Another strong day in Asian markets; Aussie gains further against USD
City Index January 19, 2011 3:10 PM
<p>Asian markets have had yet another strong day of gains led by Hong Kong’s Hang Seng which was trading up nearly 1% at 24,351. The […]</p>
Asian markets have had yet another strong day of gains led by Hong Kong’s Hang Seng which was trading up nearly 1% at 24,351. The telecommunications sector was the standout performer on the Hong Kong bourse rising 2.5%.
Cosco Pacific Limited was up 3% at 15.36 on the back of broker upgrades by DBS Securities. Aluminium Corp of China rose for a second day gaining 2.9%.
The Nikkei 225 was also up today trading at around the 10,540 level. Mitsui Mining and Smelting Co was up more than 6% as commodities prices rose across global markets. Sumitomo Metal was also a beneficiary of stronger commodities prices rising nearly 5%.
In Australia, the local stock market entered another strong day, with the All Ords pushing above the 4900 level.
It seems that all the stars are aligning today. Everything is up – commodity prices have been strong (last night), US indices were up, share prices and even the Aussie dollar is up today.
We saw commodity prices trading strongly in Europe last night and this pushed our miners higher today.
At the same time banking stocks have been oversold the past few days, so are seeing some rebound on this sector. Macquarie Group has been leading the charge among financial stocks and it’s been up another 1.9 per cent today.
Traders and investors are just buying everything today. Risk appetite and confidence have definitely improved and we saw across the board strength though it was the miners and the bank stocks that were leading the way today.
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