Market Updates
Asia Rallies on High-Techs
Elena
06 Apr, 2006
New York City
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Asian benchmarks finished in the positive, led by gains in Hong Kong and Tokyo where high-tech stocks sharply rose. The Nikkei rose 1.4% to 17,489.33, lifted by semiconductors which gained on news that Toshiba and U.S. firm ScanDisk will buid a factory to produce NAND-type flash memory chips. Hong Kong
[R]7:45AM Stocks in Japan and Hong Kong surged.[/R]
Asian-Pacific benchmarks advanced across the region, led by gains in high-tech stocks, following a strong performance of the tech sector in U.S. markets and a five-year high of the Nasdaq. The Nikkei rose 1.4% to 17,489.33 with semiconductors lifted by news that Toshiba will enter a joint venture with U.S. company ScanDisk to build a factory, producing NAND-type flash memory chips. Shares of Tokyo Electron rose 3%, while chip equipment maker Advantest climbed 3.7%. Shares of the biggest Asian retailing group Aeon also contributed to the general strength, rising 4% on record profit. Hong Kong’s Hang Seng climbed 1.93%, lifted by banking giant HSBC Holdings and wireless provider China Mobile. Australia’s All Ordinaries gained 0.6% on higher oil and metals prices, while South Korea’s Kospi gained 0.6% on semiconductors.
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