Vietnam Daily News

Asia markets mostly higher, China falls

Written by Dailynews.vn Monday, 12 December 2011 19:44

Asia markets mostly rose on Monday, with exporters and commodity-linked stocks notable gainers, as progress made by European leaders to stem the region's debt woes helped ease fears about the crisis. Hong Kong's Hang Seng Index HK:HSI +1.29 percent added 1.5 percent, Japan's Nikkei Stock Average JP:NIK +1.34 percent and Australia's S&P/ASX 200 index AU:XJO +1.23 percent each rose 1.3 percent, while South Korea's Kospi KR:0100 +1.13 percent added 1 percent. China's Shanghai Composite CN:000001 -0.56 percent lost 0.5 percent. The gains for most of Asia followed an advance for U.S stocks on Friday after European leaders agreed on steps toward creating a tighter fiscal union, and US consumer confidence hit a six-month high. "The near-term crisis has been averted," Jefferies Japan strategist Naomi Fink said. "But the EU agreement is still being received with some mid-term skepticism." At a summit in Brussels late last week European Union countries committed to tougher fiscal rules and more co-ordination that will likely be adopted by 26 EU nations, with Britain the only member opting out of the pact. Read more on the EU summit. "The outlook for peripheral [European] economies especially, which need to raise further money, and the fact that we still don't have a federal agreement for guarantees or direct financing probably means that the same issues will come back to haunt us," Fink said. Fink described Asia's gains as a "short-term rally" as equity investors "latch on to any reason to rally." Export firms climbed, with Tokyo-listed Toshiba Corp. JP:6502 +3.26 percent TOSYY +3.82 percent up 3.4 percent and Citizen Holdings Co. JP:7762 +2.47 percent CHCLY -5.63 percent advancing 2.7 percent, while Fujitsu Ltd JP:6702 +2.16 percent FJTSY +2.46 percent and Sony Corp. JP:6758 +1.78 percent SNE +0.77 percent each rose 2.1 percent. LG Electronics Inc. LGEIY 0.00 percent put on 2.8 percent and Samsung Electronics Co. SSNHY 0.00 percent rose 2.6 percent in South Korean trading. Technology firms were also firm, with chip-maker Elpida Memory Inc. JP:6665 +5.49 percent ELPDF -13.15 percent climbing 5.7 percent and TDK Corp. JP:6762 +1.98 percent TTDKY +1.66 percent putting on 2.2 percent. Energy stocks were the best performing sector in the Sydney session. Santos Ltd AU:STO +3.16 percent SSLTY -0.92 percent rose 3 percent and Linc Energy Ltd AU:LNC +2.94 percent LNCGY +0.33 percent added 3.7 percent, with benchmark Nymex crude oil futures trading over the $99-a-barrel mark in electronic trading. Shares in Origin Energy Ltd AU:ORG +3.01 percent OGFGY +9.73 percent rose 2.2 percent after the firm reached an initial agreement to supply more liquefied natural gas to China Petrochemical Corp. HK:386 +1.63 percent SNP +1.69 percent as part of its Australia Pacific LNG joint-venture with ConocoPhillips COP +1.31 percent. China Petrochemical shares gained 2.1 percent. Mining giant BHP Billiton Ltd AU:BHP +2.20 percent BHP +2.39 percent gained 2.3 percent while Hong Kong-listed Jiangxi Copper Co. HK:358 +1.67 percent JIXAY +1.71 percent rose 2.7 percent and Angang Steel Co. HK:347 +1.11 percent ANGGY +0.78 percent added 2.6 percent. Banks advanced in Hong Kong. HSBC Holdings PLC HK:5 +1.75 percent put on 2.1 percent, Bank of China Ltd HK:3988 +2.50 percent BACHY +2.12 percent climbed 2.5 percent and Industrial & Commercial Bank of China Ltd IDCBY +0.66 percent HK:1398 +2.34 percent added 2.6 percent. -By Virginia Harrison

Source: www.intellasia.net/news/articles/stock_market/111350530.shtml