Sony, Canon Boost Tokyo

Elena
28 Jul, 2006
New York City

Asian-Pacific benchmarks finished mixed on Friday in a light trading session. The Japanese Nikkei advanced 1.07% to close up at 15,342.87 points, boosted by stronger-than-expected earnings from leading tech companies. Across the region, Hong Kong

[R]7:00AM Asian markets closed mixed.[/R]
Asian-Pacific benchmarks finished mixed on Friday in a light trading session, with many traders away for summer holidays. The Japanese Nikkei advanced 1.07% to close up at 15,342.87 points, boosted by stronger-than-expected earnings from leading tech companies. The strength in the tech sector was contributed by Sony Corp., up 4.1%, Canon Inc., up 1.3%, and NEC, surging 5.6%. Across the region, Hong Kong’s Hang Seng gained 0.23%, with China Mobile rising 3.3%. South Korea’s Kospi ended almost flat as profit taking in the automotive sector offset earlier gains. The index edged up 0.1%. Taiwan’s Weighted Index closed up 0.3%, lifted by construction-related companies and electronic firms. Australia’s index declined 0.88%.


European stocks pulled back at mid-day trading Friday, dragged by surging oil prices and concerns about U.S. economy. Strong crude oil prices of $74.72 a barrel hurt airline companies like Lufthansa and British Airways. Resource stocks like Rio Tinto and Anglo American also moved to the downside. Among European movers German supermarket chain Metro gained d 2.3% after it agreed to buy the German operations of Wal-Mart Stores Inc. U.K. insurance company Prudential dropped 2.9% due to a first-half loss for its internet banking operation, Egg. The German DAX 30 lost 0.2%, followed by the French CAC 40 and London FTSE 100 which also fell 0.2%.