Friday 30 December, 10:00 AM GMT (Thomson Financial): Asian markets ended
lower on profit taking, with falls in the U.S. markets contributing to
negative sentiment. Japan's market dropped sharply as investors sought to
lock in profits, while Hong Kong's market fell on profit taking.
Meanwhile, the Korean bourse was already closed for the year end, while
Taiwan's market ended lower as investors locked in gains made over the
month. Finally, the market in Australia ended marginally lower on profit
taking.
Tokyo's Nikkei-225 Index dropped 232.77 points or 1.42% to 16111.43, while
Hong Kong's Hang Seng Stock Index fell 169.16 points or 1.12% to 14876.43.
Taiwan's Weighted Index slipped 27.19 points or 0.41% to 6548.34, while
Australia's All Ordinaries Index eased 6.40 points or 0.14% to 4708.80.
Japan's market closed sharply lower on profit taking as investors took the
negative lead from falls on Wall Street owing to weak existing home sales.
In a shortened session ahead of year end, banks, securities houses and
technology stocks ended lower.
The financial sector fell, in the wake of a good performance over the
month, with Mitsubishi UFJ Financial, Sumitomo Mitsui Financial and Mizuho
Financial all retreating, while securities houses dropped back after a
brisk month, with Nomura Holdings, Daiwa Securities and Nikko Cordial all
ending in negative territory.
Technology stocks also came under pressure following the weak showing from
counterparts on the Nasdaq, with the world's largest custom chip maker
Rohm ending lower, while Kyocera and TDK both slipped. Elsewhere,
construction stocks suffered from the broadly negative sentiment, with
Kajima, Shimizu and Obayashi all falling.
Hong Kong's market fell on profit taking, with sentiment undermined by
falls on Wall Street and on the Tokyo bourse. Property stocks fell
heavily, with Cheung Kong Holdings, Hang Lung Properties and Henderson
Land leading the falls, while banking stocks also came under selling
pressure, with heavyweight HSBC Holdings ending lower as BOC Hong Kong and
Hang Seng Bank weakened.
Meanwhile, Taiwan's market closed lower on profit taking following the
recent strong run. Chip maker UMC fell after its chairman said he would
resign in March, with TSMC also falling, while mobile phone makers, which
have enjoyed particularly sharp rises, dropped back as investors took
profits, with High Tech Computer and Compal Communications losing ground.
On a brighter note, strength in flat panel makers minimised larger falls
in the market, with AU Optronics and Chi Mei Optoelectronics enjoying
strong gains.
Finally, the market in Australia ended fractionally lower as investors
chose to take profits on the last trading day of the year. Resources
stocks ebbed lower, with majors BHP Billiton and Rio Tinto easing, while
gold miners also receded, with Lihir Gold and Newcrest Mining falling.
Banking stocks also slipped but on a brighter note, following the rise in
the oil prices, Woodside Petroleum, Oil Search and Santos all rose.
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
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SOURCE Thomson Financial Corporate Group
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