Asia Market Report(8th December 2009)

Asia: Profit takers snap Nikkeis winning streak The Nikkei fell 0.3% on Tuesday, snapping six days of consecutive gains, as profit takers moved in. Ben Bernanke’s comments about the fragility of the US economic recovery weighed on sentiment. Exporters such as Canonlost their grip on recent gains as the yen firmed against the dollar. Honda slipped 0.33% while TDK dropped 1.7% to 5,170 yen. Shipping stocks also suffered as the Baltic Dry Index fell. Shares in Nippon Yusen KK declined 6% while Mitsui OSK Linesfell 4.1%. The government’s announcement of a 7,200bn yen stimulus package, slightly more than expected, had little impact on the market. Shares in Japan Airlines fell 2.8% to 104 yen after Japan’s transport minister said the government has not yet decided on whether it would guarantee a loan for the financially troubled airline. The Nikkei 225 index closed 27 points lower at 10,140 in Tokyo. The Hang Seng fell on Tuesday with financials and commodity stocks weighing heaviest. Zijin Mining and China Shenhua Energy both dropped over 1%. HSBC fell 1.35% while Bank of China declined 0.45%. The Hang Seng settled 264 points lower at 22,061 in Hong Kong.

Indices

Index	Value	% Change
Nikkei 225	10,140.47	-0.27%
Hang Seng	22,060.52	-1.18%
Straits Times	2,805.50