Tuesday 6 December, 10:00 AM GMT (Thomson Financial): Asian markets ended
mixed as weakness on Wall Street overnight spread to the region. Japan's
market fell on profit taking, triggered by weakness in U.S. markets, while
investors in Hong Kong also took profits. Meanwhile, the Korean bourse
bucked the regional trend on strength in heavyweight stocks, while Taiwan'
s market closed flat. Finally, the market in Australia ended marginally
lower in mixed trade.
Tokyo's Nikkei-225 Index lost 127.93 points or 0.82% to 15423.38, while
Hong Kong's Hang Seng Stock Index fell by 168.21 points or 1.11% to
14990.61. Korea's Kospi Index inched up by 5.91 points or 0.45% to
1321.06, while Taiwan's Weighted Index crept up by 2.21 points or 0.03% to
6350.52. Australia's All Ordinaries Index eased by 8.10 points or 0.18% to
4568.70.
Japan's market fell on profit taking following the recent excellent run
and in the wake of a poor showing on Wall Street overnight. Technology
stocks and automakers led the decliners, although the downside was limited
by strength in banking and oil stocks.
In the technology sector, stocks suffered from profit taking, with high
technology stocks Tokyo Seimetsu, Advantest and Tokyo Electron losing
ground, while shares in consumer electronics makers also weakened as
Mitsubishi Electric, Matsushita and Sony all ended in negative territory.
Meanwhile, car makers softened, with Honda, Toyota and Nissan all
finishing lower.
However, banking stocks ticked upwards following an upgrade to major
players in the sector from a leading broker, with Resona Holdings, Mizuho
and Sumitomo Mitsui all rising on the news, while Mitsubishi UFJ also
gained despite not being upgraded in the report. Elsewhere, oil companies
rose on the increase in oil prices, with Cosmo Oil, Showa Shell and Nippon
Oil all up during the session.
Hong Kong's market fell on profit taking, triggered by overnight falls on
Wall Street and a rise in the oil price. Airline Cathay Pacific fell on
the rise in the oil price, while property and banking stocks also suffered
a sell off. Meanwhile, Johnson Electric dropped sharply after reporting a
24% fall in first half profit. Telecom stocks also retreated, with China
Unicom, China Mobile and PCCW all enduring heavy losses.
In Korea, the key share index closed at another record high to record its
fifth straight gain. Large capitalisation technology stocks contributed to
market strength, with Samsung Electronics, LG Electronics and Hynix
Semiconductor all rising sharply, while automaker Hyundai Motor remained
in top gear, posting a strong rise, with Kia Motors also ending
positively. Elsewhere, financial stocks gained, led by Kookmin Bank, with
Woori and Shinhan Financial also rising.
Meanwhile, Taiwan's market ended flat in mixed trade following the weak
showing on Wall Street. Financial stocks rose on hopes that recent stock
market strength will benefit brokerages, with Yuanta Core Pacific and
Polaris surging, while heavyweights Cathay Financial Holding and China
Trust Financial Holding posted strong gains. However, this was offset by
AU Optronics and Chi Mei Optoelectronics, which came under heavy selling
pressure after a report from a leading broker warned on the outlook for
flat panel prices.
Finally, the market in Australia ended marginally lower in mixed trade as
resources heavyweights led the market lower. BHP Billiton and Rio Tinto
fell following overnight weakness in their London listings, although
Woodside Petroleum rose on strength in the oil price, while financial
stocks were mixed, with ANZ and Westpac ending lower but National
Australia Bank and Commonwealth Bank 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
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