Sun, Oct 23, 2011 - Page 10 News List

Asian markets post mixed results

NERVOUS TRADING:The ongoing bickering between France and Germany over a cure for the eurozone crisis led to uncertainty and left many dealers on the sidelines

Bloomberg

Asian stocks swung between gains and losses, heading for a weekly drop, on speculation European policy makers will struggle to reach a resolution on how to fight the region’s debt crisis.

Fanuc Corp, a Japanese manufacturer of industrial robots that gets 75 percent of its sales abroad, rose 2.4 percent after an index of manufacturing in Philadelphia unexpectedly increased.

Hynix Semiconductor Inc, the world’s second-largest maker of computer memory chips, rose 10 percent in Seoul after a research company said Apple Inc used the company’s NAND-flash chips in the iPhone for the first time.

Mitsui & Co led losses in Japanese traders as commodity prices headed for the first weekly loss in three weeks.

The MSCI Asia Pacific Index rose 0.2 percent to 115.40 at 7:34pm in Tokyo on Friday after falling as much as 0.3 percent. About half of the stocks on the benchmark gauge rose ahead of a European debt summit this weekend. The measure has dropped 1.3 percent this week.

“It looks like European leaders are making progress, but there’s still a long way to go,” said Stephen Halmarick, Sydney-based head of investment markets research at Colonial First State Global Asset Management, which oversees about US$150 billion. “The market remains very vulnerable.”

Fanuc gained 2.4 percent to ¥12,170. Mitsubishi Electric Corp, which makes 25 percent of revenue from factory automation equipment, rose ¥2.7 percent to 712.

The TAIEX added 10.19 points on Friday, or 0.14 percent, to 7,254.51, paring its weekly decline to 1.4 percent.

Japan’s Nikkei 225 Stock Average closed little changed after rising as much as 0.2 percent. Australia’s S&P/ASX 200 lost 0.1 percent.

Hong Kong’s Hang Seng Index added 0.2 percent, erasing losses of as much as 0.3 percent.

South Korea’s KOSPI climbed 1.8 percent on speculation that the nation’s earnings will withstand a slowdown in the global economy.

Samsung Electronics Co, the world’s second- biggest handset maker, rose 1.1 percent to 917,000 won on a Wall Street Journal report that its smartphone shipments beat Apple Inc’s in the last quarter.

Hynix Semiconductor rose 10 percent to 23,200 won in Seoul after research company IHS iSuppli said Apple used the company’s NAND-flash chips in the iPhone for the first time.

LG Display Co, the world’s second-largest maker of liquid-crystal displays, jumped 7.8 percent to 24,250 won after analysts from LIG Investment & Securities Co and Hyundai Securities Co said losses will narrow in the current quarter.

The MSCI Asia Pacific Index declined 16 percent this year through Friday amid concern that Europe’s debt crisis will damage the banking system and US growth is sputtering. That compares with slides of 3.4 percent by the S&P 500 and 16 percent by the STOXX Europe 600 Index. Stocks in the Asian benchmark are valued at 11.7 times estimated earnings on average, compared with 12.2 times for the S&P 500 and 10 times for the STOXX 600.

Japanese trading companies fell after the Thomson Reuters/Jefferies CRB Index of raw materials fell 1 percent on Friday, set for a 3 percent weekly loss. Mitsui & Co dropped 3.3 percent to ¥1,057, while Mitsubishi Corp slid 2.5 percent to ¥1,478, while Itochu Corp lost 1.8 percent to ¥731.

In other markets on Friday:

Indian shares fell 0.89 percent, or 151.25 points from Thursday, to 16,785.84.

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