Market Updates

Nikkei and Kospi Slip

Elena
17 Apr, 2006
New York City

    Asian markets closed mixed with the Nikkei leading decliners on surging oil and gold prices. Weakness among real estate and consmer financial stocks also helped the downward trend to lead the Japanese index down 1.4% ro 17,000.36. South Korean Kospi lost ground after record highs to end lower 0.7% on profit taking. Among gainers, China Shanghai Composite rose 1.4%, followed by Taiwan Weighted index, up 0.7%.

[R]7:45AM Asian markets closed mixed.[/R]
Asian-Pacific benchmarks ended Monday session mixed. The Nikkei led decliners, falling 1.4% to 17,000.36 on surging oil and gold prices. The index decline also reflected weakness in property and consumer-finance stocks, following concerns about recent sharp increases in Japan''s long-term interest rates. Among losers, Aiful dropped 6.8% on government sanction for aggressive loan-collection practices, Sumitomo Mitsui Financial fell 1.5%, and Mitsubishi UFJ Financial lost 1.1%. In addition, many investors were reluctant to buy ahead of the new rush of U.S. and Japanese earnings reports from major companies. South Korea’s Kospi abandoned record-high levels reached on Friday to close down 0.7% on profit taking in major financial and tech stocks. China Shanghai Composite sharply rose to 1.4% on investor fund flows into heavyweight stocks. 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.

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