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Most Asian markets rally following overnight gains on Wall Street
Published in Saudi Press Agency on 30 - 08 - 2007


Most Asian stocks rallied Thursday, with
market sentiment buoyed in large part by gains Wall Street
posted overnight on optimism about a possible U.S. interest
rate cut, AP reported.
Hong Kong's benchmark stock index added 2 percent,
Taiwan's gained 1.5 percent, and China's climbed 1.1
percent. Singapore's benchmark, meanwhile, slipped 0.4
percent. Thailand was the only Asian market to lose ground
Thursday.
In Japan, the benchmark Nikkei 225 stock index added
140.99 points, or 0.9 percent, to reach 16,153.82 points on
the Tokyo Stock Exchange. Wednesday, the index lost 1.7
percent.
Japanese stocks rose as investors bought blue chip
electronics makers due to the yen's fall against the
dollar.
Traders said, however, the market remains volatile as blue
chip shares tend to be vulnerable to currency movements.
Once the dollar falls below 115 yen, export-sensitive
shares are hammered, they said.
Trading was light, with turnover on the exchange's first
section totaling a sparse 1.523 billion shares.
Investors will likely stay on the sidelines until after
the Friday release of Japanese economic data such as
industrial production and the consumer price index, traders
said. Investors are also awaiting U.S. Federal Reserve
Chairman Ben Bernanke's speech Friday, they said.
«The market may not be stimulated by the CPI data unless
the result greatly outperforms market expectations,» said
Hiroaki Kuramochi, head of the cash equities department at
Bear Stearns in Tokyo.
Technology shares climbed on a weaker yen, which helps
inflate overseas earnings and makes exports less expensive.
Sony Corp. rose 1.15 percent, while Nikon Corp. added 2.31.
Oil and trading company shares also advanced, with Showa
Shell Sekiyu K.K. climbing 5.64 percent and Sumitomo Corp.
gaining 1.87 percent.
The broader Topix index, which includes all shares on the
exchange's first section, rose 10.68 points, or 0.69
percent, to 1,568.23 points.
In Hong Kong, Wall Street's overnight gains helped boost
the blue-chip Hang Seng Index, which added 463.94 points,
or 2.02 percent, to 23,484.54.
But traders said the Hang Seng's outlook in the near term
remains uncertain, as the index has been heavily
overbought. They said profit-taking may emerge any time.
«The local market will be very volatile in the
short-term. It is likely to be range-bound between 23,700
and 23,000, mainly depending on U.S. interest rate
direction and capital inflow from China retail investors,»
said Castor Pang, a strategist at Sun Hung Kai Research
Ltd.
Y.K. Chan, strategist at Phillip Capital Management (HK)
Ltd. said the opening of mainland China retail investors to
buy Hong Kong stocks will continue to fuel buying interest
in China-related companies.
China Mobile, the biggest blue chip by market
capitalization, rose 2.9 percent, boosted by the
expectation of capital inflow from China investors.
Global clothing retailer Esprit was the best-performing
blue chip. It soared 6.7 percent to a record close after
posting a 39 percent gain in fiscal 2007 net profit.
China's offshore oil producer CNOOC rose 4 percent after
it posted a better-than-expected first-half result.
The Dow Jones industrial average rose 1.9 percent
Wednesday as investor grew more optimistic about the
chances of an interest rate cut by the U.S. Federal Reserve
and sought bargains after the big tumble Tuesday.
In the currency markets, the U.S. dollar was trading at
115.58 yen at 4:50 p.m. (0750 GMT), up from 114.88 yen late
Wednesday in New York. The euro fell to US$1.3624 from
US$1.3645.
Elsewhere:
BANGKOK: Thai shares lost early gains to close flat, with
the benchmark SET Index dropping just 0.46 points to 791.58
amid ongoing insecurity over the U.S. subprime loan
problem.
JAKARTA: Indonesia's main index rose 0.7 percent to
2,150.72 in thin volume, down from an intraday high of
2,172.291.
KUALA LUMPUR: Malaysian shares rose 0.8 percent to close
at 1,273.93 in moderate volume on pre-holiday weekend
profit-taking. Malaysia's markets will be closed Friday for
the Independence Day holiday.
MANILA: Philippine stocks rose in heavy volume, boosted by
U.S. gains and surprisingly strong economic growth in the
second quarter. The 30-company Philippine Stock Exchange
Index gained 3.5 percent to 3,320.34 points.
SEOUL: Technology shares led the rise in South Korean
stocks. The Korea Composite Stock Price Index, or Kospi,
ended up 15.51 points, or 0.9 percent, at 1841.70.
SHANGHAI: Bargain hunting helped lift Chinese stocks. The
Shanghai Composite Index ended up 1.1 percent at 5,167.88.
The Shenzhen Composite Index rose 2 percent to 1,439.80.
SINGAPORE: Singapore shares closed down 13.51 points, or
0.4 percent, at 3,321.15. The benchmark Straits Time index
rose as much as 50.93 points in the morning, but slid back
as investors held off from major buys amid lingering
uncertainty in the stock market.
SYDNEY: Australia's benchmark S&P/ASX 200 index closed up
34.7 points, or 0.6 percent, at 6,135.0 on modest volume
after hitting an intraday high of 6,190.7.
TAIPEI: Taiwan stocks rose, with the Weighted Price Index
of the Taiwan Stock Exchange adding 123.89 points, or 1.5
percent, to close at 8,771.21 points.
WELLINGTON: New Zealand shares were boosted by
bargain-hunting. The benchmark NZX-50 closed up 23.43
points, or 0.6 percent, at 4,107.60 on moderate turnover.


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