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Asian markets mixed, while Hong Kong, China hit records
Published in Saudi Press Agency on 28 - 09 - 2007


Asian markets were mixed Friday,
with Hong Kong and China stocks rising to records, while
shares in Japan slipped as investors sold real estate and
insurance companies following a three-day gain, according to AP.
Shares also fell in Indonesia, the Philippines, Singapore
and Taiwan. Gains were made in Malaysia, Thailand and South
Korea.
In Tokyo, the main Nikkei 225 index fell 0.3 percent to
16,785.69 points. The retreat came after a 3.2 percent gain
the index the last three days.
Tokyo-listed stocks were supported by solid gains on Wall
Street on growing hopes for further rate cuts by the U.S.
Federal Reserve.
«If steel, shipping and precision (tool) makers ...
continue to rise, it may drive the Nikkei up above 17000,»
said Shoji Yoshigoe, general manager at Mitsubishi UFJ
Securities.
But he noted concerns over credit crisis fallout remained
in the U.S. and other global markets because some major
banks, such as Merrill Lynch and Bank of America, haven't
reported their quarterly earnings yet.
Losers included Mitsubishi Estate Co., which shed 2.9
percent, and Mitsui Sumitomo Insurance Co., which fell 3.3
percent. Sumitomo Realty&Develpoment Co. slipped 1.22
percent.
The Topix index, which includes all Tokyo Stock Exchange
First Section issues, rose 1.47 points, or 0.09 percent, to
1,616.62.
Meanwhile, Hong Kong shares surged to a record close for a
second straight session led by insurer China Life and oil
company CNOOC. The blue chip Hang Seng Index rose 0.3
percent to 27,142.47, off an intraday record high of
27,254.97.
Traders said liquidity in Asia will likely remain buoyant
in the near future, which could help Hong Kong's benchmark
index to scale new heights next week.
«Hong Kong will still be flush with lots of liquidity
next week, partly because stock markets on the mainland
will be closed for the holiday,» said Francis Lun, a
general manager at Fulbright Securities Ltd. China's
markets will be closed next week for the weeklong National
Day holiday, reopening Oct. 8.
China Life rose 3.4 percent to end at a record HK$44.65.
Chinese oil companies also soared, after front-month
benchmark crude futures on the New York Mercantile Exchange
rose back above US$83 in Asian trade.
CNOOC, Petrochina and Sinopec all rose to record closing
levels. CNOOC closed at HK$13.06, up 4.6 percent.
PetroChina ended at HK$14.74, up 4.8 percent. Sinopec
gained 2.3 percent to HK$9.71.
The H-share index, which tracks mainland China companies
listed in Hong Kong, rose 2.2 percent to a record
17,017.94.
On the Chinese mainland, stocks also rose to a record
close on domestic bourses in a pre-holiday rally. The
benchmark Shanghai Composite Index surged 2.6 percent to
5,552.30. The Shenzhen Composite Index of China's smaller,
second market rose 2.7 percent to 1,532.67.
«Since China's bull market began, the markets have opened
higher each time a long holiday ends,» said Du Changjiang,
an analyst at Great Wall Securities. «Investors are
snapping up shares today in the hope that they'll earn an
automatic profit once the markets open again.»
In currency dealings, the dollar was trading at 115.20 yen
at 4:50 p.m. in Tokyo (0750 GMT), down from 115.59 yen late
Thursday in New York.


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