Asia: Shares rise, Nikkei lifted by weak yen

22-Jan-2014 Intellasia | Business Times | Reuters | AFP | Bloomberg | AP | 7:49 AM Print This Post

Asian markets rose yesterday Tuesday January 21, with Japan’s Nikkei index being the standout performer, thanks to a weaker yen, as investors moved in for cheaper stocks following the previous day’s sell-off.

With United States markets closed on Monday for a public holiday, investors shrugged off flat China economic growth figures a day earlier to send China shares higher after the country’s central bank moved to ease fears of a cash crunch.

In Tokyo, the benchmark Nikkei rose 0.99 per cent, or 154.28 points, to close at 15,795.96, Seoul rose 0.52 per cent, or 10.11 points, to 1,963.89 and Sydney added 0.69 per cent, or 36.5 points, to finish at 5,331.5.

Shanghai climbed 0.86 per cent, or 17.06 points, to 2,008.31.

Markets mostly sank on Monday after China said its economy – a key driver of regional and global growth – expanded 7.7 per cent last year, the same rate as in 2012 which was the slowest since 1999.

Gross domestic product expansion for the October-December quarter also slowed to 7.7 per cent from 7.8 per cent in the previous three months.

HONGKONG: STOCKS closed 0.45 per cent higher yesterday, in line with a regional rally as investors picked up bargains following the previous day’s losses.
The benchmark Hang Seng Index added 104.17 points to 23,033.12 on turnover of HK$64.48 billion.
HSBC ended flat at HK$85.75, China Mobile rose 0.65 per cent to HK$77.15, Cheung Kong Holdings eased 0.08 per cent to HK$120.50 and Cathay Pacific Airways added 1.30 per cent to HK$17.12.
PetroChina rose 0.25 per cent to HK$8.07 and Ping An Insurance was up 0.67 per cent at HK$67.

SINGAPORE:THE Straits Times Index (STI) ended 4.97 points, or 0.16 per cent, higher at 3133.76 points yesterday.
The FTSE ST Mid Cap Index gained 0.45 per cent while the FTSE ST Small Cap Index appreciated by 0.47 per cent.
Of the active stocks, DBS shed 0.23 per cent, SingTel added 0.86 per cent, United Overseas Bank lost 0.15 per cent and OCBC Bank depreciated by 0.10 per cent.
The outperforming sector, FTSE ST Utilities rose 3.15 per cent.
Of its two biggest stocks, Hyflux gained 1.73 per cent while HanKore advanced 6.36 per cent at the close of trade yesterday.

KUALA LUMPUR: BURSA Malaysia ended higher yesterday, lifted by persistent buying momentum in heavyweights and penny stocks.
The FTSE Bursa Malaysia KLCI (FBM KLCI) finished 7.75 points higher at 1,815.34 after opening at 1,807.45. It moved between 1,806.25 and 1,816.94 throughout the day.
Overall, losers thumped gainers 419 to 357, while 314 were unchanged, 466 untraded and 19 others suspended.
Volume rose to 1.591 billion shares valued at RM1.849 billion from 1.557 billion shares valued at RM1.732 billion.
The spotlight was on car counters after the announcement of the revised National Automotive Policy. DRB-HICOM added a sen to RM2.78, MBM Resources rose two sen to RM3.43 and UMW Holdings increased four sen to RM11.62.
Of the heavyweights, Maybank gained five sen to RM9.86, TNB soared 10 sen to RM11.50, Sime Darby edged up a sen to RM9.13 and CIMB added two sen to RM7.11. Axatia, however, was flat at RM6.64.
The Finance Index rose 63.71 points to 16,685.86, the Plantation Index increased 4.06 points to 8,484.08 and the Industrial Index was 10.69 points higher at 3,077.29.
The FBM Emas Index went up 49.59 points to 12,558.77, FBMT100 Index jumped 50.60 points to 12,266.84 and FBM ACE rose 9.01 points to 5,991.78.
Meanwhile, the FBM KLCI futures contracts on Bursa Malaysia Derivatives closed higher, tracking the bullish underlying cash market.
Spot month January 2014 and February 2014 rose nine points to 1,813.5, March 2014 gained 8.5 points to 1,813 and June 2014 added seven points to 1,810.
Turnover fell to 4,514 lots from 6,457 lots on Monday while open interest declined to 42,025 contracts from 43,533 contracts.

In other markets:

* Mumbai nudged higher 0.22 per cent, or 46.07 points, to 21,251.12 points. Windturbine maker Suzlon Energy rose 6.53 per cent to 11.25 rupees and Aurobindo Pharma built on Monday’s gains to rise 6.33 per cent to 435.15 rupees.

* Jakarta closed higher 0.47 per cent, or 20.93 points, at 4,452.50. Hero Supermarket rose 2.49 per cent to 2,675 rupiah, while mobile phone provider Indosat gained 2.67 per cent to 4,230 rupiah.

* Bangkok gained 0.24 per cent or 3.11 points to 1,293.10. Airports of Thailand rose 3.16 per cent to 163.00 baht, while Thai Airways International dropped 2.72 per cent to 14.30 baht.

* Taipei fell 0.25 per cent to 8,599.9 points. Taiwan Semiconductor Manufacturing Co was 0.93 per cent lower at T$106.5 while leading chip design house MediaTek shed 5.37 per cent at T$388.0.

* Wellington was up 0.64 per cent at 4,921.67 points. Fletcher Building was up 1.46 per cent at NZ$9.06, and Hallenstein Glasson Holdings surged 7.1 per cent on bargain-hunting to close at NZ$3.48. Chorus lost 4.9 per cent at NZ$1.465.

* Manila closed 0.23 per cent higher, adding 13.64 points to finish at 6,019.24. AFP * Manila closed 0.23 per cent higher, adding 13.64 points to finish at 6,019.24.

VIETNAM: Vietnamese stocks extended gain for the 13th straight day with support of blue chips, liquidity stayed high.
The benchmark VN Index rose 6.24 points or 1.13% to 559.91. Volume fell 6% to 97.9 million worth of VND1.847 trillion. Put-through trading contributed 9.8 million shares worth of VND355.13 billion.
We saw 1 million 2.52 million KDC shares changed hands at VND49,700 each, and 0.95 million MSN shares changed hands at VND96,400 each.
The market breadth, however, turned positive with 152 gainers, 70 losers and 67 unchanged.
The VN30 rose13.39 points or 2.16% to 634.08. Among 30 constituents, 23 gained, 5 fell, 2 stood still.
Market opened in the green with 2 million shares changed hands. Trading was active but the selling pressure was seen. At sometimes in the morning session, the sellers sent the index down top the negative ground. However, the bulls were still very convincing and buying into heavy weighs, blue chips buoyed the market in the afternoon session. Market ended at the high of the day.
The ceiling actions of BVH, PVD were among the strong gainers today. Other blue chips CSM, HDG, FPT. GMD, HCM, HPG, HSG, PPC, REE were all gainers.
Top 5 market caps were mixed, VIC, VCB gained while GAS, MSN, VNM lost.
High beta stocks rebounded, ITA,FLC, VNE limited up while UDC, VHG, HAR posted strong gains.
Securities stocks  mostly rose except that BSI lost.
Banking shares were strong, VCB, STB, CTG, MBB all gained, only EIB stood still.
On the Hanoi Stock Exchange, the HNX rose 1.06 points or 1.46% to 73.56. Trading volume fell 9% to 51.4 million shares worth VND551.59 billion.
The breadth was positive with 133 gainers, 84 losers, 66 unchanged and the rest untraded.
The HNX30 gained 4.65 points or 3.33% to 144.52.

EUROPE: European stock markets advanced yesterday after China’s central bank injected liquidity to ease fears of a cash crunch in the Asian powerhouse economy, dealers said.
In midday deals, London’s FTSE 100 index of top companies rose 0.21 per cent to 6,846.95 points, Paris’ CAC 40 index climbed 0.30 per cent at 4,336.12 points and Frankfurt’s DAX 30 index added 0.36 per cent to 9,750.29 points
“It’s been a positive day so far in the financial markets, largely driven by the additional liquidity that was pumped into the money markets overnight by the People’s Bank of China,” said analyst Craig Erlam at trading firm Alpari.
In the meantime, the pan-European FTSEurofirst 300 index, which was up 0.4 percent at 1,348.85 points, a level not seen since May 2008, at 1139GMT.

AMERICA: The Standard & Poor’s 500 index logged a small gain Tuesday on a mixed day for the stock market.

Health-care giant Johnson & Johnson slipped after it warned that pressure to keep prices low would likely mean slightly lower profits than forecast. Delta Air Lines gained after reporting a better-than-expected profit in the fourth quarter as fares and traffic rose.

Company earnings were the main focus for investors Tuesday as there were no major economic releases. So far, the stock market has failed to get a big lift from earnings reports and investors appear to be assessing the results more critically than they did a year ago.

“Earnings are coming in and, candidly, we’re getting a mixture picture for the fourth quarter so far,” said Jim Russell, an investment director at U.S. Bank.

The Standard & Poor’s 500 rose 5.10 points, or 0.3 percent, to 1,843.80. The Dow Jones industrial average fell 44.12 points, or 0.3 percent, to 16,414.44. The Nasdaq composite edged up 28.18 points, or 0.7 percent, to 4,225.76.

J&J, one of the 30 members of the Dow, slipped $1.03, or 1.1 percent, to $94.03, helping pull the index lower. Another Dow component, Verizon Communications, fell after reporting its own earnings.

Among the day’s winners were Dow Chemical and Alcoa.

Dow Chemical rose $2.86, or 6.6 percent, to $45.93 after hedge fund Third Point LLC said Tuesday that it has acquired a significant stake in the company and wants it to spin off its petrochemicals division.

Alcoa surged 77 cents, or 6.8 percent, to $12.13 after analysts at JPMorgan raised their price target for the stock, predicting Alcoa will benefit from tightening aluminum markets.

After surging almost 30 percent last year, stocks are starting the year in a more subdued fashion. The S&P 500 is down 0.3 percent for the year.

In bond trading, the yield on the 10-year Treasury note rose to 2.83 percent from 2.82 percent on Friday. U.S. markets were closed Monday for the Martin Luther King Jr. Day holiday.

Among other stocks making big moves:

— Delta increased $1.01, or 3 percent, to $32.08 after reporting a better-than-expected profit in the fourth quarter as fares and traffic rose. The airline’s president said demand was strong, and forecast that profit margins would increase in the current quarter.

— Expedia dropped $3.02, or 4.2 percent, to $67.67 after a blog Search Engine Land reported Expedia online visibility fell dramatically, and cited actions taken by Google to punish companies that it believes are trying to game its search algorithms. Officials from Expedia did not immediately respond to requests for comment from The Associated Press.

Benchmark Currency Rates

USD EUR JPY GBP CHF CAD AUD HKD

USD

1.3564 0.0096 1.6484 1.0986 0.9111 0.8853 0.1289

EUR

0.7372 0.0071 1.2153 0.8100 0.6717 0.6527 0.0950

JPY

104.2400 141.3800 171.8180 114.5130 94.9540 92.2770 13.4384

GBP

0.6066 0.8229 0.0058 0.6665 0.5527 0.5368 0.0782

CHF

0.9102 1.2346 0.0087 1.5006 0.8293 0.8058 0.1173

CAD

1.0975 1.4886 0.0105 1.8091 1.2059 0.9713 0.1415

AUD

1.1296 1.5322 0.0108 1.8616 1.2408 1.0293 0.1456

HKD

7.7569 10.5212 0.0744 12.7859 8.5217 7.0672 6.8688

Source: Bloomberg

 


Category: FinanceAsia

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