Oil slide boosts Asian stocks | |
http://www.sina.com.cn 2004/08/06 10:54 Shanghai Daily | |
Asian stocks rose, led by exporters such as NEC Corp and Hyundai Motor Co, as a drop in oil eased concern that higher fuel costs would curb global economic growth. "Surging oil prices have been a concern for the market, so any drop in crude becomes a trigger to buy," said Yoshinori Nagano, who helps manage the equivalent of US$72 billion in assets at Daiwa Asset Management Co in Tokyo. Japan's nikkei 225 Stock Average added 0.5 percent to 11,060.89 at the 3pm close in Tokyo. It fell to a two-month low yesterday as oil futures surged to the highest since 1983. South Korea's Kospi Index rose 1.9 percent to 743.35. The two countries import almost all of their oil. Hong kong's Cathay Pacific Airways Ltd and Singapore Airlines Ltd led their respective benchmarks higher on optimism jet fuel costs will drop. Taiwan's Taiex Index posted its biggest gain in six weeks, with Chi Mei Optoelectronics Corp surging by its daily limit. The company reported a record profit because it increased its market share of TV screens. Australia's news Corp fell to its lowest in more than four months after its British Sky Broadcasting Group Plc unit said it will lift spending to spur growth, hurting profit for three years. Morgan stanley Capital International's Asia-Pacific Index, which tracks more than 900 companies in the region, added 0.6 percent to 87.22, ending a two-day, 1.3 percent loss. All other stock benchmarks rose in the region, apart from those in Malaysia and the Chinese mainland. Nec, Japan's largest mobile phone maker, advanced 2.1 percent to 693 yen (US$6.17). Hyundai Motor, South Korea's largest automaker, advanced 4.2 percent to 46,700 won (US$39.70). Crude oil dropped 3 percent to US$42.83 a barrel in New York on Wednesday after OAO Yukos Oil Co, Russia's largest oil exporter, said it regained access to its bank accounts and a report showed US gasoline supplies unexpectedly rose. Oil climbed to a record US$44.34 a barrel on Tuesday. New york oil prices are up 32 percent this year on concern exports will be disrupted from OPEC members and non-OPEC producers such as Russia. Shares of NEC also gained as Nippon Electric Glass Co, its glass products making unit, said first-quarter profit rose 20 percent as increased demand for liquid-crystal display panels boosted sales of glass parts. Nippon Electric surged 14 percent to 2,135 yen, the best performer on the Tokyo Stock Exchange's first section. Hong kong's Hang Seng Index rose 1.7 percent to 12,491.92. Cathay Pacific, Asia's sixth-biggest airline by sales, rose 3.3 percent to 14 Hong Kong dollars (US$1.79). China eastern Airlines Corp, the country's third-largest carrier, added 1.3 percent to HK$1.61. A 1-percent change in jet fuel prices lifts or cuts the Chinese airline's earnings by 4 percent, according to Merrill Lynch & Co. Singapore airlines, the region's biggest carrier by market value, climbed 3.7 percent to 11.10 Singapore dollars (US$6.42). Oil is its single biggest cost. The Straits Times Index added 1.7 percent to 1,935.70, the highest since February 28, 2001. In taiwan, the Taiex advanced 2.1 percent to 5,427.61, the biggest gain since June 23. Chi Mei, Taiwan's second-largest maker of flat displays used in computers and televisions, jumped 6.8 percent to 40.90 New Taiwan dollars (US$1.20). The company, which was supposed to report after the market closed, said second-quarter unaudited net income rose to NT$9 billion from NT$728.9 million a year earlier. "Chi Mei announced its better-than-expected record profit ahead of schedule," said Michael On, who manages the equivalent of US$30 million as managing director at Beyond Asset Management Co in Taipei. "The move came at the right time to boost prices." (Bloomberg News)
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