Egyptian pound firms slightly against dollar in early Sunday trade    Egypt, Norway's Scatec explore deeper cooperation in renewable energy    Emergency summit in Doha as Gaza toll rises, Israel targets Qatar    Egypt's EDA, Korean pharma firms explore investment opportunities    CBE, banks to launch card tokenization on Android mobile apps    CIB completes EGP 2.3bn securitization for GlobalCorp in seventh issuance    Ex-IDF chief says Gaza war casualties exceed 200,000, legal advice 'never a constraint'    Right-wing figures blame 'the Left' for Kirk killing, some urge ban on Democratic Party    Egypt's FM heads to Doha for talks on Israel escalation    Egypt strengthens inter-ministerial cooperation to upgrade healthcare sector    Egyptian government charts new policies to advance human development    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt expresses condolences to Sudan after deadly Darfur landslides    Egypt hosts G20 meeting for 1st time outside member states    Lebanese Prime Minister visits Egypt's Grand Egyptian Museum    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    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    







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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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