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Asian markets higher on bargain hunting |
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10/Mar/2009 Intellasia | Business Times | Reuters | AFP | Bloomberg | AP |
10 Mar, 2010 - 8:03:33 AM |
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Easing concerns over the release of key Chinese economic data later this week overshadowed a bout of profit-taking to leave Asian stocks higher yesterday Tuesday March 9.
Dealers had been looking ahead at inflation and trade figures from Beijing on Thursday, fearing leaders could use the data to introduce credit-tightening measures.
However, rumours that Beijing may not be as stringent as feared lifted stocks, with Shanghai up 0.64 per cent.
Zhao Jianxing from China Merchants Securities said: "The current news flow regarding policies to curb property prices was within expectations, nothing too painful.
"The rally in that sector probably also helped to lift bank stocks." Eyes have been on a key parliamentary session in China, as leaders plan to rein in lending and bring an end to huge stimulus measures introduced to overcome the global downturn.
Sydney was 0.25 per cent, or 12.2 points, higher at 4,820.1, marking its eighth consecutive gain helped by gains in the banking sector. Commonwealth Bank of Australia rose 0.7 per cent to A$55.21 and Westpac rose 0.5 per cent to A$26.97. However, miner BHP Billiton lost 0.3 per cent to 45.22 and rival Rio Tinto was off 1 per cent at 76.15.
Tokyo stocks slipped 0.17 per cent, or 18.27 points, to 10,567.65 after hitting a six-week high the previous day.
HONG KONG: The benchmark Hang Seng Index edged up 10.68 points, or 0.05 per cent, to close at 21,207.55.
Turnover was HK$58.49 billion.
The index is consolidating after rising nearly 3 per cent so far this month.
SINGAPORE: The benchmark Straits Times Index gained 0.2 per cent to 2,839.54 at close.
The following shares were the most active: Jar-Jardine Matheson Holdings climbed 5.8 per cent to S$31.94, Keppel Land rose 2.6 per cent to S$3.56 and Osim gained 5.1 per cent to 82 cents.
KUALALAMPUR: Share prices on Bursa Malaysia paused to consolidate their recent gains yesterday. Its overall declining counters out-paced its advancing counters by 455 to 253.
The Kuala Lumpur Composite Index (KLCI) fell from its intra-day high of 1,323.69 to its intra-day low of 1,316.29 yesterday. It closed at 1,317.94 points, giving a day-on-day gain of 6.28 points, or 0.47 per cent.
The US Labour Department said 36,000 jobs were lost in February. Most economists had forecast about 67,000 job losses and a 9.8 per cent unemployment rate.That news helped Asian markets post strong gains on Monday.
In other markets:
* Seoul ended flat, edging up 0.79 points to 1,660.83.
* Seoul ended flat, edging up 0.79 points to 1,660.83. * Taipei rose 0.11 per cent, or 8.32 points, to 7,770.59. Taiwan Semiconductor Manufacturing Co was 0.16 per cent higher at 61.3 Taiwan dollars.
* Taipei rose 0.11 per cent, or 8.32 points, to 7,770.59. Taiwan Semiconductor Manufacturing Co was 0.16 per cent higher at 61.3 Taiwan dollars. * Manila rose 0.40 per cent, or 12.37 points, to 3,107.35. Philippine Long Distance Telephone was unchanged at 2,675 pesos while Aboitiz Power Corp led gainers, rising 6.82 per cent to 11.75 pesos.
* Manila rose 0.40 per cent, or 12.37 points, to 3,107.35. Philippine Long Distance Telephone was unchanged at 2,675 pesos while Aboitiz Power Corp led gainers, rising 6.82 per cent to 11.75 pesos. * Wellington ended 0.30 per cent, or 9.61 points, to 3,213.21. The loss ended a nine-day winning streak for the index.
* Wellington ended 0.30 per cent, or 9.61 points, to 3,213.21. The loss ended a nine-day winning streak for the index.
Telecom fell 3 cents to 2.21 dollars, Fletcher Building was flat at 8.10 and Contact Energy added 4 cents at 6.15.
VIETNAM: The VN Index bounced 6.15 points or 1.18 percent to 527.27 pts with the total matching order trade of 60.44 million shares valued at 2.605 trillion dong, increasing 14 percent in volume and 17 percent in value against the previous session.
The HNX also jumped 1.47 points or 0.86 percent to 172.7 pts with the total market trade of 33.19 million shares worth 1.142 trillion dong, bringing a day on day gain of 15 percent in volume and 22 percent in value.
EUROPE: European shares fell yesterday for the second consecutive session, with banking stocks down and miners lower as metal prices retreated on a firmer dollar, while defensive food producers and drugmakers gained.
The pan-European FTSEurofirst 300 index of top shares provisionally closed down 0.1 per cent at 1,052.82 points.
The index has risen 63 per cent since reaching a lifetime low in March 9 2009, but is little changed this year.
London's main FTSE 100 index inched down 0.08 per cent to 5,602.30 points.
The Paris CAC 40 index edged up 0.17 per cent to 3,910.01 points and the Frankfurt Dax rose slightly by 0.17 per cent to 5,885.89 points.
AMERICA: A year after the stock market began its comeback from 12-year lows, investors are looking for the next big thing.
Stocks have lost some of the momentum that propelled the Dow Jones industrial average up 4,017 points, or 61.4 percent, from its close of 6,547 on March 9, 2009. That's natural _ bull markets tend to slow down as they head into their second year. But the lethargic pace of the economic recovery has also been a drag on stocks. And so investors are waiting for signs that the economy is ready to put up some solid, sustainable growth numbers.
The Dow on Tuesday rose 11.86, or 0.1 percent, to 10,564.38. The Dow remains 25 percent below its peak of 14,164.53, reached in October 2007.
The S&P 500 index, the barometer favored by professional investors, rose 1.95, or 0.2 percent, to 1,140.45. The index is up 68.6 percent in the past year. Including dividends, it's up about 72 percent. It is still down 27 percent from its high of 1,565.15, also reached in October 2007.
And the Nasdaq composite index rose 8.47, or 0.4 percent, to 2,340.68. The Nasdaq is at an 18-month high but still down by more than half from its peak reached 10 years ago Wednesday. On March 10, 2000, it rose to 5,048.62 at the height of the dot-com bubble.
Advancing stocks narrowly outpaced those that fell on the New York Stock Exchange, where volume came to 5.2 billion shares, compared with 3.9 billion Monday.
Benchmark Currency Rates
USD EUR JPY GBP CHF CAD AUD HKD
HKD 7.7598 10.5564 0.0862 11.6409 7.2184 7.5573 7.0992
AUD 1.093 1.487 0.0121 1.6397 1.0168 1.0645 0.1409
CAD 1.0268 1.3968 0.0114 1.5404 0.9552 0.9394 0.1323
CHF 1.075 1.4624 0.0119 1.6127 1.047 0.9835 0.1385
GBP 0.6666 0.9068 0.0074 0.6201 0.6492 0.6099 0.0859
JPY 90.043 122.4945 135.079 83.7609 87.6937 82.3785 11.6039
EUR 0.7351 0.0082 1.1027 0.6838 0.7159 0.6725 0.0947
USD 1.3604 0.0111 1.5002 0.9302 0.9739 0.9149 0.1289
Bloomberg
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