Thursday 17 November, 10:00 AM GMT (Thomson Financial): Asian markets
ended the day mostly higher, even though shares on Wall Street had a mixed
session overnight. The Japanese market rose strongly, drawing support from
both domestic demand-linked stocks and from export-reliant shares. Meanwhile,
Hong Kong's market also climbed, drawing support from property plays, while
the Korean market hit a new record high, despite modest overall gains. On a
weaker note, Taiwan's market fell as bird flu concerns caused some profit
taking. Finally, the Australian market ended higher, supported by oil and gold
stocks.
Tokyo's Nikkei-225 Index rose by 240.92 points or 1.70% to 14,411.79,
while Hong Kong's Hang Seng Stock Index climbed by 137.44 points or 0.94% to
14,787.98. Korea's Kospi Index added 2.19 points or 0.17% to 1269.35, but
Taiwan's Weighted Index fell by 25.26 points or 0.42% to 6020.94. Australia's
All Ordinaries Index ended up by 9.90 points or 0.22% to 4570.10.
The Japanese equity market ended the day solidly higher, brushing aside a
mixed session on Wall Street overnight. The market was driven by strong
domestic-demand linked stocks, while export-reliant stocks were also solid,
drawing support from the weakening yen, which boosts the value of overseas
earnings. Properties firms were higher, as were banks, while car manufacturers
and technology firms also posted solid gains.
Property groups such as Sumitomo Realty and Mitsubishi Estate jumped,
while bank shares also climbed strongly, with Resona Holdings surging, while
Mizuho and Mitsubishi UFJ both posted solid gains. Elsewhere, export-reliant
firms were also positive, with car manufacturers such as Honda and Toyota
solidly higher, although Nissan slipped. There were also gains in the
technology sector, with Advantest and Nikon higher.
Hong Kong's market also ended higher following a late rally. Properties
stocks performed strongly, with shares in Sino Land surging ahead, while Hang
Lung Properties and Henderson Land were among other sector stocks ending
higher. On a slightly weaker note, the financial sector posted only modest
overall gains, although HSBC Holdings and BOC Hong Kong were among lenders
ending higher.
Meanwhile, Korea's market ended at a new record high, although overall
gains were modest as heavyweight Samsung Electronics declined, limiting the
share index's gains, while fellow technology group Hynix Semiconductor was
also lower, dragged down by profit taking after recent gains. However, in the
banking sector, Korea Exchange Bank jumped after Kookmin Bank recently showed
some interest in the firm.
On a weaker note, Taiwan's market ended lower, dragged down by profit
taking after a mixed session on Wall Street overnight and concerns over the
spread of bird flu after human cases were reported in mainland China.
Technology heavyweights such as chipmakers TSMC and UMC dropped, while the
financial sector was also weak. Steel stocks also suffered on price concerns,
but on a stronger note, the tourism sector outperformed on hopes of better
links with the mainland.
The Australian market gave up some of its intraday gains but still ended
the day higher, supported by a strong performance by oil and gold stocks.
Newcrest Mining posted solid gains, while Lihir Gold jumped after gold prices
climbed overnight. Oil group Woodside Petroleum also rose, but the market's
upside was capped by mixed financials stocks, with shares in Westpac falling,
while resources majors BHP Billiton and Rio Tinto also ended the day lower.
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
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http://www.thomsonfinancial.com.
SOURCE Thomson Financial
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