Asian stockmarket summary - Jan 18 |
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Thu, 18 Jan 2007 11:29
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BEIJING (XFN-ASIA) - A summary of Asian stockmarket trading Thursday.HONG KONGShare prices closed sharply higher as late interest in blue chips, driven by expectations of robust 2006 earnings, helped offset steep falls in China property stocks. China property stocks were hit by news that mainland authorities will begin enforcing a land appreciation tax from Feb 1 while blue chips will start reporting their 2006 results next month. The Hang Seng Index closed up 212.94 points at 20,277.51.CHINAA-shares in Shanghai and Shenzhen closed mixed as the market corrected with real estate developers and banks under pressure. Meanwhile B-shares in Shanghai and Shenzhen also closed mixed amid some profit-taking pressure, with property developers remaining weak on worries over an upcoming property tax. The benchmark Shanghai Composite Index closed down 21.92 points at 2,756.98.TAIPEIShare prices closed higher as ample liquidity fueled rotational plays, with financials in particular attracting bargain-hunting interest following previous falls. They said gains in the sector outweighed any caution which might have been caused by a lackluster performance on Wall Street overnight. The weighted index closed up 61.20 points at 7,895.18.MANILAShare prices finished at a new high in nearly a decade led by market heavyweight Philippine Long Distance Telephone Co (PLDT), with investors snapping up stocks on expectations of strong corporate earnings underpinned by the rosy outlook for the economy. At the close, the 30-company composite index was up 40.17 points at 3,081.73.SEOULShare prices closed slightly higher, reversing their initial weakness, with investors relieved by the much-expected rate freeze by the Bank of Japan (BoJ) today. The market opened lower following Wall Street's overnight retreat due to fears of inflation pressures but managed to rebound as the BoJ's decision to leave rates on hold eased concerns over global liquidity tightening. The KOSPI index closed up 3.73 points at 1,383.21.SINGAPOREShare prices closed higher as investors snapped up selected blue chips such as properties, propelling the benchmark index to new highs. The Straits Times Index closed up 23.99 points to finish at a new closing high of 3,061.65. With the exception of Keppel Land, most property heavyweights rose, with City Developments up 0.60 sgd at 14.80 and CapitaLand up 0.15 sgd to 7.00.KUALA LUMPURShare prices closed higher, with the main index up for the fifth straight session, on rotational buying of construction stocks on hopes their earnings will be boosted by projects arising from the government's Ninth Malaysia plan (9MP). The Kuala Lumpur Composite Index (KLCI) closed up 7.95 points at 1,147.66.JAKARTAShare prices closed higher for a fourth straight day led up mainly by secondliners. Dealers noted that speculative trade lifted toll road operator Citra Marga and investment firm Bhakti Investama amid market talk that Bhakti has purchased shares in Citra Marga from a key shareholder. The composite index closed up 19.225 points at 1,777.708.AUSTRALIAShare prices closed up as investors bought resource and bank stocks, reversing yesterday's selling action and helping to boost sentiment for the wider market. The S&P/ASX 200 advanced 26.3 points to close at 5,672.4. The broader All Ordinaries index rose 24.6 points to close at a fresh record close of 5,650.7.TOKYOShare prices closed higher, with the focus of investors shifting back to the general prospect of higher corporate earnings, the Bank of Japan's decision to keep interest rates on hold having elicited little in the way of response. The blue-chip Nikkei 225 Stock Average closed 109.58 points higher at 17,370.93.
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Banking and insurance highlights to 15:45 GMT 