Market Updates
Techs Lead Asia Higher
Elena
07 Apr, 2006
New York City
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Asian-Pacific benchmarks advanced across the region,supported by technology stocks. The Nikkei recovered from earlier weakness to hit a five-and-a-half-year high of 0.4% to 17,563.37 on blue chip and tech stocks. Hong Kong Hang Seng also reached a new high, lifted by flows of speculative funds. The index gained 0.4%. Taiwan Weighted index added 0.4% on semiconductors.
[R]7:45AM Asia advanced. The Nikkei and Hang Seng hit 51/2-year highs.[/R]
Asian-Pacific benchmarks finished largely in the positive, with tech stocks tracing U.S. gains to provide a boost to the market sentiment. The Nikkei reversed from early losses to close the session up 0.4% at 17,563.37, the highest level in nearly six years. The index, which has recently been strong on fresh fund investments into blue-chip, auto and banking stocks, was supported by gains for blue-chip and tech companies. Among the leading gainers, major game maker Nintendo rose 2.8%, Kyocera was up 3.5% and Toshiba jumped higher by 2.3%. Across the region, Hong Kong's Hang Seng advanced for a fourth consecutive session, rising 0.4% to a 51/2-year high on flows of speculative funds. Shares of China Mobile rose 1.6%. Taiwan Weighted index climbed 0.3% on strong semiconductor and tourist companies.
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