Asian stocks still under pressure; Aussie dollar shines
City Index March 29, 2012 8:12 PM
<p>Negative leads from the US pushed most Asian stocks lower this morning, though they’ve recovered a bit towards midday. In Japan, concerns around the Fukushima […]</p>
Negative leads from the US pushed most Asian stocks lower this morning, though they’ve recovered a bit towards midday.
In Japan, concerns around the Fukushima nuclear power plants persist, pushing the share price of Tokyo Electric Power Co and its affiliate companies which are directly related to the power plant operations. While the levels of radiation from the nuclear power stations are still being monitored, there is really no clear indication when this issue will finally be resolved.
In Hong Kong, Anhui Conch Cement Co fell 2.4% after the cement maker said full-year net income gained 76% to 6.16 billion Yuan. The announcement came after the market closed. BaWang International, a Chinese maker of shampoos reported a full-year loss of 118 million Yuan, swinging from a profit of 364 million Yuan a year earlier. The average estimate of four analysts surveyed was a loss of 121 million Yuan. The stock fell 0.4%.
In Australia, it’s been another lacklustre trading day, though the All Ords Index managed to gain about 20 points at the close of trading. The Australian dollar continued to shine and to gain strength today. We saw support for the Aussie at the 1.02500 level though there were also some profit takers during the day. A lot of factors are still playing in favour of the Aussie in the short to medium-term.
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