Market Updates

Nikkei Hits a New High

Elena
29 Mar, 2006
New York City

    Asian-Pacific benchmarks closed mostly higher. The Nikkei hit a new five-and-a-half-year high of 1.5% to 16938,41 on improved confidence in economic recovery and fresh fund flows. Tech stocks and exporter issues gained on stronger dollar. Singapore Straits Times reached a six-year high, rising 0.3%. Taiwan Weighted index rose 0.7%, China Shanghai Composite gained 0.5%, while Hong Kong Hang Seng dropped 0.7%.

[R]7:45AM Asian markets finished mixed. Singapore and Japan hit new highs.[/R]
Asian-Pacific benchmarks ended mixed with Singapore and Japan hitting new multiyear highs. The Nikkei reached a nearly six-year high of 1.5% to 16,938.41, lifted by improved confidence in economic recovery and fresh fund flows. Technology and exporter-related issues advanced on stronger dollar vs. the yen Gainers included Yahoo Japan, up 7.6%, Tokyo Electron 3.4%, Advantest Corp, up 3.9%. Banking stocks also gained strength. Among other regional markets, Singapore Straits Times hit a six-year high of 0.3%, China’s share prices rose 0.5%, Taiwan’s Weighted index climbed 0.7% on expectations of strong results among chip makers, while Hong Kong’s Hang Seng fell 0.7% on property stocks, following U.S. interest rate increase.

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