Market Updates

Asia Gains Despite Sony

Elena
15 Mar, 2006
New York City

    Asian markets finished higher, supported by solid gains on Wall Street. the Nikkei rose 0.5% to 16,319.04, despite 1.8% drop in Sony''s stock after the company delayed the release of its PlayStation 3 game console. Hong Kong Heng Seng climbed 1.3%, lifted by property stocks on easing rate-hike concerns. Taiwan Weighted index surged 1.3% on strong tech sector.

8:00AM Asian markets advanced across the region, despite Sony’s stock decline.
Asian-Pacific benchmarks advanced across the region Wednesday, boosted by solid gains on Wall Street overnight. The Nikkei rose 0.5% to 16,319.04, despite 1.8% decline in Sony’s stock as the electronic giant postponed the release of its PlayStation 3 game console until November. The index was largely supported by technology, communications and auto stocks, including Advantest, up 1.9%, NTT DoCoMo, up 0.6%, and Honda Motor rising 0.7%. Hong Kong’s Hang Seng climbed 1.3% on property stocks, helped by easing rate-hike concerns. Shanghai Composite surged 1.3%, led by gains in oil major Sinopec. Taiwan weighted index rose 0.9% on strong tech sector and South Korea’s Kospi advanced 0.6% on insurance stocks.

European markets posted gains at mid-day trading, lifted by strong resource and technology stocks, following a sharp decline in U.S. bond yields overnight. BHP Billiton, Rio Tinto, and BP advanced on higher metal prices. Among tech stocks, STMicroelectronics and Infineon Technologies showed strength. The German DAX 30 added 0.3%, the French CAC 40 gained 0.3%, and London FTSE 100 rose 0.5%.

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