Thursday 15 September, 10:00 AM BST (Thomson Financial): Asian markets
ended mostly lower, as Wall Street fell overnight. The Japanese market
outperformed, with the key share index ending at a new four-year high, but
shares in Hong Kong fell, while the Korean market came off its recent record
high. Taiwan's market also fell, with some disappointment that it was not
awarded a developed nation status by the FTSE Group, while the Australian
market also declined.
Tokyo's Nikkei-225 Index rose by 152.53 points or 1.19% to 12,986.78,
while Hong Kong's Hang Seng Stock Index fell by 45.60 points or 0.30% to
15,041.02. Korea's Kospi Index dropped by 1.18 points or 0.10% to 1169.59,
while Taiwan's Weighted Index declined by 66.14 points or 1.08% to 6082.56.
Australia's All Ordinaries Index slipped by 7.20 points or 0.16% to 4466.40.
The Japanese market came off their early lows and ended the session at a
new four-year high, outperforming the region and brushing aside overnight
weakness on Wall Street. Stocks posted broad based gains, with steel stocks
rising particularly strongly, while oil stocks also posted solid gains.
Elsewhere, banks remained in focus, while technology and automobiles stocks
were also mostly stronger.
Steel stocks rose strongly, with Kobe Steel, JFE Holdings and Sumitomo
Metal Industries all posting strong gains, while oil stocks such as Nippon Oil
and Showa Shell were also in focus as U.S. crude futures topped the US$65
level. Elsewhere, banking stocks gained, with Mitsubishi Financial Group
posting strong gains, while there were some gains among technology plays.
On a weaker note, Hong Kong's market fell, dragged down by falls on Wall
Street and a rise in oil prices. Moreover, sentiment was cautious ahead of
next week's U.S. Federal Reserve's rate setting meeting. The properties sector
underperformed ahead of Sun Hung Kai's full-year results, while the financials
sector was also lower, with heavyweight HSBC Holdings among lenders ending
lower.
The Korean market ended slightly lower, coming off Wednesday's record high
as electronic display makers dropped heavily. Samsung Electronics ended lower
after a report in the Financial Times newspaper indicated the company might
cut its LCD investment because of higher competition and lower profits, while
LG Philips LCD also fell. Elsewhere, banking stocks were mixed, while telecom
groups SK Telecom and KT both rose.
Shares in Taiwan also ended the day lower, dragged down by overnight
losses on Wall Street, while the government's failure to sell off Taiwan
Business Bank, coupled with FTSE's group decision not to upgrade the island to
developed nation status also weighed on sentiment. As in Korea, display
manufacturers were under heavy pressure, while Taiwan Business bank fell
sharply.
There was also some weakness in the Australian market, which came off its
recent record highs, with banking stocks under particular pressure. Major
lenders such as national Australian bank and Westpac slipped, but the downside
was limited by resources majors Rio Tinto and BHP Billiton, which both rose,
while telecom group Telstra gained after parliament gave the green light to
the firm's privatisation.
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 on-line at
http://www.thomsonfinancial.com.
SOURCE Thomson Financial
back to top
