Choppy trading day in Asian markets
City Index April 18, 2011 4:26 PM
<p>Asian markets were having a choppy trading day today with most of the major indices trading in the red at midday (Asian time). Both the […]</p>
Asian markets were having a choppy trading day today with most of the major indices trading in the red at midday (Asian time). Both the Japanese Nikkei and Hong Kong’s Hang Seng indices were trading lower for most of the day.
In Japan, stocks fell for a second day, led by exporters as the Yen advanced and after China raised banks’ reserve requirements, limiting growth in Japan’s biggest overseas market.
Sony Corp, Japan’s No. 1 exporter of consumer electronics, retreated 0.9%. Canon Inc. Sank 0.8% after the Yen gained cutting the earnings outlook for the camera maker that gets about 80% of its sales overseas. TDK Corp, a manufacturer of electronic parts which gets almost a third of its revenue from China, declined 3.1%.
In Hong Kong, ICBC, the world’s No. 1 lender by market value, rose 0.5%. China Construction Bank, the second biggest advanced 0.5%. China Resources Land, a state controlled developer, declined 2%. Shimao Property Holdings, which gets all its revenue from China dropped 0.7%.
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