Stock markets cherish new hopes

Asian stock markets get back up

In brief: The principal Asian share indices have showed mixed dynamics with a prevailing positive trend. The indices grew mainly due to more favorable U.S. unemployment data, which lessened fears of slowing recovery pace of the global economy.

By the end of the trading session, the MSCI Asia Pacific index grew by 1.47% to 756.82 points. Japan’s Nikkei 225 saw growth by 2.05% to 9301.32 points. China’s Shanghai Composite increased by 1.54%, while Taiwan’s Taiex went up by 0.78%. South Corea’s Kospi gained 0.70%. India’s Sensex grew by 1.86%.

Australia’s S&P/ASX 200 got fatter by 0.76%, while New Zealand’s NZX50 closed with 1.15% growth, despite a 7 magnitude earthquake in Cristchurch, country’s second largest city. Favorable U.S. statistics also provided for growth of a number of Asian exporters. Thus, Japan’s camera producer Canon seeing 28% of its profit in the U.S. market increased by 1.6%. The shares of Esprit Holdings outfit retailer grew by 1.9%, while those of James Hardie Industries dealing with facing materials got fatter by 3.2% in Sydney trading. South Corea’s Samsung Electronics with one-fifth of its profit in the U.S. market strengthened its positions by 2.5%. It’s worth noting that the company reported plans to invest $ 25 bln. into business expansion.

The stocks of BHP Billiton, world’s leading ore mining company, grew by 1.9%, against the background of growing demand for metals as a result of expected global economy growth. The shares of Elpida Memory, Japan’s largest memory chip maker, grew fatter by 1.9%, after Morgan Stanley Securities raised its rating to “overweight”, while those of Wintek, producer of DLP chips for Apple’s iPhones, jumped by 7% after Credit Suisse Group analysts lifted ratable value of its stocks from NT$35 to NT$52. The papers of Nanya Technology, Taiwan’s second largest DLP chips maker, added 6.8% after the company had reported 44% growth in August sales. The market value of Chinese insurers increased after country’s government had granted them permission to invest into private investment companies and into real estate. For example, China Life Insurance shares grew by 1.3$, while those of China Pacific Insurance went up by 3%.

Igor Tringlers
2010-09-09 12:59, Economics.

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