Asian stocks hold on to gains
City Index January 13, 2012 10:30 AM
<p>Asian stocks continued their gains this week, adding modestly on the back of renewed regional optimism. The MSCI Asia Pacific index was 0.6% higher in […]</p>
Asian stocks continued their gains this week, adding modestly on the back of renewed regional optimism.
The MSCI Asia Pacific index was 0.6% higher in early afternoon Tokyo trading and looks set to post its fourth weekly gain.
In China, the Shanghai Composite index bucked the trend and was last trading around 1.8% lower as profit taking dragged down stocks.
In Australia, the S&P/ASX200 was 0.3% higher with Linc Energy adding 16% to its share price on speculation over corporate activity, although nothing was officially confirmed.
In corporate highlights, Volkswagen said its sales in China and Hong Kong grew 18% last year to a record high level, driven by sedans and a large rise in demand for luxury vehicles like Audi.
In currencies, the Australian dollar remained above 1.03 against the US dollar, while the Euro managed to maintain its recent gains above 1.28 against the dollar.
In other regional currencies, the Korean Won was slightly higher at 1,149 against the dollar after South Korea’s central bank maintained its lending costs, unchanged for a seventh month as regional inflation concerns ease.
Taiwan’s dollar was near a two-month high on speculation current President Ma Ying-jeou will retain his position following this weekend’s election. The leader is known to have improved economic ties with China and a continuation of this is perceived to be healthy for Taiwan’s economy.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.