Market Updates

Nikkei Jumps Over 17,000

Elena
30 Mar, 2006
New York City

    Asian-Pacific benchmrks closed mostly in the positive, supported by a strong rally on Wall Street. The Nikkei hit a new record, rising 0.6% to 17,045.34 for the first time in nearly six years. The Japanese index was boosted by technology and banking stocks. Hong Kong Hang Seng rose 0.9%, despite investors worries about interest rate increases. Taiwan Weighted index also climbed to 0.7% on tech shares. China Shanghai Composite fell 0.8% on property and metals stocks.

[R]7:45AM Asian markets finished largely higher. Japan hit a new high.[/R]
Asian-Pacific benchmarks finished broadly higher, following a rally in U.S. stocks. The Nikkei hit a new high, crossing the 17,000-point level for the first time in almost six years. The Japanese index rose 0.6% to 17,045.34 strongly supported by technology stocks like Tokyo Electron, up 1.8% and Kyocera, up 1.1%. The banking sector also contributed to the advance, helped by an upbeat report from Goldman Sachs Group which raised its profit estimates for 8 banks to a total of $28.8 billion. Among gainers Mitsubishi UFJ Financial Group gained 4.1% and Mitsui Sumitomo Insurance rose 2.1%. Hong Kong’s Hang Seng climbed 0.9%, taking a cue from U.S. and Japanese gains, Taiwan Weighted index rose 0.7% on tech stocks, while China Shanghai Composite fell 0.8%, dragged by profit taking in the property and metals sectors.

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