Technology and consumer stocks push Hong Kong index higher; Australian market flat
City Index February 28, 2011 9:31 PM
<p>Asian markets were stronger today with both the Hang Seng and Nikkei up around 0.8%. In Hong Kong almost all sectors were trading stronger with […]</p>
Asian markets were stronger today with both the Hang Seng and Nikkei up around 0.8%.
In Hong Kong almost all sectors were trading stronger with Technology and Consumer Goods leading the gainers, both up around 2%. HSBC, Asia’s largest bank, gained ahead of its earnings report today. It was up 0.4%.
Chinese developers were down on concerns the government will take more steps to curb property prices. China Resources Land a State-controlled developer, fell 1.4% after the country’s premier Wen Jiabao said the government will continue to curb speculative investments in the property market.
In Japan, Mizuho Securities jumped 12.5% on a report its parent company may increase its stake. CSK Corp was down 4.15% and NEC Corp was down 3%.
In Australia, the local share market opened lower and stayed in negative territory for most of the day in what’s generally been a listless day of trading.
With the reporting season over, there’s not much energy in the market today. The market feels very flat today.
Most of the focus now will shift to external issues including the rising oil price and the escalation of violence in Libya.
At the moment, it’s only the Energy sector which is providing some support to the local market. Most of the other sectors are pulling it down. The Energy sector is being buoyed by the rise in oil prices, so we are seeing energy stocks – including Santos and Woodside Petroleum – trading higher today.
We saw investors buying Fortescue Metals (FMG) shares at the open this morning. FMG, which went into trading halt last Friday, reported the discovery of an estimated 1 billion tonnes of high grade iron ore, which pushed the share price as high as 4 per cent at one stage today.
StoneX Financial Ltd (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.