Sun, Feb 17, 2008 page10

• Markets in Asia rise for first time in seven weeks

  • BLOOMBERG
  • • 
    • 
    • 

  Asian stocks rose for the first time in seven weeks, led by shipping and commodities companies, on higher cargo rates and raw-materials prices.

  China Shipping Development Co and BHP Billiton Ltd both had their steepest one-week advance since August. Pioneer Corp, the third-biggest Japanese maker of plasma televisions, had its biggest weekly gain since 1984 after Japan's economic growth accelerated and US retail sales climbed unexpectedly.

  "The volumes of raw-material traffic are going to remain reasonably strong," said Angus Gluskie, who helps manage the equivalent of US$500 million at White Funds Management in Sydney. "People have also remained reasonably comfortable on the outlook of the diversified miners and in the short run, prices appear quite robust."

  The MSCI Asia Pacific Index climbed 2.8 percent this week, trimming this year's loss to 8.3 percent, and ending a six-week retreat. Japan's Nikkei 225 Index rose 4.7 percent. Singapore's stock benchmark was the biggest gainer, adding 5.3 percent.

  A regional measure that includes shipping lines advanced to its highest since Jan. 15, as did the Baltic Dry Index, a measure of shipping costs for commodities.

  MSCI's Asian index had its biggest gain in three weeks on Thursday, when Japan said economic growth accelerated to 3.7 percent last quarter. Separately, the US Commerce Department said retail sales gained 0.3 percent last month, compared with a 0.3 percent drop expected by economists in a Bloomberg.

  TAIPEI

  Taiwanese share prices closed up 0.14 percent, dealers said.

  The weighted index closed up 11.09 points at 7,876.37 on turnover of NT$108.05 billion (US$3.41 billion).

  "From a regional perspective, the Taipei bourse stood out as an outperformer," said Arch Shih (施薄元), an analyst at Taiwan International Securities (金鼎證券), as he noted big falls on other bourses.

  Helping offset concerns over the US economic outlook were expectations that more funds could flow into the local bourse due to the Taiwan dollar's recent strength, he said.

  TOKYO

  Japanese share prices closed almost unchanged, recovering early losses despite persistent worries about the outlook for the US economy, dealers said.

  They said investors squared their positions ahead of a long weekend in the US. There was little impact from a widely expected decision by the Bank of Japan to leave interest rates unchanged.

  The Tokyo Stock Exchange's benchmark Nikkei-225 index closed down 3.89 points or 0.03 percent at 13,622.56, while the broader TOPIX index of all first-section shares edged up 2.45 points or 0.18 percent to 1,334.89.

  The Nikkei rose by 4.65 percent over the past week.

  HONG KONG

  Hong Kong share prices closed up 0.5 percent, dealers said.

  The Hang Seng index closed up 126.75 points at 24,148.43. For the week, the index was up 678.97 points or 2.89 percent.

  SYDNEY

  Australian share prices closed down 1.4 percent, dealers said.

  The benchmark S&P/ASX 200 closed down 78.2 points at 5,606.6, while the broader All Ordinaries finished 68.4 points lower at 5,679.8.

  SHANGHAI

  Chinese share prices closed 1.21 percent lower, dealers said.

  The benchmark Shanghai Composite index, which covers both A and B shares, closed down 55.19 points to 4,497.13.

  Figures showed a jump in bank lending, raising fears of a rate hike.

  The Shanghai A-share index fell 1.21 percent to 4,719.39. The Shenzhen A-share index was down 0.73 percent at 1,441.87.

  The Shanghai B-share index fell 1.19 percent to 311.55. The Shenzhen B-share index was down 0.74 percent at 656.16.

  SEOUL

  South Korean shares closed down 0.2 percent, dealers said.

  The KOSPI index closed down 2.68 points at 1,694.77. The index fell 1.8 points for the week.

  SINGAPORE

  Singapore share prices closed up 1.41 percent, dealer said.

  The blue chip Straits Times index rose 43.09 points to 3,088.68.

  KUALA LUMPUR

  Malaysian share prices fell 0.6 percent, dealers said.

  The Kuala Lumpur Composite index ended down 8.91 points at 1,427.19.

  BANGKOK

  Thai share prices closed 0.66 percent lower, dealers said.

  The Stock Exchange of Thailand (SET) composite index fell 5.46 points to 826.65 and the blue-chip SET-50 lost 3.23 points to 598.05.

  JAKARTA

  Indonesian share prices closed 0.5 percent higher, dealers said.

  The Jakarta Composite index closed up 12.55 points at 2,688.19.

  MANILA

  Philippine share prices closed 0.9 percent lower, dealers said.

  The composite index lost 28.75 points at 3,182.85. The broader all-share index fell 12.38 points to 1,942.66.

  WELLINGTON

  New Zealand share prices closed down 1.13 percent, dealers said.

  The benchmark NZX-50 index was down 39.60 points at 3,510.81.

  "There's nothing to mirror the performance of the market. But people hate uncertainty and so they are quite happy to sit on the sidelines," said David Price, a broker with Forsyth Barr.

  MUMBAI

  Indian share prices rose 1.96 percent, dealers said.

  The 30-share benchmark SENSEX index rose 348.62 points to 18,115.25.
• Most Popular

  • 1

    US military declines to fire adopting Marine Mast

  • 2

    Taiwan on alert over Chinese carrier

  • 3

    Taiwan ranked world's 14th richest country

  • 4

    Most willing to defend Taiwan: survey

  • 5

    Tokyo cracks down on ‘kasuhara’ amid rise in customers abusing staff