Asia Roundup: Shanghai bucks buoyant trend

Published: 2009/09/17

HONG KONG: Asian markets rallied yesterday as the US released better-than-expected retail sales while the Federal Reserve chief said the world's biggest economy was likely out of recession.

However, Shanghai fell more than 1 per cent on fears about the availability of credit for the rest of the year.

TOKYO: Up 0.52 per cent. The Nikkei-225 gained 53.15 points to 10,270.77.

"For the next few days, the market will likely pay cautious attention to what he (new prime minister Yukio Hatoyama.Hatoyama) says, and what new cabinet members say about policies," Credit Suisse strategist Shinichi Ichikawa told Dow Jones Newswires.

SYDNEY: Up 2.42 per cent. The S&P/ASX200 rose 110.1 points to 4,650.4. The index is at an 11-month high.

Dealers said buying was across the board and, as well as the US news, was boosted by a rebound in Telstra.

SHANGHAI: Down 1.12 per cent. The composite index fell 34.02 points to 2,999.71.

Financials led the market lower on growing concerns about tightening credit for the rest of the year, dealers said.

The drop marks the biggest percentage fall since the beginning of this month, although the index has risen nearly 14 percent over the past two weeks.

SEOUL: Up 1.81 per cent. The Kospi gained 29.93 points to 1,683.33.

"Strong finishes in the US stock markets, combined with massive institutional buying, led to a broad-based market gain," Choi Sung-Lak, an analyst at SK Securities, said.

TAIPEI: Up 1.28 per cent. The weighted index rose 93.98 points to finish at 7,440.24.

The market opened high and stayed bullish as investors tracked cues from Wall Street and regional markets, analysts said.

BANGKOK: Up 1.01 per cent. The composite index gained 7.09 points to close at a 13-month high of 710.25, while the blue-chip SET-50 index rose 4.47 points to 508.39.

"Investors bought heavily across the board, especially stocks that gained from the (Thai government's) second stimulus package," said Veerachai Krongsamsri at Far East Securities.

JAKARTA: Up 0.80 per cent. The composite index gained 19.24 points to 2,439.35.

Stocks may continue to edge up today, with a 2,420-2,460 range tipped for the main index, dealers said.

MANILA: Down 0.74 per cent. The composite index lost 20.75 points to 2,768.61.

MUMBAI: Up 1.35 per cent. The 30-share Sensex rose 222.59 points to 16,677.04, a near 16-month high. - AFP