Tuesday 18 October, 10:00 AM BST (Thomson Financial): Asian markets closed
higher as the rises in U.S. markets lifted investor sentiment. Japan's market
underperformed the region ahead of earnings releases in the U.S., while Hong
Kong's market took the lead from rises on Wall Street. Meanwhile, the Korean
bourse rose on bargain hunting and improved sentiment from Wall Street's
rises, while Taiwan's market was flat. Finally, the market in Australia
climbed, in line with the U.S. and on rises in commodity prices.
Tokyo's Nikkei-225 Index lost 48.05 points or 0.36% to 13,352.24, while
Hong Kong's Hang Seng Stock Index climbed 56.05 points or 0.39% to 14,597.40.
Korea's Kospi Index rose 9.86 points or 0.84% to 1186.22, while Taiwan's
Weighted Index inched up 4.52 points or 0.08% to 5830.79. Australia's All
Ordinaries Index gained 32.60 points or 0.74% to 4422.5.
Japan's market was slightly lower at the end of the session as investors
remained cautious ahead of the release of earnings data from major U.S.
companies. Automakers and the high technology sector lost weight, while steel
makers gained ground.
In the automobiles sector, Nissan gained strength as did Fuji Heavy
Industries, the maker of Subaru cars, with Honda and Suzuki also rising, while
in the high technology sector Kyocera ended lower as did Advantest and Tokyo
Seimetsu.
Nippon Steel reversed recent heavy losses, rebounding strongly from four
sessions of drops owing to earnings worries, with JFE Holdings also posting
strong gains. Elsewhere, ship makers made gains, with Mitsubishi Heavy
Industries rising, along with Ishikawajima-Harima Heavy Industries and
Kawasaki Heavy Industries, which also strengthened.
Share prices in Hong Kong were higher following gains on Wall Street as
selected blue chips continued Monday's gains. Property stocks were mostly
higher, with Sun Hung Kai Properties, Wharf Holdings and Cheung Kong all
rising, while China Mobile was up ahead of its monthly operating results this
week, and oil stock CNOOC gained following rises in oil prices.
In Korea, the market ended a four day run of losses to close higher on
bargain hunting from institutions as investors took a positive lead from gains
on Wall Street overnight. Samsung Electronics rebounded, though LG Electronics
fell back despite announcing profits that beat market expectations, while
banking stocks made solid gains ahead of quarterly results, with Kookmin Bank,
Woori and Shinhan all up. Elsewhere, carmakers Hyundai Motor and Kia Motors
both advanced.
Meanwhile, Taiwan's market ended the day flat as gains in the technology
sector were offset by losses elsewhere, with the market maintaining its
cautious tone. Chip maker UMC was higher after the company announced a share
buy back, with TSMC also ending higher, while Powerchip Semiconductor gained
on better-than-expected earnings in the third quarter to September.
Finally, the market in Australia closed higher as investor sentiment was
boosted by gains on Wall Street overnight and strength in base metal prices.
BHP Billiton and Rio Tinto jumped, while Oxiana posted solid gains following
the strong rally in copper prices and the opening of its Seppon copper and
gold plant in Laos. Investment banks Macquarie and Babcock & Brown rebounded
from recent falls, with retail banks such as National Australia Bank and
Commonwealth Bank ending 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
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