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Output rise boosts Japan market
http://www.sina.com.cn 2004/12/29 11:13  Shanghai Daily

  Japanese stocks gained after a government report showed industrial production rose for the first month in three, providing evidence that growth in the world's second-largest economy will be sustained.

  The Topix index added 0.5 percent at the close in Tokyo yesterday. Banks such as Mizuho Financial Group Inc accounted for most of the advance on optimism economic growth would spur corporate and consumer lending. The Nikkei 225 Stock Average rose 0.5 percent to 11,424.13, its highest since July 21.

  "The economic outlook seems to be better than we had thought," said Masaki Iso, head of Japanese equities at Yasuda Asset Management Co in Tokyo. "The gain in bank stocks is strong evidence investors are more confident about the economy."

  Morgan Stanley Capital International's Asia-Pacific Index, which tracks more than 900 stocks, inched up 0.6 percent to 100.11, its highest in more than four years, after crude oil prices plunged 6.5 percent in New York.

  Korea Electric Power Corp, which spends about a quarter of its fuel budget on oil, and exporters such as Hon Hai Precision Industry Co gained on optimism lower energy costs will boost earnings. Most of the countries in the region import almost all of their oil.

  Sri Lanka's stock index fell 4.4 percent, the biggest drop in more than eight months, in the first day of trading after an earthquake off Indonesia triggered tsunamis last Sunday that killed thousands of people in Asia.

  Stocks rose in every other local market except Malaysia, Thailand and China's mainland. Markets in Australia and New Zealand were shut for the Christmas holiday.

  Mizuho, Japan's biggest bank by assets, added 3.1 percent to 507,000 yen (US$4,919). The shares have risen for 11 days, climbing 15 percent. Mitsubishi Tokyo Financial Group Inc, the second biggest, climbed 1 percent to 1.02 million yen.

  Production in Japan rose a seasonally adjusted 1.5 percent last month from October, the government said. The median forecast of 33 economists surveyed by Bloomberg was for a 1.8 percent gain.

  Crude oil for February delivery plunged almost US$3 to U$41.32 a barrel in New York. It recently traded at US$41.70 in Asia.

  "It's a big plus for the market now that we are seeing oil prices come off a bit," said Nobuki Goto, who helps manage the equivalent of US$14 billion at Tokio Marine Asset Management Co in Tokyo.

  Korea Electric, the nation's biggest power producer, rose 2.8 percent to 27,550 won (US$26.42). Hon Hai Precision, Taiwan's largest electronics company by sales, advanced 1.5 percent to 140 New Taiwan dollars (US$4.37).

  Advantest Corp, whose overseas sales account for more than two-thirds of its total sales, added 1.4 percent to 8,810 yen. Chartered Semiconductor Manufacturing Ltd, Singapore's biggest chipmaker, climbed 1.6 percent to 97.5 Singapore cents (58 US cents).

  Oil producers and explorers such as AOC Holdings Inc declined. AOC Holdings slid 0.7 percent to 1,012 yen. SK Corp, South Korea's largest oil refiner, lost 2.7 percent to 60,500 won. CNOOC Ltd, China's biggest offshore oil and gas company, dropped 1.8 percent to 4.17 Hong Kong dollars (54 US cents).

  The quake generated waves as high as 10 meters, striking tourist resorts from Thailand to the Maldives. The Sri Lankan and Indonesian governments declared national disasters.

  "Tourism stocks will suffer an immediate impact because people will tend to cancel trips and avoid trouble spots," said Koh Huat Soon, who manages the equivalent of US$26.3 million at Pacific Mas Asset Management Sdn in Kuala Lumpur.

  Thai Airways International Pcl, the country's biggest carrier fell 1.5 percent to 48 baht (US$1.23), after Monday's 3.5 percent tumble. Star Cruises Ltd, which said it will "temporarily" halt tours to Phuket, lost 2.2 percent to 22 US cents after declining 2.2 percent on Monday.

  In Sri Lanka, tourism-related companies such as John Keells Holdings Ltd led declines. John Keells, which runs nine hotels and resorts in Sri Lanka and the Maldives, plunged 14 percent to 108.5 rupees (US$1.94).

  (Bloomberg News)






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