Market Updates

Australia, Japan Hit Highs

Elena
20 Mar, 2006
New York City

    Asian-Pacific markets closed higher Monday, lifted by upbeat outlook on corporate results and strong resource sector on higher metals prices. The Nikkei surged 1.7% to 16,632.74, supported by strong earnings reports. Australia All Ordinaries hit an all-time high of 0.6% at 5,000.4, reflecting strength in mining and resource stocks. Hong Kong''s Hang Seng rose 0.8%, while South Korean Kospi gained 0.4% on brokerage firms.

8:00AM Asian markets closed higher. The Nikkei surged 1.7%.
Asian-Pacific benchmarks finished in the positive, boosted by expectations of strong corporate results due out this week and gains in the resource sector on high metals prices. The Nikkei climbed 1.7%, reaching a six-week high to 16,632.74, lifted by strong earnings reports. Australia’s All Ordinaries jumped 0.6% to hit an all-time peak, crossing the key 5,000 level on mining and resource stocks. Hong Kong’s Hang Seng rose 0.8%, led by China Mobile and HSBC. South Korea’s Kospi gained 0.4%, lifted by brokerage firms, reflecting optimism on economic recovery.

European markets traded positive at mid-day, reflecting continuous strength in the insurance sector on the back of merger-and-acquisition speculation, involving Prudential and its peer Aviva. The resource sector, gaining on higher metals prices and strong close of U.S. markets Friday also contributed to the upside movement of European stocks. The German DAX 30 rose 0.6%, the French CAC 40 gained 0.5%, and London’s FTSE 100 advanced 0.5%.

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