Thursday 3 November, 10:00 AM BST (Thomson Financial): Asian markets ended
mostly higher as the markets consolidated recent gains. Japan's market was
closed for a national holiday, while Hong Kong's market closed flat in mixed
trading. Meanwhile, the Korean bourse rose on strength in technology stocks,
while Taiwan's market eased on profit taking. Finally, the market in Australia
recovered from the previous day's terror-threat induced falls.
Hong Kong's Hang Seng Stock Index inched up by 4.11 points or 0.03% to
14601.59. Korea's Kospi Index gained 9.59 points or 0.79% to 1217.97, while
Taiwan's Weighted Index slipped by 12.36 points or 0.21% to 5858.01.
Australia's All Ordinaries Index rose 52.10 points or 1.18% to 4460.90.
Hong Kong's market was flat as the heavyweight property sector was hit by
the news that most local banks had raised their prime lending rates by 50
basis points, despite the Hong Kong Monetary Authority only raising the key
rate by 25 basis points. Property stocks traded lower on the news, with Hang
Lung Properties falling heavily as Cheung Kong Holdings eased, though
Henderson Land ended higher, while banks gained, with Bank of East Asia and
HSBC Holdings both up during the session. Elsewhere, Lenovo Group fell heavily
on a raft of broker downgrades after the computer maker reported first half
results up on the same period last year but at the lower end of expectations.
In Korea, the key share index closed higher, led by technology stocks,
which were buoyed by positive sector news flow. Samsung Electronics rose
strongly after delivering a positive outlook for next year and aggressive
targets at its analyst day, with this news benefiting other stocks in the
sector as Hynix Semiconductor and LG Electronics both rose. Financial stocks
were mixed, with Kookmin Bank and Korea Exchange Bank rising, while Hana Bank
and Shinhan Financial fell.
Meanwhile, Taiwan's market dipped slightly as investors sought to lock in
profits following three consecutive days of gains. Chinatrust Financial
Holding lost ground after the company said that an increase in its debt
provision will impinge upon 2005 profit growth, while mobile phone maker High
Tech Computer fell after recent gains. However, technology blue chips fared
better, with TSMC and UMC managing to stay in positive territory.
Finally, the market in Australia rebounded from Wednesday's fall on the
view that the market had overreacted to news of a terrorist threat, with
resources and banking stocks leading the way. BHP Billiton and Rio Tinto both
rose, while in the financial sector, Westpac posted excellent gains following
the release of its results, with National Australia bank and Commonwealth Bank
both closing 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
back to top
