionally, the government's announcement of measures
designed to curb property speculation removed some uncertainty from the
market. Heavyweight Samsung Electronics was higher, while banking stocks
were also in favour.
Finally, the Australian market gained weight, boosted by overnight gains
on Wall Street. Resources heavyweights BHP Billiton and Rio Tinto both
rose strongly after a leading brokerage lifted its share price targets on
both companies. Elsewhere, media stocks were also in favour on hopes the
government might ease cross-media ownership laws.
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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