RPT Asian stock market summary

RPT Asian stock market summary

	Published : Mon, 10 Dec 2007 09:08 By : Agencies Print this Story

MUMBAI (Thomson Financial) - JAPAN

Nikkei opened higher after better-than-expected machinery orders for October with a weaker yen lifting exporters, but finished down 0.2 pct at 15,924.39 as investors took profits ahead of the US Federal Reserve's meeting Tuesday.

Analysts are looking at a cut of at least 25 basis points. The broader Topix index dropped 0.2 pct to 1,558.51.

SOUTH KOREA

KOSPI closed sharply lower as well, down 1.4 pct at 1,906.42, as investors turned cautious ahead of FOMC meet.

After briefly crossing into positive territory at midday, the market fell with sentiment clouded by China's latest monetary tightening and South Korean financial regulators' investigation into the Mirae Asset Financial Group and Samsung Group.

AUSTRALIA

The S&P/ASX 200 closed down 0.4 pct at 6,625.1 on uncertainty about the outcome of the US Fed's interest rate meeting.

The All Ordinaries closed 0.4 pct lower at 6,686.1.

CHINA

The benchmark Shanghai Composite Index closed up 1.38 pct at 5,161.92 led by consumer and metals stocks, buoyed by news that the government has tripled investment quota for the qualified foreign institutional investor (QFII) program to 30 bln usd from 10 bln.

However, banks and property developers were weaker after the central bank raised the bank reserve requirement for the 10th time this year.

The Shanghai A-share Index rose 1.38 pct to 5,416.72 and the Shenzhen A-share Index was up 2.67 pct at 1,419.07.

The Shanghai B-share Index rose 0.74 pct to 361.63, while the Shenzhen B-share Index fell 0.62 pct to 720.29.

TAIWAN

The weighted index closed down 1.43 pct at 8,598.03 on caution ahead FOMC meet.

Political concerns in the run-up to next year's parliamentary and presidential elections as well as margin selling also dragged the local bourse down further in late trade.

PHILIPPINES

Manila's composite index finished down 1.9 pct at 3,675.52.

Expectations of a Fed rate cut and receding fears of a US recession had fuelled the recent rally. But chances of an aggressive half-point cut are now slim following a slightly better than expected US employment report on Friday.

TFN.newsdesk@thomson.com

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