Market Updates
Commodities Power Australia
Ivaylo
05 May, 2006
New York City
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The Australian benchmark was fueled by a rally in metal prices, ignited by BHP Billiton in the wake of their comment about copper market. In Taiwan the strong tech stock, together with the financial shares, boosted the Taiwan Weighted Index to a five-year high. Gold and oil prices advanced as well, the bullion spot prices struck a new high in Australian trading.
[R]7.30 AM Australia Advances on Commodities, Taiwan up on Tech Stocks.[/R]
Asian markets closed higher today, with a great part of the markets closed for public holidays. Shares in Australia gained on strong commodities, the Australian index S&P/ASX 200 advanced 1.28% to 5,255.40. The rally was spurred by Bulliton’s optimistic outlook on the copper market, which caught short-seller off-guard on Thursday. Taiwan’s Weighted index finished 0.3% higher to 7,370.44, mainly on tech stock and financial shares, amid the positive revision of Credit Suisse‘s year-end target for Taiwan''s stock index from 7,300 to 8,000 on positive earnings outlook and less political risks.
Southeast Asia ended up mixed. Shares in Malaysian advanced 0.76%, while Indonesia shed 0.09%. The Singapore Straits Times Index declined 0.46%. New Zealand’s shares also finished lower, the benchmark NZX-50 Index edging down 1.1%.Telecom Corp. fell 6.7%, after posting 19% fall in quarterly earnings.
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