Wednesday 14 September, 10:00 AM BST (Thomson Financial): Asian markets
ended the day mixed, while stocks on Wall Street fell overnight. The Japanese
market slipped as investors took profits from recent gains, while shares in
Hong Kong ended slightly higher. The Korean market jumped to a new record
high, boosted by chipmakers, but Taiwan's market fell. Finally, the Australian
market rose, boosted by bank stocks.
Tokyo's Nikkei-225 Index fell by 67.70 points or 0.52% to 12,834.25, while
Hong Kong's Hang Seng Stock Index added 16.06 points or 0.11% to 15,086.62.
Korea's Kospi Index was up by 12.65 points or 1.09% to 1170.77, but Taiwan's
Weighted Index ended down by 20.38 points or 0.33% to 6148.70. Australia's All
Ordinaries Index climbed by 17.30 points or 0.39% to 4473.60.
The Japanese equity market fell, as investors locked in profits following
recent gains that propelled the key share index to four-year highs, and
sentiment was hit by overnight losses on Wall Street. Banking stocks were
weaker, giving up some of their recent gains, while export-reliant stocks were
also sold off on concerns over U.S. economic prospects post hurricane Katrina.
On a stronger note, there was some strength among commodities firms.
Banking stocks were under pressure, with Mitsubishi Financial Group and
Sumitomo Mitsui among major lenders ending lower, while export-reliant firms
also fell back, with major car manufacturers ending lower. On a stronger note,
commodities stocks such as Tokyo Steel Manufacturing gained, with the firm
gaining on reports it would build a new plant, while elsewhere, healthcare
group Chugai Pharmaceutical gained on a press report it would lift its
full-year dividend.
In Hong Kong, the market bounced off its early lows and ended slightly
higher overall. Early sentiment was hit by overnight falls on Wall Street, but
stocks recovered, although sentiment remained cautious ahead of the U.S.
Federal Reserve's rate setting meeting next week. Properties stocks were
higher overall, but the financial sector was little changed overall.
Elsewhere, Esprit Holdings fell as investors took profits on the stock after
the company's full-year results rose by 67% to 3.34 billion Hong Kong dollars.
The Korean share index recovered from its early losses and rallied
strongly, eventually closing at a new record high. Chipmakers were in focus on
hopes of higher sales, with Samsung Electronics and Hynix Semiconductor both
ending the session higher, while brokerages benefited from the rising market.
Elsewhere, banking stocks were also stronger, with Kookmin Bank and Woori
Financial among lenders ending higher.
Meanwhile, Taiwan's market fell, dragged down by Wall Street's overnight
weakness and lingering concerns over the domestic economic performance, while
market participants also awaited the outcome of the central bank's rate
setting meeting on Thursday. The technology sector slipped, as did the
construction sector, although financials gained. Memory chipmakers dropped as
DRAM spot prices fell, while display makers also ended lower.
On a stronger note, the Australian market ended at a new record high,
buoyed by the financial sector. Banking stocks posted solid gains, while
heavyweight resources stock BHP Billiton also gained weight, although Rio
Tinto slipped. Telecom group Telstra ended higher ahead of a parliamentary
vote on the group's privatisation and oil groups such as Woodside Petroleum
and Oil Search also climbed.
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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