Market Updates

Shanghai Drops, Kospi Rallies

Elena
13 Apr, 2006
New York City

    Asian-Pacific markets closed mixed. The Nikkei erased morning losses and closed up 0.2% at 17,199.15, supported by strong technology and bank stocks which recovered after three days of losses. Taiwan Weighted index closed at a two-year high. South Korean Kospi rallied 1.6%, while China Shanghai Composite sharply dropped by 2%.

[R]7:45AM Asian markets slightly recovered.[/R]
Asian-Pacific benchmarks rebounded from recent declines to close slightly higher. The Nikkei erased early losses to finish up 0.2% at 17,199.15, supported by technology and bank issues which gained ground after three weak sessions. The market recovery followed a decision by UBS to raise its year-end Topix target on strong corporate results. Gainers included Tokyo Electron, up 3.1%, Canon, up 1.1%, and Sony rising 1.7%. Across the region Taiwan Weighted index closed at a two-year high of 0.7% on strong tourism and construction shares, boosted by expectations of improved trade relations with China. Hong Kong’s Hang Seng rose 0.7% helped by tech stocks. South Korean Kospi rallied 1.6%, while China Shanghai Composite sharply dropped by 2%.

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