Market Updates
Asia Hits Multi-Year Highs
Elena
03 Apr, 2006
New York City
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Asian-Pacific markets finished sharply higher, reaching multi-year highs. The Nikkei closed at a six-year high, rising 1.6% to 17,333.31 on improved confidence in the economic recovery and strength in the tech, banking and insurance sectors. Hong Kong Hang Seng reached a five-year peak of 1.6% to 16,063.75, supported by China Mobile and property blue-chip stocks. China Shanghai Composite rose 1.6% and Taiwan Weighted index gained 0.7%.
[R]7:45AM Asian markets finished higher, led by Japan and Hong Kong.[/R]
Asian-Pacific benchmarks sharply advanced Monday to reach multi-year highs. The Nikkei led gainers, reaching its highest level in six years of 1.6% to 17,333.31. The index rallied on business sentiment survey which showed broad economic recovery and strong buying interest in technology, banking and insurance stocks. Among the electronics makers, Toshiba rose 3.8% and Sony climbed 1.5%, while banking stocks Mitsubishi Financial Group gained 2.2% and Mizuho Financial Group rose 2.2%. Hong Kong’s Hang Seng hit a five-year high of 1.6% at 16063.75, lifted by 3.2% gain in China Mobile stock and improved demand for property blue-chip stocks, such as Hang Lung, up 5.1%. China Shanghai Composite also surged 1.6% and Taiwan Weighted index rose 0.7% on semiconductor and steel shares.
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