Wednesday, August 4, 2010

Asia Market Report: Asia: Nikkei falls on uncertain US outlook


Date: Wednesday 04 Aug 2010
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The Nikkei fell 2.11% on Wednesday with the rising yen and disappointing US economic data erasing investor appetite. 

Exporters were among the biggest decliners. Canon fell 4.46% while Sony lost 2.93%. Honda and Toyota also motored over 2% lower. 

Nikon declined 2.9% while Tokyo Electron dropped 3.1% in Tokyo. 

The Nikkei 225 index closed down 204 points at 9,489. 

The Hang Seng settled in the blue after a choppy session with real estate stocks leading a late rally. Shares in Sun Hung Kai Properties rose 1.3% while Hang Lung Properties surged 3.6%. 

The sector was given a boost after the latest data from the Land Registry showed Hong Kong July home sales rose 19.8% from the same time a year ago. 

Shares in Zijin Mining also stood out, rising 3.3% on news that China will open up its markets. 

Shares in exporters such as Foxconn International fell 0.7% while Lenovo Group lagged nearly 2% in Hong Kong. Airline Cathay Pacific rallied almost 4%. 
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Among financials HSBC was down 0.67%, ICBC was unchanged while Manulife retreated 2.4%. 

The Hang Seng index rose 92 points at 21,550.

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