Asian stocks climbed this week after record customer growth boosted profit at China Mobile Ltd (中國移動) and Sony Corp reported earnings that topped analyst estimates.
China Mobile, the world's largest wireless-phone carrier by users, climbed to a record, and Sony, the second-biggest maker of consumer electronics, had its best week in two months. Posco led South Korea's KOSPI index higher after a report showed the economy grew in the third quarter and billionaire investor Warren Buffett said the nation's shares were attractive.
The Morgan Stanley Capital International Asia-Pacific Index added 1.4 percent to 168.06 this week. India's benchmark led gains in the region. Japan, Australia, New Zealand, the Philippines and Pakistan were the only decliners.
PHOTO: AFP
China's CSI 300 Index plunged the most since June after the economy expanded more than 11 percent for a third straight quarter, fueling concern borrowing costs will rise.
China Mobile gained 4.3 percent to HK$154.2 in Hong Kong after third-quarter profit rose 38 percent from a year earlier to 22 billion yuan (US$2.9 billion). Sony added 4.5 percent to ?5,560, the most since the five days ended Aug. 24. The Tokyo-based company said profit rose to ?73.7 billion (US$645 million) in the quarter ended Sept. 30 from ?1.7 billion a year earlier.
TAIPEI
Taiwanese share prices closed 0.66 percent higher on hopes that the strength of the local currency will attract foreign capital. Dealers said some industrial and technology shares found favor.
The weighted index closed up 63.25 points at 9,631.51 on turnover of NT$139.41 billion (US$4.3 billion).
"The firmer Taiwan dollar is definitely a clear indicator of foreign interest picking up," Yuanta Core Pacific Securities (
"We are not the only beneficiary of this ongoing spate of [regional] currency appreciation led by the yuan," he said, adding that the local market had lagged its Asian peers and may continue to attract bargain-hunters.
"The Taipei bourse remains a laggard to Hong Kong and Seoul," he said.
Taipei stocks have a good chance of sustaining upward momentum in the short run and may test the year's high of 9,807 points attained in late July, Fang said.
TOKYO
Japanese share prices closed up 1.36 percent, rising for the first time in three days as investors cheered upbeat corporate earnings from major companies such as Sony and Honda.
The NIKKEI-225 index jumped 221.46 points to 16,505.63.
"Share prices reacted positively to earnings today," said Masatoshi Sato, a senior strategist at Mizuho Investors Securities.
HONG KONG
Share prices closed sharply higher, up 1.84 percent, with the key index finishing above the 30,000-point level for the first time, as property stocks extended gains.
Dealers said the sector was buoyed by hopes for an interest rate cut in the US next week.
The Hang Seng index closed up 550.73 points at 30,405.22.
Despite financial sector gains, H-shares finished flat overall as investors locked in profits in some stocks amid worries that China could announce new tightening measures, including an interest rate hike, following Thursday's economic data.
BANGKOK
Thai share prices closed 0.13 percent higher, led by gains in energy stocks as world oil prices rose past 92 dollars per barrel to a new record on tension in the Middle East.
The composite index rose 1.12 points to 894.57.
SHANGHAI
Chinese share prices closed 0.49 percent higher, lifted by strong earnings in banks with property developers also in favour due to the strengthening currency.
Dealers said stocks rebounded after being in negative territory for most of the day before late bargain hunting in key financial and property shares lifted the key index to a positive finish.
The Shanghai Composite Index, was up 27.74 points at 5,589.63 on turnover of 87.41 billion yuan (US$11.65 billion).
Baoshan Iron & Steel Co (
Central bank Governor Zhou Xiaochuan (
SEOUL
South Korean share prices closed 2.6 percent higher, rising in tandem with key regional markets, as large-cap chip stocks found favour among investors because of their attractive valuations.
Dealers said the mood was upbeat for most of the session.
The KOSPI index ended 51.31 points higher at 2,028.06.
SYDNEY
Australian share prices closed up 1.2 percent supported by oil and mining stocks and firms exposed to strong Asian economies.
The benchmark S&P/ASX 200 gained 76.3 points to 6,700.6.
The Australian dollar broke through US$0.91 on Friday to trade at 23-year highs on speculation that the country's central bank will hike interest rates early next month while the US Federal Reserve is likely to cut rates next week.
SINGAPORE
Share prices closed 1.74 percent higher on gains in banks after strong earnings by banking giant DBS Group eased worries over the impact from the credit crunch.
Dealers said investors snapped up banking shares after DBS reported solid third quarter earnings that allayed concerns about how local banks may have been hit by the US subprime credit turmoil.
The Straits Timex Index rose 64.41 points to 3,771.55.
KUALA LUMPUR
Malaysian share prices closed 1.5 percent higher to hit a fresh record high with investors increasingly convinced there will be an interest rate cut in the US.
The composite index closed up 20.08 points at 1,398.35.
JAKARTA
Indonesian share prices closed 1.1 percent higher as investors cheered strong quarterly earnings at Astra Agro Lestari and Inco.
The composite index closed up 27.77 points at 2,624.43.
MANILA
Philippine share prices closed 0.5 percent higher in cautious trade ahead of next week's three-day holiday.
The composite index ended up 17.10 points at 3,784.88.
WELLINGTON
New Zealand share prices fell 0.95 percent, led down by leading stocks Telecom and Contact Energy, dealers said.
The NZX-50 index fell 40.43 points to close at 4,226.71.
MUMBAI
Indian share prices rose 2.52 percent to a new record close on, as investors brushed off concerns of large fund outflows due to new rules limiting the anonymous buying of shares by foreign investors.
The 30-share SENSEX index rose 472.28 points to 19,243.17.
It was late morning and steam was rising from water tanks atop the colorful, but opaque-windowed, “soapland” sex parlors in a historic Tokyo red-light district. Walking through the narrow streets, camera in hand, was Beniko — a former sex worker who is trying to capture the spirit of the area once known as Yoshiwara through photography. “People often talk about this neighborhood having a ‘bad history,’” said Beniko, who goes by her nickname. “But the truth is that through the years people have lived here, made a life here, sometimes struggled to survive. I want to share that reality.” In its mid-17th to
‘MAKE OR BREAK’: Nvidia shares remain down more than 9 percent, but investors are hoping CEO Jensen Huang’s speech can stave off fears that the sales boom is peaking Shares in Nvidia Corp’s Taiwanese suppliers mostly closed higher yesterday on hopes that the US artificial intelligence (AI) chip designer would showcase next-generation technologies at its annual AI conference slated to open later in the day. The GPU Technology Conference (GTC) in California is to feature developers, engineers, researchers, inventors and information technology professionals, and would focus on AI, computer graphics, data science, machine learning and autonomous machines. The event comes at a make-or-break moment for the firm, as it heads into the next few quarters, with Nvidia CEO Jensen Huang’s (黃仁勳) keynote speech today seen as having the ability to
State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday signed a letter of intent with Alaska Gasline Development Corp (AGDC), expressing an interest to buy liquefied natural gas (LNG) and invest in the latter’s Alaska LNG project, the Ministry of Economic Affairs said in a statement. Under the agreement, CPC is to participate in the project’s upstream gas investment to secure stable energy resources for Taiwan, the ministry said. The Alaska LNG project is jointly promoted by AGDC and major developer Glenfarne Group LLC, as Alaska plans to export up to 20 million tonnes of LNG annually from 2031. It involves constructing an 1,290km
NEXT GENERATION: The company also showcased automated machines, including a nursing robot called Nurabot, which is to enter service at a Taichung hospital this year Hon Hai Precision Industry Co (鴻海精密) expects server revenue to exceed its iPhone revenue within two years, with the possibility of achieving this goal as early as this year, chairman Young Liu (劉揚偉) said on Tuesday at Nvidia Corp’s annual technology conference in San Jose, California. AI would be the primary focus this year for the company, also known as Foxconn Technology Group (富士康科技集團), as rapidly advancing AI applications are driving up demand for AI servers, Liu said. The production and shipment of Nvidia’s GB200 chips and the anticipated launch of GB300 chips in the second half of the year would propel
RSS