Market Updates
Kospi Leads Advancers
Elena
31 Mar, 2006
New York City
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Asian-Pacific benchmarks largely advanced across the region. The Nikkei held above the key 17,000 level to close the financial year at 17,059.66. The index rose 0.1%, supported by economic data, property and pharmaceutical stocks. South Korean Kospi was the biggest advancer, surging to 1.6% on tech and financial shares. Taiwan jumped 1%, strongly supported by the tech sector, while Hong Kong dropped 0.3% on profit taking and interest rate concerns.
[R]7:45AM Asian markets finished largely higher. South Korea led gainers.[/R]
Asian-Pacific benchmarks finished broadly higher. The Nikkei advanced 0.1% to 17,059.66, extending recent rally that sent the index to a multi-year high. The index closed the financial year above the key level of 17,000, supported by economic data, property and pharmaceutical stocks. NEC climbed 4.4%, Sumitomo Realty jumped 2.8%, Daiichi Sangyo rose 1.3%. South Korea’s Kospi surged to 1.6%, boosted by strength in the tech and financial sectors on expectations of solid earnings results. The biggest gainers were Kookmin Bank, rising 3.2% and Hynix Semiconductor, up 2.1%. Taiwan Weighted index rose 1% on strong buying interest in tech and financial stocks. China Shanghai Composite gained 0.3%, lifted by copper and gold stocks. Hong Kong’s Hang Seng was the most notable decliner across the region, falling 0.5%, led by losses in China Mobile and weak property stocks.
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