Friday 2 December, 10:00 AM GMT (Thomson Financial): Asian markets ended
higher as positive sentiment from the U.S. helped markets to record healthy
gains. Japan's market continued its strong run from the previous day on
strength in both domestic oriented and exporting stocks, while Hong Kong's
market gained on an easing of inflationary pressure in the U.S. Meanwhile, the
Korean bourse closed higher on strength in technology stocks, which also
boosted Taiwan's market. Finally, the market in Australia rose as strength in
metal prices pushed resources stocks higher.
Tokyo's Nikkei-225 Index surged 291.10 points or 1.92% to 15421.60, while
Hong Kong's Hang Seng Stock Index advanced 132.35 points or 0.88% to 15200.38.
Korea's Kospi Index inched up 4.14 points or 0.32% to 1310.12, while Taiwan's
Weighted Index rose 49.13 points or 0.80% to 6228.95. Australia's All
Ordinaries Index firmed 41.50 points or 0.92% to 4573.80.
Japan's market soared to a new five year high, recording the second
biggest daily point gain this year, with the gains on Wall Street supporting
already buoyant sentiment, while the weakness of the yen helped technology
stocks to extend recent gains. Securities houses, banks and technology stocks
were the main gainers during the session.
Securities stocks enjoyed exceptional rises as recent strong gains in the
market raised hopes that increased interest in Japanese stocks will lead to
higher profits, with Nomura Holdings, Nikko Cordial and Daiwa Securities
posting excellent gains, while banking stocks also joined in, with Mitsubishi
UFJ Financial, Mizuho and Resona Holdings all ending higher.
Technology stocks were aided by a strong session from their counterparts
in the U.S. and the continued weakness of the yen against the greenback, which
raises the value of their revenues when converted back into the local
currency, with consumer electronics stocks Sony and Matsushita rising, while
Pioneer rallied following new reports of its restructuring plan.
Hong Kong's market ended higher as economic data releases in the U.S.
showing an easing of inflationary pressures helped to assuage worries of
continued interest rate hikes. Property stocks failed to respond to what ought
to have been good news for them, with Hang Lung Properties and Henderson Land
remaining flat, and Cheung Kong Holdings slipping, while banks were mostly up,
with HSBC Holdings and Hang Seng Bank rising. Elsewhere, China Mobile rose
strongly and Lenovo posted a sterling gain.
In Korea, the key share index closed slightly up, to a fresh all time high
as technology stocks supported the market. Following the strong performance of
technology stocks in the U.S., sentiment carried over, with Samsung
Electronics and Hynix Semiconductor rising sharply, however gains were limited
by weakness in insurance stocks, which have outperformed recently, with
Hyundai Marine & Fire Insurance and LG Insurance suffering a sharp correction.
Meanwhile, Taiwan's market closed higher following the strong showing on
Wall Street overnight, led by technology shares, which tracked their U.S
counterparts higher. TSMC, UMC and AU Optronics all rose strongly, in line
with their American Depositary Receipts, while Powerchip Semiconductor rose
after a report that they are expected to secure approval to relocate plants to
China. Elsewhere, Taishin Financial surged after its board approved a plan to
place 1.75 billion shares.
Finally, the market in Australia advanced strongly, in the wake of gains
in U.S. markets and commodity price rises. The resources sector rose
admirably, with heavyweights BHP Billiton and Rio Tinto climbing sharply
higher, while the increase in the gold price helped precious metal miners, as
Newcrest Mining gained weight and Lihir Gold recovered from Rio Tinto's sell
off of its holding. Elsewhere, banking stocks rose, with National Australia
Bank, ANZ and Commonwealth Bank all ending in positive territory.
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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