Egypt's Zamalek undone by stoppage-time strike at Berkane in final first-leg    Meet TUT, Egypt's Nations Cup mascot    President Sisi receives citizens for Iftar at his private residence    Saudi energy minister recommends driving down oil inventories, says supply plentiful    Egypt and Canada's parliamentary speakers discuss bilateral relations    Argentine great Maradona to miss Cannes film premiere after shoulder injury    Scientists in new push to control cancer before curing it    Thales plans to turn Egypt into regional technical hub to provide company's services    FRA considers new amendments to short selling controls    The Netherlands wins the Eurovision Song Contest    Egypt's Sisi follows up on latest preparations for 2019 African Cup    Egypt bids to host AfCFTA's executive office, says legal adviser of AU    Iran is not pursuing war: Revolutionary Guards chief    Saudi crown prince discusses regional developments with Pompeo: Ministry    PM follows up efforts to improve government unified complaints system    UN condemns violence against Sudanese protesters    Policy on Cuba is an embarrassment for United States    MENA's first Vertebrate Palaeontology centre inaugurated in Mansoura University    Egypt ranks 4th among top nationalities visiting Saudi Arabia for Umrah    Suez Canal Bank aims to focus on investment banking services, non-bank financial services    Al-Sisi pardons 560 prisoners convicted in cases from 2013 to 2017    Egyptian museums' revenues increase by 70.5% in 2018: CAPMAS    Egypt's Sisi orders studies to maximize assets, investment returns for religious endowments ministry    Google Doodle celebrates Omar Khayyam, medieval mathematician, astronomer and poet    Hotter weather forecast for Egypt on Monday    Herman Wouk, author of 'The Caine Mutiny' and 'The Winds of War,' dies at 103    President Sisi salutes the martyrs of the armed forces on the 10th of Ramadan victory anniversary    Armed Forces kills 47 terrorists, destroys 29 hideouts in Sinai: spokesperson    Jürgen Klopp wins German Football Ambassador award 2019    Polish minister pops 'what if' question over US gas plans    Presidential decree pardons 560 prisoners    Despite losing EPL title, Salah joins list of back-to-back top scorers    Only one third of world's longest rivers remain free-flowing    Low-category ticket prices for Egypt's matches at AFCON 2019 reduced    Newsreel    No new rent law    Conflict vs dialogue    The alternative economy in Ramadan    Ramadan, Egyptian style    ‘Let there be light'    Algeria steps up arrest campaign    Three-way tie    14 minutes added on    Risks from inflation    Travelling out of the box    Lebanese singer Tania Saleh at the Opera House's Ramadan nights    A present-day Aladdin    Walking a Sufi path    

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Asian Shares Mostly Drop, Hong Kong Advances
Published in Amwal Al Ghad on 19 - 04 - 2012

Japanese shares fell on Thursday, under-performing the rest of the Asian region, while Hong Kong and Australian stocks stage a mild advance.
The Nikkei Stock Average (JP:100000018) -0.82% declined 0.9%, Korea's Kospi (KR:0100) -0.23% traded down 0.4%, and the Shanghai Composite Index (CN:000001) -0.09% edged lower by 0.1%.
On the plus side, Hong Kong's Hang Seng Index (HK:HIS) +0.75% and Australia's S&P/ASX 200 index (AU:XJO) +0.32% each advanced by 0.4%.
According to Market Watch, the European shares had fallen Wednesday after news of a rise in bad loans in Spain. U.S. shares closed lower as well, after earnings reports dented sentiment toward some technology firms.
Later in the global trading day the major focus for markets will likely be Spanish and French debt auctions, according to Sue Trinh, strategist at RBC Capital Markets.
“Given the poor results from the last Spanish auction, market anticipation will certainly be running high in the approach to this issuance, especially given the recent performance of Tier-2 spreads," Trinh said.
Europe-focused exporters losing ground included apparel firm Esprit Holdings Ltd.(HK:330) -1.43% ESHDF -2.76% , down 3% in Hong Kong, and Honda Motor Co. (JP:7267) -0.92% HMC +0.68% , down 1% in Tokyo.
Japanese-listed commodity firms also declined, after oil prices fell below $103 a barrel in New York on Wednesday following data that showed oil supplies rose by more than expected for a fourth week.
JX Holdings Inc. (JP:5020) -0.83% JXHGF 0.00% lost 0.8%, while shares of Inpex Corp. (JP:1605) -0.76% IPXHY -0.19% fell 1%
But commodity-linked firms advanced in Hong Kong, with Cnooc Ltd.(HK:883) +1.62% CEO +1.32% up 0.8%, China Petroleum & Chemical Corp. HK:386 +1.58% SNP -0.52% ahead by 1.2%, and PetroChina Co. (HK:857) +1.42% PTR +1.17% rising 0.5%
Energy firms also advanced in Australia, boosted by production reports. Woodside Petroleum Ltd. (AU:WPL) +1.42% WOPEF -0.53% rose 1.8%, and Santos Ltd. (AU:STO) +0.29% STOSF -2.52% climbed 0.6%, after reporting sharp revenue gains of 20% and 50%, respectively. (Read more on reports from Woodside and Santos .)
“I think that the [Australian] market is showing a continuation of improvement from [Wednesday]. A lot of that has been brought about by confidence attached to the quarterly results from both Rio Tinto and BHP Billiton," said Jamie Spiteri at Shaw Stockbroking.
Both firms reported production figures earlier this week. On Thursday, BHP Billiton Ltd.(AU:BHP) +1.14% BHP +1.42% climbed 1.3%, while Rio Tinto Ltd. (AU:RIO) +0.15% RIO +1.32% rose 0.2%.
“It's not as if they surprised the market to the upside, but more a case that they didn't shock the market with any disappointing news. So there's a bit of relief in that sense," he said.
In South Korean trading, techs were mostly weaker, tracking U.S. losses for the sector, with LG Electronics Inc. LGEIY 0.00% falling 2.6%, though heavyweight Samsung Electronics Co. SSNLF +25.39% managed a 0.5% rise.
In the Japanese technology sector, Hitachi Ltd. (JP:6501) +2.52% HIT +0.67% gained 2.1% after the Nikkei reported that the company would be helping Russia improve its electric grid.
Nippon Sheet Glass Co. (JP:5202) -6.90% NPSGF +18.93% dropped 6% after its chief executive officer resigned on strategy grounds, according to reports.

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