Market Updates
Shanghai Surges to 2.2%
Elena
21 Apr, 2006
New York City
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Asian-Pacific benchmarks finished mixed. The leading gainer was China Shanghai Composite, rising 2.2%, led by Sinopec. South Korean Kospi reached a record high of 1.2%, lifted by major tech companies. The Nikkei rose 0.5%, helped by blue chip stocks. Markets in Hong Kong, Australia and Taiwan declined.
[R]7:45AM Asian markets closed mixed.[/R]
Asian-Pacific benchmarks closed mixed, following a decline in commodities prices and optimism about strong corporate releases which boosted key export-related stocks. South Korea’s Kospi led advancers, reaching a historic high with support provided by tech conglomerates. The Nikkei closed higher by 0.5% to 17,403.96, lifted by strength in blue-chip stocks like Sony, up 3.5%, Canon, higher by 4.6%, Honda Motor, up 4.6%, and Nissan Motor, up 2.2%. The Japanese index erased some of the early gains on partial skepticism about strong earnings. China Shanghai surged to 2.2%, led by Sinopec. Among regional decliners, Hong Kong’s Hang Seng lost 0.2% as profit taking in China-related stocks offset a rise in property shares. Taiwan Weighted index was down 0.1% as investors locked in gains. Auistralia’s All Ordinaries dropped 0.5%, dragged down by metals stocks Rio Tinto and BHP Billiton.
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