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Asian electronics stocks bullish
http://www.sina.com.cn 2004/02/10 11:42  Shanghai Daily

  Asian consumer electronics stocks increased, paced by LG Electronics Co and Matsushita Electric Industrial Co, after both companies reported earnings above analysts' estimates on increased sales of mobile phones and flat-screen TVs.

  "Technology stocks are heavily dependent on the global economic recovery and this year we'll likely see the US companies' capital expenditure increase," said Aaron Pong of RBC Investment Management (Asia) Ltd in Hong Kong. "Technology companies will most likely benefit from it."

  Sun hung Kai Properties Ltd and DBS Group Holdings Ltd led developers and banks higher after a US jobs report boosted optimism that the Federal Reserve will hold its benchmark interest rate at a 45-year low.

  The morgan Stanley Capital International Asia-Pacific Index, which includes more than 800 companies in the region, gained 0.3 percent to 88.94 for its third straight advance at 3pm, Tokyo time.

  Japan's nikkei 225 Stock Average fell 0.6 percent, led by NTT DoCoMo Inc, after reports from the nation's top three mobile-phone operators showed new subscribers slowed in January.

  Sri lanka's Colombo All Share Price stock index shed 11 percent, heading for its biggest drop since November, after President Chandrika Kumaratunga dissolved parliament on the weekend and called a general election for April.

  All other benchmarks in Asian markets advanced. Thailand's SET Index was the biggest gainer, rising 2.3 percent, after the food and Agriculture Organization in Rome said there is "no evidence" that pigs in Vietnam have caught bird flu, allaying concerns that the disease might threaten other livestock.

  The bloomberg Asia Pacific Travel Index fell 1.9 percent in the past two weeks on concern the flu will dent travel demand. It rose as much as 2 percent yesterday.

  Lg electronics, South Korea's second-biggest electronics maker, added 3.2 percent to 65,000 won (US$55.74). Its fourth-quarter net loss shrank 90 percent to 17 billion won as sales rose to a record. The loss was smaller than the 34 billion won Bloomberg forecast.

  Matsushita, the world's biggest maker of consumer electronics, advanced 1.6 percent to 1,571 yen (US$14.86). Net profit rose to 24.2 billion yen for the three months ended on December 31. The firm raised its annual profit forecast to 35 billion yen.

  Hong kong's Sun Hung Kai, Hong Kong's biggest developer by market value, jumped 2.3 percent to 78.75 Hong Kong dollars (US$10.13). Cheung Kong (Holdings) Ltd, Hong Kong's second-largest developer, added 1 percent to HK$74.25.

  Hsbc, which controls two of Hong Kong's biggest lenders and accounts for a third of the Hang Seng Index, climbed 1.6 percent to HK$124.

  The us economy added 112,000 jobs in January, a Labor Department report showed on Friday. Economists had expected 175,000, according to a Bloomberg News survey. Some analysts said the Federal Reserve may not raise interest rates by September.

  Movements in Hong Kong's interest rates typically track the US because the local currency is pegged to the US dollar.

  "There's still a likelihood that interest rates will stay low for a while," said Bich Pham, who oversees US$800 million at TAL Global Asset Management Ltd in Hong Kong. Low interest rates result in "lots of liquidity, low borrowing costs and ample credit, so that will be good for stock markets."

  Sri lanka's Colombo All Share Price index fell 11 percent to 1,058.29 on concern any change in government will jeopardize the peace process between the government and Tamil Tiger rebels, hurting investment and economic growth.

  The colombo All Share Index has fallen 25 percent since a political standoff between the president and the prime minister erupted in November.

  The nikkei shed 58.31 to 10,402.61. DoCoMo declined 1.8 percent to 213,000 yen. The total net new subscribers for Japan's three biggest mobile phone operators slowed to 341,500 in January, compared with 506,500 in December.




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