Thursday, June 24, 2010

Asia: Nikkei up a touch as Softbank rallies

Date: Thursday 24 Jun 2010
Short covering provided some momentum in Tokyo following steep losses earlier in the week.

Stocks in focus included 
Softbank which rose 2.79% to 2,530 yen as Apple’s new iPhone went on sale today.

Trading firms were in demand after new Australian Prime Minister Julia Gillard said she would reconsider plans to raise mining taxes. 
Mitsubishi Corp rose 1.9% whileMitsui & Co added 1.1% to 1,158 yen.

The benchmark Nikkei 225 closed up 4 points or 0.05% at 9,928 in Tokyo.

The Hang Seng ploughed back into the red, after a choppy session, after the Federal Reserve’s assertion that it would keep interest rates for an extended period while softening its economic outlook.

Banks and insurers were hard hit. 
HSBC fell 1.51%, Bank of Communications skidded 2.06%. Manulife declined 1.74% while China Life lost 1.11%
Sino Land gained 1.4% while Hang Lung Properties climbed 0.8%. A near 2% decline in crude oil futures sent shares in Cnooc down 1.2% in Hong Kong.

News of Kevin Rudd’s resignation as Australian Prime Minister sent shares in 
Citic Pacific, which is building an iron-ore mine in Australia, up nearly 3%. Yanzhou Coal Mining advanced 2.3%.

The Hang Seng settled 105 points lower at 20,733 in Hong Kong.
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