Asian Markets End Mixed as Investors Take Profits

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The markets across the Asia-Pacific region ended mixed on Wednesday, as investors preferred profit taking following an extended relief rally. The markets, having shrugged off the early weakness following a weak closing by Wall Street stocks, could not maintain the momentum and the euphoria over a revival in global economic conditions seems to be losing steam for want of evidence that could instill confidence. Global demand continues to be weak as is evident from a report released earlier in the day by the Japanese government, which showed that exports plummeted by a record 49.9% year-over- year while imports fell 43.0% year-over-year to 3.443 trillion yen.

In Asian trading, crude oil declined about 1.3% in electronic trading, ahead of the release of the U.S. weekly petroleum inventories report. Light sweet crude oil for May delivery ended $0.18 higher on New York Mercantile Exchange at $53.98, after hitting an intra-day high of $54.20 and a low of $52.45.

In Japan, the benchmark Nikkei 225 Index declined 8.31 points, or 0.10% to close at 8,480, while the broader Topix Index of all First Section issues gained 5.77 points, or 0.7% to close at 818.

Investors evinced interest in companies whose business year will end on 31 March, as this is the last day the shares traded with rights for dividend. KDDI Corp, the second largest mobile operator in the country, gained 5.99%, and JFE Holdings, the second largest steel maker in the country, advanced 4.41%. Japan Tobacco gained 4.86%.

Banking stocks ended on a mixed note. While Mitsubishi UFJ, Japan's biggest bank, declined 0.56%, Resona Holdings lost 1.61%, and Sumitomo Mitsui fell 1.01%, Mizuho Financial moved up 0.87%. Shinsei Bank ended lower by 2.63% as the bank stated that it is planning to raise 48.2 billion yen by issuing preferred securities in the current month as it seeks to bolster its capital base.

Exporters declined on the back of a stronger yen. Canon lost 0.52%, Sharp declined 1.56% and Sony fell 2.35%. However, automakers advanced. Toyota moved up 1.27% and Honda Motor gained 0.43%.

Oil related stocks ended mixed. Inpex lost 3.01%, but Showa Shell moved up 0.87% and Nippon Oil advanced 1.92%. Among trading houses, Mitsubishi Corp. gained 1.02% and Sumitomo Corp. advanced 1.42%, but Itochu declined 0.19%.

Electronics maker Sanyo Electric Co. warned of a 90 billion yen net loss for the year ending March 2009, hurt by the worsening global recession. This compares to its earlier forecast that it would breakeven. The company's stock dropped 1.44%.

In Sydney, the benchmark S&P/ASX 200 Index gained 29.30 points, or 0.82% to close at 3,609, and the broader All Ordinaries Index moved up 0.82%, or 28.90 points, to end at 3,546.

Financials advanced on hopes that the plan unveiled by the U.S to remove toxic assets from banks' balance sheet will help the global financial sector to stabilize sooner than expected. Australia and NZ Bank advanced 4.52%, National Australia Bank rose 3.63%, Westpac Bank added 2.97% and Commonwealth Bank of Australia increased 3.26%. However, investment bank Macquarie Group declined 4.68%.

In the resources sector, mining conglomerates ended on a mixed note after commodity prices declined in London Metals Exchange on Tuesday.

While BHP Billiton declined 1.51%, rival Rio Tinto gained 1.24% after the Australian Consumer and Competition Commission stated that the proposed investment by Aluminum Corp. of China in Rio Tinto will not affect the iron ore, copper, bauxite and alumina markets. Resource company Alumina Ltd surged up 8.07%. Oz Minerals gained more than 7% following the news that the bankers might extend loans to the company even as the Regulators sought more time to review the takeover proposal from China Minimetals Group.

Gold miners ended mostly weak after gold closed lower for a third straight session overnight. Newcrest lost 2.54% and Lihir Gold declined 3.04%. However, Sino Gold advanced 2.16%.

Following the modest gain in crude oil price overnight, oil stock Woodside Petroleum gained 2.29%, Santos advanced 4.90% and Oil Search rose 2.76%.

Retail stocks ended mostly higher. While Wesfarmers gained 3.53%, Harvey Norman rose 1.56% and David Jones added 1.06%, Woolworths dropped 0.28%.

In Hong Kong, the benchmark Hang Seng Index decreased 288.23 points, or 2.07%, to close at 13,622. Almost all the stocks, which witnessed a rally in the past few trading sessions, ended lower on profit taking.

Among financials, HSBC Holdings fell 4.69%, Hang Seng Bank lost 2.65%, BOC Hong Kong decreased 2.30%, Bank of East Asia shed 2.68% and Bank of Communications dropped 1.66%. However, Bank of China gained 1.68%.

Insurance stocks ended lower. Ping An lost 4.74%, and China Life decreased 1.74%. In telecom space, Hutchison Whimpoa fell 2.60%, Tencent declined 5.72% and China Mobile lost 0.30%.

Resource stocks also ended weaker. Aluminum Company of China, or Chalco, decreased 2.76%. CNOOC shed 4.94% and Petrochina slipped 0.30%.

Among china-related stocks, China Overseas fell 3.53% and China Resources edged down 0.16%. Utility stocks ended mixed. While HK Electric advanced 1.06%, HK & China Gas fell 0.17%.

The benchmark KOSPI Index in South Korea ended higher by 7.32 points or 0.60% at 1,229 driven by expectations that liquidity in the market will increase following measures taken by the government.

The Ministry of Health, Welfare and Family Affairs has revealed that rules governing investment in domestic stock markets by the country's largest institutional investor, the National Pension Service, has been relaxed. The pension service is now allowed to invest in a range between 10% and 24% of its total assets in domestic markets, as against its previous range between 12% and 22%.

Meanwhile, data released by the Korea Automobile Manufacturers Association revealed that auto exports to Eastern Europe plunged sharply by 70.7% during February 2009 to 11,216 vehicles. The head of the Korea Development Institute, Hyun Oh-seok, stated that the country's economy is presently accumulating energy and might rebound from the second half of the year.

Financial stocks ended mixed. While Shinhan Financial Group fell 0.92%, KB Financial, the holding firm of Kookmin Bank, advanced 0.43%, and Woori Finance gained 0.92%.

Among shipbuilders, Hyundai Heavy Industries gained 1.95%, Daewoo Ship building advanced 2.22% and Samsung Heavy Industries rise 2.99%.

Market heavyweight Samsung Electronics lost 0.54%. In the technology space, while Hynix Semiconductor fell 1.92%, LG Electronics and LG Display advanced 2.06% and 2.36% respectively. Oil-related stocks advanced. SK Holdings gained 3.69%, and S-oil moved up 0.68%.

Among the other major markets, China's Shanghai Composite Index declined 2%, or 46.86 points, to 2,292, Indonesia's Jakarta Composite Index fell 13.51 points, or 0.94% to 1,423, and Singapore's Strait Times Index lost 0.93%, or 15.87 points, to 1,690. However, the Taiwan Weighted Index gained 1.99%, or 104.20 points, to 5,346.

Nasdaq Pulls Back To A New Low For The Session

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Stocks are seeing notable weakness in mid-morning trading on Tuesday, with the major averages giving back some ground after posting standout gains in the previous session. The weakness in the markets is largely due to profit taking following Monday's rally.

While stocks are moving mostly lower, selling pressure has remained somewhat subdued, as traders keep an eye on comments by Federal Reserve Chairman Ben Bernanke and Treasury Secretary Tim Geithner's before the House Financial Services Committee.


In prepared remarks, Bernanke drove home the point that while the bonuses AIG has given to employees were inappropriate, the overall bailout of the world's largest insurer was necessary to prevent a 1930s style meltdown.

Additionally, Geithner made it known that the AIG Financial Products division was unregulated, operating in unregulated ways and that all institutions that pose systemic risk to the broader economy must be subject to oversight.

The major averages have moved to the downside in recent trading, with the tech-heavy Nasdaq pulling back to a new low for the session. The Dow is currently down 100.75 at 7,675.10, the Nasdaq is down 27.08 at 1,528.69 and the S&P 500 is down 11.99 at 810.93.

Asian Markets End Higher on Optimism about Banking Sector Stability

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The major markets across the Asia-Pacific region ended in the green on Tuesday, buoyed by the cues from Wall Street, where the markets witnessed the biggest one-day rally since October 2008 after the Obama Administration unveiled plans to help banks sell toxic assets and pave way for a revival in credit flow, which is critical for reviving the economy. Positive economic data on existing home sales also lifted market sentiment.

Market analysts are speculating that the extension of the relief rally might signal that the bottom has already been reached and the markets may find stability in the short-term, on optimism that the plans will really work and the global economic recovery might take place sooner than expected, with the banking sector likely to lead the recovery.


Crude oil was modestly down at $53.54 a barrel in Asian trading having ended Monday's session higher by $1.73 at $53.80 a barrel on New York Mercantile Exchange after hitting an intra-day low of $51.62 and a high of $54.05.

In Tokyo, the benchmark Nikkei 225 Index ended 273 points or 3.32% higher at 8,488. The broader Topix Index of all First Section issues gained 2.7% or 21.16 points to 813.

On the economic front on Tuesday, minutes from the Bank of Japan's monetary policy meeting held on February 18 and 19 revealed that board members suggested that the Japanese economy may begin to recover from the current recession in the second half of this year at the earliest. At the meeting, the board voted unanimously to keep the overnight call rate unchanged at 0.10%. The board also decided to expand special funds-supplying operations in order to facilitate a fall in longer-term interest rates that are actually applicable to fund-raising by firms and relieve them from funding concerns.

Among banking stocks, Mitsubishi UFJ, Japan's biggest bank, gained 4.49%, Sumitomo Mitsui rose 3.16% and Mizuho Financial advanced 5.00%. Exporters also gained on the back of a weaker yen. Canon advanced 4.35%, Sharp gained 3.08% and Sony rose 5.72%. Automaker Toyota added 3.61% and Honda moved up 2.42%.

Oil-related stocks also advanced. Inpex edged up 0.14%, Nippon Oil gained 3.35% and Showa Shell added 1.10%. Among trading houses, Mitsubishi Corp. gained 4.23%, Itochu moved up 3.99% and Sumitomo Corp. rose 1.89%.

In Australia, the benchmark S&P/ASX 200 index, having opened strongly and gained as much as 2.6% in early trading, pared back much of its gains over the course of the session before ending higher by 29.7 points, or 0.84%, to 3,580, and the broader All Ordinaries Index, following a similar trend, closed the session up 34.20 points, or 0.98%, at 3,517.

Mining stocks advanced on higher commodity prices. BHP Billiton, the largest mining company in the world, gained 1.77% and Rio Tinto, the third largest miner in the world, advanced 4.73%. However, Oz Minerals shed 11.02% after the government extended its review into a A$1.8 billion rescue bid by Chinese state-owned Minmetals.

Among energy stocks, Woodside gained 4.50%, Oil Search advanced 5.43% and Santos rose 1.67%.

Financial stocks ended mixed as investors resorted to profit taking at higher levels. ANZ Banking Group added 1.31%, National Australia Bank moved up 0.35% and Westpac Banking gained 0.84%. Investment bank Macquarie Group surged 5.38%. On the other hand, Commonwealth Bank of Australia ended lower by 1.65%.

Retail stocks also ended mixed. David Jones advanced 1.38%, and Coles' owner Wesfarmers gained 0.97%, while Woolworths fell 1.12%.

Gold miners ended weak after gold closed marginally lower for a second straight session on Monday. Lihir Gold lost 3.53% and Newcrest Mining shed 1.96%. However, Sino Gold bucked the trend and edged up 0.18%.

In Hong Kong, the benchmark Hang Seng Index gained 462.92 points, or 3.44% to close at 13,910, led by financial stocks, telecom and china-related shares.

Among financials, HSBC Holdings surged up 9.83%, Hang Seng Bank gained 4.94%, BOC Hong Kong advanced 6.57%, Bank of East Asia rose 6.97%, and Bank of Communications added 4.04%. Insurance stocks also gained. Ping An Insurance rose 4.44% and China Life moved up 0.58% from previous close.

Telecom stocks ended higher; Hutchison Whimpoa advanced 5.62%, China Mobile gained 1.59%, and Tencent Holdings gained 5.12%.

China-related stocks ended mixed. China Mercantile Holdings surged 11.18% and China Resources gained 0.49%. However, China Overseas lost 2.65%.

Among other major stocks, Foxconn International Holdings gained 7.91%, while retailer Espirit Holdings lost 4.71%

Resource stocks showed mixed sentiment. While Aluminum Company of China, or Chalco, decrealsed 1.17%. CNOOC and Petrochina gained 4.35% and 0.93% respectively.

The benchmark KOSPI Index in South Korea gained 22.20 points, or 1.85% and closed at 1,222.

In an effort to revive the economy by boosting demand, the South Korean government approved an extra budget of 28.9 trillion Won, equivalent to $20.7 billion, earlier in the day.

Further, in a meeting with the local business leaders and economic analysts, the Minister for Knowledge Economy stated that, based on the preliminary report from the Korea Customs Service, trade surplus for March is likely to reach $4.5 billion, due to a much sharper decline in imports than in exports during the first 20 days of the month. The data accentuates the weakness in the domestic economy.

Among the financials, Woori Finance gained 2.41%, Shinhan Financial Group advanced 3.61% and KB Financial Group, the holding firm of Kookmin bank, moved up 4.63%.

Market heavyweight Samsung Electronics rose 1.82%. Among technology stocks, Hynix Semiconductor added 0.97%. LG Electronics gained 3.60%, and LG Display moved up 2.04%.

Shipbuilders also ended higher. Hyundai Heavy Industries advanced 1.23%, Samsung Heavy Industries gained 1.90%, and Daewoo Ship building rose 2.97%.

Oil-related stocks advanced on higher crude oil prices. SK Holdings gained 4.33%, and S-Oil rose 1.37%.

Among the other major markets, China's Shanghai Composite Index rose 12.94 points or 0.50% to 2,338, Indonesia's Jakarta Composite Index closed at 1,436, up 29.47 points, or 2.02%, Singapore's Strait Times Index gained 2.54%, or 42.26 points, to 1,706, and Taiwan's Weighted Index added 118.30 points, or 2.30%, to 5,242.

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