InfoAnda - China lifts spirits on Asian markets

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China lifts spirits on Asian markets AFP - 2 hours 34 minutes ago Send IM Story Print China lifts spirits on Asian markets HONG KONG (AFP) - – Growing optimism about China lifted stocks in much of the Asia-Pacific region on Tuesday, although global economic worries spooked Tokyo and Mumbai. Hong Kong and Shanghai both surged on hopes that Beijing will ease back on tightening measures aimed at slowing the country's breakneck growth, traders said, with Hong Kong up 0.86 percent and Shanghai up 2.15 percent. Hong Kong was led by mainland blue chips such as China Overseas Land (up 2.36 percent), coal major China Shenhua (up 2.66 percent) and aluminium giant Chalco (up 3.65 percent), after three sessions of losses for the bourse. The bellwether shipping sector was generally higher, with China Cosco up 3.06 percent after it said it expected to swing to a net profit for the first half of 2010 compared to a net loss for the same period last year. "The rebound should be able to hold out, as investors have a more optimistic outlook when it comes to policy-tightening measures," Amy Lin, an analyst at Capital Securities, told Dow Jones Newswires. "Policy makers have signalled there won't be further changes to policy measures in the short term, and data have shown the economy is not in danger of overheating." Chinese economic data last week showed a slowdown in the second quarter to 10.3 percent as massive stimulus spending was scaled back and moves to rein in soaring property prices started to bite. Sydney closed up 1.04 percent, with miners such as BHP Billiton and Rio Tinto buoying the market due to optimism about China, traders said. Singapore's Straits Times Index closed up 0.11 percent, or 3.19 points, at 2,948.61. Beverage maker Fraser and Neave rose six cents to 5.58 and real estate firm CapitaLand gained five cents to 3.83. However, Tokyo closed down 1.15 percent as it resumed trading after a long weekend that followed a plunge on Wall Street, mixed US corporate earnings and a drop in US house-building sentiment. High-tech shares suffered after US giant IBM and Texas Instruments announced disappointing earnings results and outlooks. Volatile foreign exchange movements also weighed on sentiment, with the yen still relatively high. Toyota Motor lost 2.55 percent and Honda Motor 1.80 percent. Mumbai closed down 0.28 percent, or 50.28 points, at 17,878.14, its second straight day of losses. India's largest vehicle maker Tata Motors fell 1.57 percent, while the country's second biggest mobile phone firm Reliance Communications fell 1.52 percent. On Monday Wall Street carved out modest gains amid renewed concerns the US recovery is stalling and as the company earnings season gathers pace. The Dow Jones Industrial Average advanced 0.56 percent, recouping a fraction of steep losses on Friday, while the tech-rich Nasdaq rose 0.88 percent. Sentiment was hit by a weaker-than-expected report on the US housing market on Monday. The National Association of Home Builders said builder confidence in the market for new, single-family homes had fallen to its lowest since April 2009. Markets are awaiting remarks this week by Federal Reserve Chairman Ben Bernanke, as well as European banking "stress tests" on Friday. Amid improved Asian sentiment, the Asian Development Bank upgraded its 2010 growth forecast for 14 East Asian economies and urged governments to unwind stimulus measures. The Manila-based lender upgraded its average growth forecast for Southeast Asia, Greater China and South Korea to 8.1 percent, from April's projection of 7.7 percent. The dollar resisted further falls after losing ground overnight due to concerns about the US recovery. It was quoted at 86.97 yen in Tokyo in the afternoon, recovering slightly from 86.68 in New York late Monday. The euro fetched 1.2968 dollars compared with 1.2943 dollars. Against the Japanese currency the euro rose to 112.78 yen from 112.18. Oil prices extended gains in light Asian trade. New York's main contract, light sweet crude for delivery in August, gained 33 cents to 76.87 dollars a barrel, while Brent North Sea crude for September gained 21 cents to 75.83 dollars. Gold closed at 1,182.00-1,183.00 US dollars an ounce in Hong Kong, down from Monday's close of 1,192.00-1,193.00 dollars. In other markets: -- Manila closed down 0.54 percent, or 18.60 points, at 3,405.69 amid concerns about a growing fiscal shortfall this year. Top-traded Philippine Long Distance Telephone Co. was down 0.82 percent, while Philippine National Bank bucked the trend, rising 2.78 percent. Universal Robina Corp. was down 3.12 percent. -- Taipei rose 0.81 percent, or 62.2 points, to 7,712.03. Phone maker HTC added 1.95 percent, while TSMC rose 0.66 percent. -- Wellington closed up 1.03 percent, or 30.77 points, at 2,995.37. Bargain hunters targeted stocks that had lost ground in recent days including market leader Telecom (up five cents at 1.93 dollars) and Fletcher Building (up 16 cents at 7.69). -- Seoul closed up 0.28 percent, or 4.82 points, at 1,736.77. -- Kuala Lumpur closed up 0.32 percent, or 4.32 points, at 1,337.67. Gaming group Genting gained 1.10 percent and palm oil firm KL Kepong rose 1.40 percent, while glove maker Top Glove shed 2.50 percent. -- Jakarta rose 0.67 percent, or 19.87 points, to 2,995.44 as foreign funds snapped up shares of consumer, financial and commodity-related companies hoping for strong first-quarter earnings. Car maker Astra International rose 1.0 percent, Bank Mandiri 1.7 percent and palm oil producer London Sumatra 7.6 percent. -- Bangkok fell 0.72 percent, or 5.99 points, to 824.41. Banpu fell 6.00 baht to 608.00 and PTT Plc lost 1.00 baht to 246.00. 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