Wednesday 23 November, 10:00 AM GMT (Thomson Financial): Asian markets
ended mostly higher as markets rebounded from falls the previous day.
Japan's market was closed for a national holiday, while Hong Kong's market
rose on an easing of interest rate concerns. Meanwhile, the Korean bourse
jumped to a record high on strength in technology and financial stocks,
while Taiwan's market recovered from Tuesday's drop. Finally, the market
in Australia ended slightly lower in directionless trade.
Hong Kong's Hang Seng Stock Index gained 176.70 points or 1.19% to
15,062.35. Korea's Kospi Index rocketed by 37.52 points or 3.01% to
1282.02, while Taiwan's Weighted Index rose 64.33 points or 1.06% to
6123.52. Australia's All Ordinaries Index eased 7.10 points or 0.16% to
4562.40.
Hong Kong's market closed strongly higher on an easing of interest rate
rise fears. Hong Kong's rates track those of the U.S. so the release of
the minutes of the Federal Open Market Committee meeting in which some
members spoke against excessive tightening helped to boost shares, with
property stocks in particular benefiting. Hang Lung Properties, Wharf
Holdings, Cheung Kong Holdings and Henderson Land all closed sharply
higher, and banking stocks also gained, with BOC Hong Kong and HSBC
Holdings all rising.
In Korea, the key share index surged to a new record high on a recovery in
technology stocks and strength in the financial sector. Chip makers
Samsung Electronics and Hynix Semiconductor rebounded strongly from the
previous day's losses stemming news of the Intel and Micron joint venture
on NAND chips as the market felt that falls were overdone. Elsewhere,
financial stocks posted sterling returns on investor hopes that government
deregulation will boost business, with Korea Exchange Bank, Shinhan, Woori
Financial and Kookmin Bank all closing sharply higher.
Meanwhile, Taiwan's market recovered all of the previous day's falls, led
by technology stocks, which it was felt were oversold in the wake of news
of the Intel and Micron tie up. TSMC, the world's largest contract chip
maker by revenue, made strong gains and triggered a rise in UMC. However,
flat panel makers underperformed the market, with AU Optronics and Chei
Mei Optoelectronics both closing lower.
Finally, the market in Australia closed marginally lower in mixed trading,
with the market lacking overall direction. Falls in metals prices
overnight and fears of lower steel prices caused resources stocks to slip,
with BHP Billiton and Rio Tinto ending lower. However, the banking sector
helped to limit falls in the market as National Australia Bank, ANZ and
Commonwealth Bank all edged higher, although Westpac eased slightly.
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
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SOURCE Thomson Financial Corporate Group
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