Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



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.


Clic here to read the story from its source.