Japanese stocks surged today as bargain hunters came back to the market after a public holiday. Positive statements from Warren Buffett, the world’s richest investor […]
Japanese stocks surged today as bargain hunters came back to the market after a public holiday.
Positive statements from Warren Buffett, the world’s richest investor known as the ‘Sage of Omaha’, that Japan now presents a buying opportunity, definitely bode well with Japanese as well as international investors.
The Japanese Nikkei Index was up 3 per cent in early morning trade and it continued to hold on to its gains towards the afternoon.
In Hong Kong, China Coal Energy Co, the nation’s second largest producer of fuel is expected to report full year earnings tomorrow. It was trading up 3 per cent today. China Life Insurance Co, the country’s biggest insurer will report its full year earnings tomorrow. The company is expected to post net income of 33.7 billion Yuan – it was trading up 1.9 per cent today.
In Australia, the local market fizzled and lost some steam this afternoon after a strong open this morning.
It was a strong and positive open this morning, then we saw it falling and dropping lower. And by mid-day it has given up most of its gains for the day. Despite the positive lead from the US and the apparent easing of concerns from Japan, the local market failed to hold on to much of its gains.
Defensive stocks, including Telecom and Healthcare shares were holding up pretty well today.
The miners, energy and base metals (shares) were not faring as well. Some of the miners were being sold off due to cost blowout.
And while gold and silver prices were up (in overnight overseas trading), the high prices did not trickle down to our mining companies. The run in gold price is definitely more a sign of investors choosing safe haven amidst all the uncertainties in the global markets these days.
Looking at the volume (of trades), there’s not much market activity at the moment. Despite the strong moves in the US last night, there’s not a lot of volume to speak off. This could mean that the big and long-term players are not ready to get back into the market in full steam. There may still be a lot of money sitting on the sidelines at the moment.
