Asia Markets: Shanghai, Taipei lead Asia stock gains

April 19, 2013

Most Asian markets rose Friday as bargain buyers accumulated beaten-down stocks ahead of the weekend, taking a positive view on the rebound in commodity prices despite another day of losses on Wall Street.

Japan’s Nikkei Stock Average JP:NIK +0.75%  climbed 0.6%, Australia’s S&P/ASX 200 AU:XJO +0.19%  gained 0.2%, South Korea’s Kospi KR:SEU +0.33%  added 0.3%, and Hong Kong’s Hang Seng Index HK:HSI +1.56%  rebounded 0.8% after a five-day losing streak.

China’s Shanghai Composite CN:000001 +2.17%  rallied 1.1%, while the Taiex XX:Y9999 +1.79%  jumped 1.6% in Taipei, where heavyweight Taiwan Semiconductor Manufacturing Co. got a boost from upbeat forecasts.

The advance came as investors looked past another day of losses on Wall Street overnight, with U.S. equity index futures pointing to gains on Friday.

Dow Jones Industrial Average futures DJM3 +0.42%  rose 66 points, or 0.5%, to 14,476, S&P 500 futures SPM3 +0.62%  were up 0.5%, while Nasdaq 100 futures NDM3 +0.53% advanced 0.6% in the wake of post-earnings gains for shares of Microsoft Corp. MSFT -0.12%  and Google Inc. GOOG -2.13% in U.S. after-hours trade.

“If selling on the broader indices does not accelerate lower from current levels … we can expect higher levels into next week. Any modest decline in U.S. equity markets will likely be used as a buying opportunity while the Federal Reserve continues to support the market with liquidity,” said Rivkin Securities analyst Tim Radford.

Mainland Chinese shares clinched gains across most sectors and were on track for a weekly advance, signaling the market had overcome the hit to sentiment from a disappointing set of data reported on Monday, including first-quarter economic growth.

Brokerage firms and commodity shares were leading the advance, with Haitong Securities Co. CN:600837 +5.07%  rising 3.3%, Citic Securities Co. CN:600030 +5.43% CIIHF -1.85%  gaining 3.1%, and Jiangxi Copper Co. CN:600362 +2.61%   JIXAY -2.06%  adding 2.1%.

In Shenzhen, shares of Yunnan Tin Co. CN:000960 +4.11%  climbed 1.9%, and Changjiang Securities Co. CN:000783 +3.59%  advanced 1.6%.

Google##Q##s profit rises, beating estimates

Google provides more evidence it is weathering the storm of lower prices for online ads on mobile devices as the Internet giant reports stable revenue for the first quarter.

The Hong Kong-listed shares of Haitong Securities HK:6837 +6.24% rose 4.3%, Citic Securities HK:6030 +7.27% CN:600030 +5.43% advanced 4.6%, and Jiangxi Copper HK:358 +2.01% CN:600362 +2.61% added 2.3%.

Shares of Lenovo Group Ltd. HK:992 +7.13%   LNVGY -2.46%  rose 4.2% following reports that the Hong Kong-listed computer maker was in talks to buy International Business Machines Corp.’s IBM -1.20% servers business.

Shares of TSMC TW:2330 +6.61%   TSM +5.04%  jumped 6.6% in Taipei trading after the company issued an upbeat guidance for the second quarter and raised its capital expenditure plan for this year.

The resource sector was buoyed after a generally higher finish for commodities overnight, providing some relief to stocks that had been beaten down earlier in the week.

In Sydney, mining giants BHP Billiton Ltd. BHP -0.11% AU:BHP +2.64% and Rio Tinto Ltd. RIO +1.27%   AU:RIO +4.46% climbed 2.6% and 4.1%, respectively.

Korea Zinc Co. KR:010130 +5.98% rallied 4.9% in Seoul, and Pacific Metals Co. PFMTF -2.70%   JP:5541 +1.05%  rose 1.5% in Tokyo.

Shares of Sharp Corp. JP:6753 +3.89%   SHCAY -2.60%  rose 3.9% after the Nikkei business daily reported the company will supply Samsung Electronics Co. SSNLF -0.72%   KR:005930 -0.27%  with energy-saving liquid-crystal-display or LCD panels for notebook computers.

Samsung shares climbed 0.2% in Seoul.

Source: http://www.marketwatch.com/story/shanghai-taipei-lead-asia-stock-gains-2013-04-18

Leave a Reply

Your email address will not be published. Required fields are marked *