Market Updates

Shanghai and Kospi Soar

Elena
14 Apr, 2006
New York City

    Asian markets posted solid gains at close of Friday session. The leading gainer was China Shangai Composite, climbing 2.04% on steel stocks, followed by South Korean Kospi, up 1.9%, boosted by Samsung Electroncs, Posco and other major companies. The Nikkei gained 0.2% on technology and automaker stocks.

[R]7:45AM Asian markets sharply advanced.[/R]
Asian-Pacific benchmarks finished broadly in the positive, led by solid gains in China, South Korea and Taiwan. The Nikkei gained 0.2% to 17,233.82, supported by tech blue chips and auto stocks. Among gainers, Sony rose 1.8%, Toshiba climbed 2.1%, Toyota Motor added 0.9%, and Nissan Motor rose 1.1%. China Shanghai Composite surged to 2.04%, boosted by steel companies and a central bank statement that banks, insurers and fund managers will be allowed to invest overseas. South Korea’s Kospi soared 1.9% on 2.7% gain for Samsung Electronics and other major stocks like Posco. Taiwan Weighted index closed at a two-year high of 1.4% on strong tourism and construction shares, boosted by expectations of improved trade relations with China. Bourses in Hong Kong, Singapore and Australia were closed for a holiday.

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