Asia: bulls too early to give up

 

Tuesday, September 8, the major stock markets of the Asia-Pacific region once again completed the session in the Green Zone. The growth index of business confidence in Australia, increasing metals prices and increased cost of microchips for computer memory have brought a considerable portion of optimism than provide good service to the shares of high-tech companies and commodities.

As a result of the auctions the index MSCI Asia Pacific grew by 1.5% and closed at the maximum level over the last year of 115.91 points. Japanese Nikkei 225 index added 0.7%, Chinese CSI 300 has added to its asset 2,15%, and the Australian SP/ASX200 left in plus on 1,56%. An exception to the overall positive dynamics of the steel markets of New Zealand and Pakistan.

Equity National Australia Bank and Commonwealth Bank of Australia stepped up to 3,8% and 2,1% respectively. According to the National Australia Bank, the business confidence index, calculated by the bank through the study of the views of 550 different companies, reached a peak in October 2003 value of 18 points.

With increasing cost of metals quotes the world's largest mining company BHP Billiton rose 2.1%, while its rival paper Rio Tinto Group gained strength at 2,2%.

Central Bank of Japan said that the increase in domestic lending by banks continued to decline the eighth month in a row because of the companies to reduce costs and increase unemployment, which reached a record high. As a result, shares of Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group dipped 1.8% and 2.1% respectively.

Quotes of the Japanese memory chip manufacturer Elpida Memory has increased by 5,1%, while the company Samsung Electronics earned at the auction of 1% of market capitalization, after Dramexchange Technology study showed that the cost of 1-gigabyte chip has increased from 58 cents in December last year to $ 1 71 as of 7 September this year.

Shares Advantest, the world's largest manufacturer of chip testers for memory went up by 1,1%. The newspaper Nikkei reports appeared that Advantest expects growth of orders in July-September, the number of which exceeded the previous quarter.

South Korea's largest refiner SK Energy has left in plus 15% against the expected increase in profits in the third quarter.

Paper JVC Kenwood Holdings soared 31% after it was reported that the company's profits may be higher than projections.

Values of the basic indexes on closing are resulted in the table:

Index Country Closing (items) Delta day (items) Change day (%) value at beginning of year (the last closing in 2008) Change YTD
SP /ASX 200 Australia 4523.8 1.56 69.4 3722.30 21.53%
All Ordinaries Australia 4527.8 1.5 66.7 3659.30 23.73%
Ho Chi Minh Vietnam 537.81 2.54 13.3 315.62 70.40%
Hang Seng Hong Kong 21069.81 2.14 440.5 14387.48 46.45%
Hang Seng H-shares Hong Kong 12275.66 2.48 296.51 7891.80 55.55%
BSE 30 (Sensex) India 16123.67 0.67 107.35 9647.31 67.13%
Jakarta Composite Indonesia 2371.302 1.32 30.91 1355.41 74.95%
Shanghai A-shares China 3075.547 1.72 51.858 1911.79 60.87%
CSI 300 China 3170.967 2.15 66.759 1817.72 74.45%
FTSE Bursa Malaysia KLCI Malaysia 1202.07 0.98 11.68 876.75 37.11%
NZSE 50 New Zealand 3121.553 — 0.036 -1.137 2715.71 14.94%
Karachi 100 Pakistan 8821.56 -1.28 -114.3 5865.01 50.41%
Straits Times Singapore 2660.91 0.64 16.96 1761.56 51.05%
Bangkok SET Thailand 496.66 1.74 8.5 449.96 10.38%
TAIEX Taiwan 7313.99 1.24 89.4 4591.22 59.30%
PSEi Philippines 2852.48 0.76 21.49 1872.85 52.31%
Colombo All-Shares Sri Lanka 2724.29 1.86 49.74 1503.02 81.25%
KOSPI South Korea 1619.69 0.69 11.12 1124.47 44.04%
Nikkei 225 Japan 10393.23 0.7 72.29 8859.56 17.31%
Topix Japan 946.4 0.19 1.8 859.24 10.14%


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