Asian Markets Are Mixed, Energy Stocks Lead on Oil SurgeTopics:
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Stock MarketSectors:
Oil and GasBy CNBC.com | 30 Mar 2007 | 12:05 AM
Asian stocks were mixed in the afternoon session Friday with Japan making gains but China and Hong Kong slipping. But energy shares such as Woodside Petroleum and CNOOC climbed after a 3% surge in oil prices.
A fall in the yen also helped boost demand for Japanese exporters such as Honda Motor, while financial year-end buying in Japan and end-of-quarter buying elsewhere were expected to underpin markets.
Tokyo's Nikkei 225 Average
#666666; FONT-FAMILY: Arial">#8b8f98 1px solid; PADDING-RIGHT: 5px; BORDER-TOP: #8b8f98 1px solid; PADDING-LEFT: 10px; BORDER-LEFT: #8b8f98 1px solid" width=300 bgColor=#eeeeee height=50>NIKKEI 225 INDEX (NIKKEI) 17284.17 20.23 +0.12% | |
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[NIKKEI 17284.17 20.23 (+0.12%) ]< script>cnbc_quoteComponent_init_getData('NIKKEI','WSODQ_COMPONENT_NIKKEI_EFDBEA15839609','WSODQ',true);< /script> rose as investors bought shares of some manufacturers such as
Honda Motor after data showed industrial output fell less than expected last month, and due to a decline in the yen. But overall gains were limited as investors took a cautious tack due to the end of the financial year and before the release
next week of the Bank of Japan's tankan business sentiment survey.
In South Korea, the Kospi Index hit its highest in a month, but lost morning gains to trade flat as Samsung Electronics fell on worries about upcoming first-quarter results, while a surge in oil prices hit firms sensitive to energy costs. But the index found support as steel producer POSCO
#666666; FONT-FAMILY: Arial">#8b8f98 1px solid; PADDING-RIGHT: 5px; BORDER-TOP: #8b8f98 1px solid; PADDING-LEFT: 10px; BORDER-LEFT: #8b8f98 1px solid" width=300 bgColor=#eeeeee height=50>POSCO (PKX) 106.88 7.16 +7.18% | |
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[PKX 106.88 7.16 (+7.18%) ]< script>cnbc_quoteComponent_init_getData('PKX','WSODQ_COMPONENT_PKX_EDCBEA15839609','WSODQ',true);< /script> extended a record-setting rally on expectations for solid
quarterly profits and increased takeover activity in the global steel sector.
Australia's S&P/ASX 200 Index rose as top banks and miners gained, while media stocks rose on hopes for takeovers after the government said new media ownership laws would take effect next week. Dealers said that quarter-end window dressing by institutional funds also boosted the overall market.
Hong Kong's Hang Seng Index was lower as China Unicom and China Netcom retreated after rising sharply this week on speculation of an industry reshuffle. But CNOOC shares were higher on the back of strong crude prices. China shares were also lower, led by blue chips on profit-taking.
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