Sun, Dec 23, 2012 - Page 15 News List

Asian markets hit longest weekly rise since March

JUBILANT JAPAN:Regional markets got a boost as the pro-stimulus Liberal Democratic Party swept to power in Japan, although Taipei and Seoul bucked the rising trend

Bloomberg and staff writer, with CNA

“Many investors here are afraid that Wall Street will encounter further volatility due to the fiscal problems,” Mirae Asset Management analyst Arch Shih (施博元) said.

However, Shih added that because many foreign investors were absent from yesterday’s session, the low trading volume could not be used to draw a definitive conclusion on the direction of future trading.

Among the winning high-tech stocks in Taiwan yesterday was TSMC, the world’s largest contract chip maker, which gained 0.95 percent to close at NT$95.70, and Hon Hai, which added 1.26 percent to end at NT$88.10.

The paper and pulp sector scored the highest gains among the eight major sectors of the market, finishing up 2.2 percent. Machinery and electronics shares rose 0.6 percent, financial stocks added 0.4 percent, and the textile and construction sectors each closed up 0.3 percent. Bucking the broader market, cement stocks fell 1.0 percent, and food shares and plastics and chemical stocks ended down 0.3 percent.

In other markets on Friday:

Manila closed 0.45 percent higher from Thursday, adding 26.20 points to 5,823.94.

Wellington fell 0.51 percent, or 20.71 points, to 4,054.74.

Mumbai fell 1.09 percent, or 211.92 points, to 19,242.0 points.

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