Most Asian markets rise as Tokyo shares recover, Hong Kong shares edge up
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HONG KONG Most Asian markets advanced Tuesday, as Japanese stocks rose slightly and as Hong Kong shares edged up on China-related stocks. Shares in mainland China surged to a five-year closing high. Tokyo’s benchmark Nikkei 225 index rose 47.54 points, or 0.29 percent, to finish at 16,399.39 points, after plunging 1.9 percent Monday. With earnings season in full-swing, the market seems disappointed that more Japanese companies haven’t revised upward their earnings forecasts for the full fiscal year through March. Worries about slower growth in the U.S. also weighed on sentiment. Machinery stocks and some electronics advanced, with Fanuc Ltd. gaining 6.17 percent to 10,150 yen (US$86.75) and Toshiba Machine Co. jumping 2.82 percent to 1,056 yen (US$9.03). Sony Corp. added 0.21 percent to 4,850 yen (US$41.45). But Softbank Corp. dropped 2.85 percent to 2,560 yen (US$21.88) after the Internet services company is reportedly now under investigation by Japan’s anti-monopoly watchdog over possible advertising law violations. The Tokyo-based Softbank aggressively slashed its prices last week to undercut rivals, only to halt accepting new customers over the weekend when its computer system couldn’t handle the barrage of new applications. The rush of applications came just days after the arrival of number portability in Japan, a system that allows people keep the same numbers when they switch carriers. In Hong Kong, shares edged higher, led by China-related stocks and helped by falling oil prices and firmer regional markets. The blue chip Hang Seng Index rose 26.8 points, or 0.2 percent, to 18,324.35 points. China-related stocks, buoyed by strong third-quarter earnings results, outperformed the general index. Angang Steel, one of China’s biggest steel producers, rose 8.6 percent to HK$7.95, while Sinopec, Asia’s largest oil refiner by capacity, gained 5.1 percent to HK$5.40. Analysts believe “H” shares — Hong Kong-listed shares of mainland Chinese-registered companies — will continue to climb. “I think H shares will continue to rise, considering that the Chinese economy is growing 10 percent per year. Bank stocks could easily double or triple in the next few years, if the economy can keep up that growth pace,” said Francis Lun, general manager of Fulbright Securities. But Linus Yip, a strategist at First Shanghai Securities, said a correction was overdue for H shares, which have risen 57 percent in the last year. “I think all the good news is in the price. The chances for a short-term pullback are pretty high,” he said. Elsewhere: BANGKOK: Thai shares ended up, led by a rebound in bank blue chips after recent loss. The Stock Exchange of Thailand’s SET index rose 0.5 percent to 722.46. JAKARTA: Indonesian shares closed up 0.15 percent to 1,582.626 after bellwether Telkom helped raise the market by its healthy net profit results. The Jakarta Stock Exchange main index closed up 2.44 points as Telkom finished up 1.20 percent on its healthy Jan-Sept net profit results. KUALA LUMPUR: Malaysia’s key stock index ended higher on late buying by institutional funds. The Composite Index of 100 blue chips rose 0.2 percent to 988.30. MANILA: Philippine shares rose slightly for their 9th straight gain, led by blue chips like Metropolitan Bank and Ayala Land. The benchmark 30-company Philippine Stock Exchange Index was up 0.31 points, or 0.01 percent, at 2,708.50, after rising 6.49 percent over the last eight sessions. |