Japan, Korea advance but Chinese shares weak (01/02/2012)
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- Category: ต่างประเทศ
- Published on Wednesday, 01 February 2012 03:53
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SYDNEY (MarketWatch) — Japanese and South Korean shares recovered from a weak start Wednesday, after data showing a pick-up in Chinese manufacturing worked to offset some disappointing earnings and weak global economic data.
Chinese shares, however, were pressured in early trading, with the Shanghai Composite Index CN:000001 -0.32% down 0.2%, while the Hang Seng Index HK:HSI +0.01% traded down 0.1% in choppy Hong Kong trade.
Japan’s Nikkei Stock Average JP:100000018 +0.13% rose 0.2% and South Korea’s Kospi KR:0100 +0.23% edged up 0.2%. Australia’s S&P/ASX 200 index AU:XJO -0.35% remained in the red with a 0.2% loss, but moved off its worst levels of the day.
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Home prices, consumer confidence drop
U.S. home prices fall again in November, while January's consumer confidence gives back some of its recent gains.
An official reading of China’s Purchasing Managers Index unexpectedly increased to 50.5 in January from 50.3 in December. Economists had expected a drop to 49.5.
“Though this reading is quite supportive of our soft landing call....China’s monthly macro data in Jan and Feb are significantly distorted by the different timing of the Chinese New Year holiday,” said Ting Lu, China economist at Bank of America Merrill Lynch.
The data suggesting expansion in the Chinese economy followed a downbeat close for U.S. stocks Tuesday, where sentiment was weighed by a drop in consumer confidence and a decline in a key business activity gauge in January. Read more on U.S. stocks.
Earnings reports didn’t help, with oil giant Exxon Mobil Corp. XOM -0.07% dropping 2.1% after reporting fourth-quarter production that fell below some estimates. Read more on Exxon Mobil earnings.
Asia also took a bit of a hit from company announcements on Wednesday, with Daiwa Securities Group Inc JP:8601 -1.10% DSECF +0.28% dropping 1.1% and Shinsei Bank Ltd. JP:8303 -2.33% SKLKF +18.00% lower by 2.3% in Japan after reporting earnings.
In Seoul, LG Electronics Inc. LGEIY 0.00% lost 1.7% after posting a parent-only loss of 2011, although that was an improvement from the previous year’s loss. Read more on LG earnings.
Australia also saw some earnings-related selling, with Energy Resources of Australia Ltd. AU:ERA -7.14% EGRAF +10.00% down 7.1% after the uranium miner swung to a fiscal-year net loss of 153.6 million Australian dollars ($163 billion), while Aquarius Platinum Ltd. AU:AQP -10.57% AQPBF +5.39% dropped 10.9% after reporting a 4% drop in fiscal second-quarter attributable production.
However, Fairfax Media Ltd. AU:FXJ +9.05% FFXLF 0.00% managed to buck the lower trend in Australia, rising 8.8% after reports emerged late Tuesday that billionaire investor Gina Rinehart is seeking to buy another 9.9% of the firm.
Losses from Daiwa and Shinsei aside, gains in the banking sector were supporting the Japanese market, with Sumitomo Mitsui Trust Holdings Inc. JP:8309 +4.20% CMTDF +3.68% rising 4.2% and Mitsubishi UFJ Financial Group Inc. JP:8306 +2.58% MBFJF -2.28% up 2.6%.
Toshiba Corp. JP:6502 -0.31% TOSYY -5.36% , up 0.9% and Honda Motor Co. JP:7267 +0.56% HMC -2.52% , up 0.5%, reversed early earnings-related losses after the Chinese manufacturing data.
However, the data didn’t help Hong Kong-listed financial firms to gain, with HSBC Holdings PLC UK:HSBA +0.42% HBC -0.05% HK:5 -0.46% down 0.8% and property firm Cheung Kong (Resources) Ltd. HK:1 -0.77% CHEUF +2.07% down 1.7%.
Sarah Turner is MarketWatch's bureau chief in Sydney.
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