Market Updates
Property Stocks Lead Japan
Elena
24 Mar, 2006
New York City
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Asian-Pacific benchmarks finished mostly in the positive. The Nikkei rose 0.4% on real-estate stocks which were boosted by economic data, showing that commercial land prices rose for the first time in 15 years. South Korean Kospi reversed from early losses to rise 0.7%, Taiwan Weighted index added 0.2% on steel stocks, while Shanghai composite fell 0.6% and Hong Kong Hang Seng dropped 0.4% on interest-rate concerns.
[R]7:45AM Asian markets broadly advanced. The Nikkei rose on property stocks.[/R]
Asian-Pacific benchmarks finished broadly higher with the Nikkei rising 0.4% to 16.560.87, lead by gains in real-estate and railway issues. Property stocks advanced on economic data which showed that commercial land prices rose for the first time in 15 years, giving signal that the country is getting out of deflation. The biggest property developer Mitsui Fudosan gained 0.4%, while Sumitomo Realty & Development rose 2.6%. Across the region, South Korea’s Kospi recovered from early losses to climb 0.7%, Taiwan Weighted index gained 0.2%, supported by steel stocks and expectations of higher steel prices. Hong Kong’s Hang Seng fell 0.4%, despite solid earnings. Shanghai Composite dropped 0.6%, ending a four-session gaining streak.
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