Market Updates

Asia Locks in Profit

Elena
11 Apr, 2006
New York City

    Asian markets finished mostly in the negative, reflecting general weakness among technology and semiconductor stocks. The Nikkei moved lower for a second day in a row on cautiousness ahead of earnings reports and news that BOJ decided to leave benchmark interest rate at zero percent. South Korean Kospi dropped 0.9% on profit taking, Hong Kong Hang Seng lost 0.3%, while Australia All Ordinaries rose 0.8% on mining stocks.

[R]7:45AM Asia closed mostly down.[/R]
Asian-Pacific benchmarks finished mostly in the negative, reflecting general weakness among technology and semiconductor stocks. The Nikkei moved lower for a second day in a row on investor cautiousness ahead of the new stream of earnings reports and news that BOJ decided to leave benchmark interest rate at zero percent. Among losers, chip-related stocks Advantest dropped 2.8%, Elpida Memory fell 3.6%, and Kyocera lost 0.6%. Banking and retail shares were also among notable decliners. South Korea’s Kospi dropped 0.9%, awaiting corporate results. Hong Kong’s Hang Seng fell off recent highs on profit taking after a five-session rally. The index lost 0.3% as strength among automakers limited losses. Australia’s All Ordinaries surged to 0.8%, lifted by strong mining stocks.

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