Stocks up on Greenspan's remarks |
http://www.sina.com.cn 2005/07/22 11:44 Shanghai Daily |
Asian stocks advanced, led by exporters including Nissan Motor Co and Samsung Electronics Co, after US Federal Reserve Chairman Alan Greenspan said the world's largest economy is in a period of sustained expansion. "Exporters look attractive," said Yang Jeong Won, who oversees about US$2.5 billion as chief investment officer at Samsung Investment Trust Management Co in Seoul. "The US economy is looking strong and this is good for stocks that depend on overseas demand." The Morgan Stanley Capital International Asia-Pacific Index, which tracks more than 1,000 stocks, climbed 0.9 percent to 100.47 in Tokyo. The index is set for its highest close since June 23. All 10 industry groups advanced. Benchmarks also gained in Hong Kong, Australia, Singapore, South Korea, the Philippines, Pakistan and Indonesia. Australia's S&P/ASX 200 Index rose 1 percent to a record. BHP Billiton, the world's biggest mining company, led gains. Indonesia's key index jumped 1.4 percent, Asia's biggest winner, and was set for a record close. The Standard & Poor's 500 Index added 0.5 percent to a four-year high yesterday in New York after Greenspan's statement helped bolster confidence the economy in the United States - Asia's biggest export destination - will grow without triggering inflation. Nissan gained 0.6 percent to 1,162 yen (US$10.45), the highest since October. The company made about two-thirds of its sales outside Japan last year. Samsung Electronics, South Korea's largest exporter, advanced 0.9 percent to 563,000 won (US$542). "Any calming statement from the Fed about US growth is going to send global stocks higher," said Paul Xiradis, who helps manage about US$2.3 billion at Ausbil Dexia Ltd in Sydney. BHP Billiton climbed 1.9 percent to 19 Australian dollars (US$14.48) in Australia. AU Optronics Corp, the world's third-biggest maker of flat-panel displays used in computers and televisions, gained 3.9 percent to 51.10 New Taiwan dollars (US$1.6). A drop in oil prices also raised optimism lower energy costs will leave consumers and businesses with more to spend. September delivery declined 1.1 percent to US$58.02 a barrel in New York on Wednesday. It lost a further 0.5 percent to US$57.61 a barrel in after-hours electronic trading. Venture Corp, Singapore's biggest publicly traded electronics maker for customers including Hewlett-Packard Co, advanced 1.3 percent to 16 Singapore dollars (US$9.64). Rinker Group Ltd, the biggest supplier of cement blocks in the US, climbed 3.7 percent to a record A$15.26 in Australia. Japan's Automakers Toyota Motor Corp, the world's second-biggest automaker, climbed 0.7 percent to 4,240 yen, the highest since October 2004. Honda Motor Co, Japan's third-largest automaker, added 0.4 percent to 5,740 yen. The shares have jumped 6.3 percent since July 11 and are at the highest since May 2002. Takaki Nakanishi, a Tokyo-based analyst at UBS AG, turned "bullish" on Japan's automakers on optimism earnings may be better than previously expected. "The market is extremely robust," said Hiromichi Tsuyukubo, who helps manage about US$22 billion at Mitsubishi Management Co in Tokyo. PT Telekomunikasi Indonesia led gains in Indonesia as concern eased that interest rates in Southeast Asia's biggest economy will accelerate. The yield on benchmark central bank bills, used by lenders to set rates, remained unchanged at an auction yesterday. The auction "eases pressure on banks to raise rates," said Arfan Karniody, who helps manage about US$254 million at PT Niaga Aset Manajemen in Jakarta. "It also shows Bank Indonesia is more confident that inflation won't accelerate." (Bloomberg News) |
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