Saudi FM calls Indian, Pakistani counterparts to discuss developments    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Alkhorayef praises advancements in Al-Kharj food industries sector    MHRSD: 80% of recruitment offices are non-compliant with regulations    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



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.


Clic here to read the story from its source.