Friday 23 December, 10:00 AM GMT (Thomson Financial): Asian markets ended
higher amid festive cheer, in the wake of gains on Wall Street. Japan's market
was closed for a national holiday owing to the emperor's birthday, while Hong
Kong's market closed flat. Meanwhile, the Korean bourse closed higher on
strength in technology and shipbuilding stocks, while Taiwan's market surged
on strong foreign buying. Finally, the market in Australia rose on strength in
gold stocks.
Hong Kong's Hang Seng Stock Index crept up by 1.05 points or 0.01% to
15,183.58. Korea's Kospi Index gained 8.66 points or 0.64% to 1359.53, while
Taiwan's Weighted Index surged by 95.43 points or 1.49% to 6512.63.
Australia's All Ordinaries Index firmed by 18.80 points or 0.40% to 4670.80.
Hong Kong's market closed flat in thin trade ahead of the long Christmas
holiday weekend. Property stocks gained, with Henderson Land the best
performer in the sector, while Cheung Kong Holdings and Sun Hung Kai
Properties posted modest gains. The banking sector was mostly weaker, with
HSBC Holdings lower and Bank of East Asia losing ground, although BOC Hong
Kong remained flat.
In Korea, the key share index ended higher as local investors bought
technology stocks and shipbuilders. Samsung Electronics posted a strong gain,
with Hynix Semiconductor rising following an earnings forecast upgrade from a
leading broker, while LG Electronics jumped as the company' s plasma
television and mobile phone operations boost earnings expectations.
Shipbuilders surged on expectations for improved profits next year, with
Hyundai Heavy and Daewoo Shipbuilding closing sharply higher.
Meanwhile, Taiwan's market surged on foreign interest as investors snapped
up technology shares on expectations of a strong new year for the bourse.
Heavyweight chip makers TSMC and UMC both rose sharply, while Advanced
Semiconductor Engineering surged after a broker upgrade. Mobile phone makers
were sharply higher on expectations of strong demand from emerging markets,
with Compal Communications and Arima Communication jumping, while financial
shares rose after Taiwan's central bank rose its key interest rate by 12.5
basis points.
The market in Australia closed at an all time high on strength in gold
miners and banking stocks. Gold miners tracked a rebound in the price of the
precious metal overnight, with Newcrest Mining, Oxiana and Lihir Gold all
posting sparkling gains, while banking stocks were in favour, with National
Australia Bank, Commonwealth Bank and Westpac gaining.
Finally, Merry Christmas.
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
