Market Updates
Asia Closes Mostly Lower
Elena
10 Apr, 2006
New York City
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Asian-Pacific benchmarks closed mostly in the red. The Nikkei dropped 0.6% to 17,456.58 on profit taking after reaching six-year highs last week. Technology and machinery stocks led losers with Sony falling 1.2% and Komatsu down 2%. Hong Kong Hang Seng climbed 0.3%, led by MTR and China Mobile.
[R]7:45AM Asia closed mostly down.[/R]
Asian-Pacific benchmarks finished mostly in the negative, reflecting weakness among interest-rate sensitive stocks on renewed concerns about further rate increases. The Nikkei slipped 0.6% to 17,456.58 on profit taking. Investors sold off technology, machinery and other stocks, following the strong rally last weak and remaining cautious ahead of the forthcoming earnings season. Sony dropped 1.2% on news that Samsung Electronics is planning to invest $2 billion to expand its joint production. Among major machinery stocks, Komatsu dropped 2% and Fanuc fell 0.6%. Hong Kong’s Hang Seng advanced for a fifth consecutive session. The index rose 0.3%, led by gains for MTR, up 5.3% and China Mobile, up 1.2%. China Shanghai Composite climbed 1.2%, boosted by automakers, while Singapore Straits Times lost 0.2% on property shares, and Australia All Ordinaries dropped 0.8% on weak resource and financial stocks.
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