Friday 23 September, 10:00 AM BST (Thomson Financial): Asian markets ended
mostly lower amid continued concerns about the effect of hurricane Rita. The
Japanese market was closed due to a national holiday, while Hong Kong's market
dropped over interest rate worries. Elsewhere the Korean market fell back from
recent gains and Taiwan slipped, while Australia edged slightly higher.
Hong Kong's Hang Seng Stock Index fell by 35.98 points or 0.24% to
15,143.97. Korea's Kospi Index slipped by 24.09 points or 2.01% to 1175.88,
while Taiwan's Weighted Index dropped by 46.52 points or 0.78% to 5925.54.
Australia's All Ordinaries Index inched higher by 2.4 points or 0.05% to
4514.00.
In Hong Kong, the market fell overall, however the properties sector
outperformed the overall market, ahead of the government land auction next
week. Sino Land was up after reporting a net profit of 5.23 billion Hong Kong
dollars compared to 1.41 billion dollars the year earlier, boosted by gains
from a revaluation in its investment properties; Cheung Kong Holdings came
back from early losses to end marginally higher after announcing that it would
cut prices for some apartments at a housing project.
The Korean market closed sharply lower, giving up recent gains, as foreign
investors took profits and there were renewed concerns over oil prices. The
technology and banking sectors both suffered, with electronics heavyweights
Samsung and LG Electronics both ending down while lenders Kookmin Bank and
Woori Financial both slipped.
Meanwhile, Taiwan's market edged lower as foreign funds sold shares,
fuelled by concerns over the recent weakening of the Taiwan dollar. Transport
and Technology sectors were both lower with Powerchip Semiconductor down,
along with TSMC although UMC ended higher. Evergreen Marine was down after
report said that it was bracing itself for continued high oil prices.
Finally, the Australian market edged slightly higher as the market awaited
the impact of Hurricane Rita as it approached the U.S.'s refining
installations in Texas and Louisiana. Macquarie Bank rose to a new record
high, although the banking sector as a whole finished lower. Among resources
stocks, Rio Tinto was up, although BHP Billiton lost ground, while elsewhere
Woodside Petroleum and Oil Search both ended 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
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