Germany's inflation 2.1% up in April '25 – preliminary data    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    EGP closes high vs. USD on Wednesday    Germany's regional inflation ticks up in April    Taiwan GDP surges on tech demand    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    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    







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Asia Shares Mostly Higher, Australians Remains Weak
Published in Amwal Al Ghad on 03 - 07 - 2012

Asia shares rose on Tuesday with gains for property firms helping lift the Hong Kong market, though Australian stocks remained weak after the nation's central bank left interest rates on hold.
South Korea's Kospi (KR:SEU) +0.87% rose 0.9% and Japan's Nikkei Stock Average (JP:100000018) +0.70% gained 0.6%.
In China, the Shanghai Composite (CN:000001) +0.14% put on 0.6%, while Hong Kong's Hang Seng Index (HK:HSI) +1.51% jumped 1.5% as trading resumed after a three-day break.
Australia's S&P/ASX 200 index (AU:XJO) -0.14% edged down 0.2%.
U.S. shares put in a subdued performance on Monday, as data showing manufacturing activity dropped into contraction territory for the first time in three years dragged the Dow Jones Industrial Average DJIA -0.07% into the red.
Monday also saw the release of some weak manufacturing data in the euro zone, supporting expectations for possible easing measures from the region's central bank to spur growth, Market Watch reported.
“All things considered, there is little in the PMI figures to challenge the view that the ECB ought to be cutting policy rates this week. But with [last week's European leaders summit] having helped to improve market sentiment, the case for a lesser 25 basis point reduction in the refinancing rate has been reinforced," said Ken Wattret at BNP Paribas.
Property shares shot higher in Hong Kong. China Resources Land Ltd. (HK:1109) +2.91% CRBJY 0.00% rallied 4.2%, Sino Land Co. (HK:83) +4.13% SNLAY +4.64% surged 5%, and Poly Real Estate Group Co. (CN:600048) +3.19% put on 4% in mainland China.
Financials were other notable advancers, as heavyweight HSBC Holdings PLC (HK:5) +1.39% HBC +1.77% gained 1.2% and Agricultural Bank of China Ltd. (HK:1288) +2.91% climbed 3.2%.
Technology-related shares improved in Japan. Advantest Corp. (JP:6857) +0.74% ATE -1.59% added 1.2% and Trend Micro Inc. (JP:4704) +0.91% TMICY +1.84% rose1.3%.
Renesas Electronics Corp. (JP:6723) +9.78% RNECY +3.23% shares surged 8.8% after reports that the struggling chipmaker plans to sell or shut down ten plants within the next three years.
Exporters also improved in Tokyo, with Fujitsu Ltd. (JP:6702) +0.52% FJTSY +0.88% up 1.1% and Nikon Corp. (JP:7731) +3.06% NINOY -0.82% climbing 3%.
LG Electronics Inc. LGEIY 0.00% gained 3% and LG Display Co. LPL 0.00% added 2.1% in Seoul.
Among notable underperformers, Chinese automobile stocks dropped on reports another mainland city had imposed a cap on annual car sales to improve traffic conditions. Shares of Dongfeng Motor Group Co. (HK:489) -4.37% slumped 6.7% and Great Wall Motor Co. (HK:2333) -2.47% sank 3.1%.
Losses for energy firms weighed in Sydney, after crude oil futures closed below $84 a barrel in New York trading. Woodside Petroleum Ltd. (AU:WPL) -1.76% WOPEY +0.21% shed 1.6% and Santos Ltd. (AU:STO) -1.92% SSLTY +3.41% dropped 1.%.
Shares in Sydney remained under pressure after the Reserve Bank of Australia left the benchmark cash rate steady at 3.50%, as expected.


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