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Most Asian markets slide in wake of decline on Wall Street,but Shanghai climbs
Published in Saudi Press Agency on 07 - 06 - 2007


Most Asian markets fell Thursday on
concerns about declines on Wall Street, but Chinese shares
extended a rebound from sharp losses earlier in the week
after reports doused speculation over a possible capital
gains tax, REPORTED AP.
The benchmark Shanghai Composite Index rose 3 percent to
3,890.80. The Shenzhen Composite Index of China's second,
smaller market jumped 3.7 percent to 1,126.84.
The rebound from an 8.3 percent plunge in the Shanghai
benchmark Monday appeared to be gaining momentum as
officials talked up the market, with a front-page report in
the state-run Shanghai Securities News rebutting rumors
China might impose a tax on capital gains.
«The report greatly eased retail investors' concerns, as
many of them were speculating the tax would be implemented
in the wake of the duty hike,» said Du Changjiang, an
analyst at China Great Wall Securities.
Other Asian markets fell, following the 0.95 percent drop
in the Dow Jones industrial average amid concern that the
U.S. Federal Reserve might raise rates later this year.
Investors in Asia closely monitor the U.S. economy, a key
export market.
Tokyo's Nikkei 225 index rose 12.45 points, or 0.07
percent, to finish at 18,053.38 points.
For much of Thursday's session, the index remained in
negative territory, but they recovered by the closing bell.
«The market really feels quite buoyant right now. It's
been lagging other markets for most of this year and so
there is strong upward momentum out there supporting us,»
said Motomi Hiratsuka, head of sales trading at BNP
Paribas.
A test of that momentum is likely to come Friday as
investors await Japanese machinery order data, traders
said.
Gainers included Mitsui Engineering & Shipbuilding Co.,
which climbed 4.90 percent to 728 yen (US$6.02), while
higher oil prices led investors to buy trading company
shares, with Mitsubishi Corp. adding 1.24 percent to 3,260
yen (US$26.94).
In Hong Kong, the blue chip Hang Seng Index fell 18.45
points, or 0.1 percent, to finish at 20,800.16.
Many property stocks were hurt by concerns about higher
interest rates. Sino Land fell 1 percent at HK$16.68 and
Henderson Land dropped 0.4 percent to HK$54.40.
But Hong Kong stocks bounced back after shares on the
Chinese mainland continued to recover from their recent
losses.
Some Chinese stocks rose in response, with heavyweight
China Mobile (Hong Kong) Ltd., the world's largest mobile
carrier by subscribers, adding 0.2 percent at HK$73.00.
Chinese offshore oil producer CNOOC rose 3 percent to
HK$8.28, its sixth straight record high close.
In currencies, the U.S. dollar was trading at 121.32 yen
late Thursday, up from 121.01 yen late Wednesday in New
York. The euro inched down at US$1.3493 from US$1.3506 in
early trading.


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