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Monday, January 10, 2011

Steady Start Tipped For Taiwan Shares - Asian markets

Steady Start Tipped For Taiwan Shares - Asian markets : The Taiwan stock market has finished higher in two of three trading days since the end of the two-day losing streak that had cost it nearly 180 points or 2.2 percent. The Taiwan Stock Exchange finished just below the 8,820-point plateau, and now analysts are forecasting limited activity for the opening of trade on Tuesday.

The global forecast for the Asian markets is mixed with a slight downside bias - although those markets that are heavily rooted in technology stocks may find additional support. Oil companies and other commodities may weigh, meanwhile, along with properties and airlines. The European markets finished lower and the U.S. bourses ended mixed but little changed - and the Asian markets are expected to split the difference.

The TSE finished modestly higher on Monday, bolstered by gains from the financial, cement, technology and food sectors - although selling from the construction companies weighed.

For the day, the index collected 35.16 points or 0.4 percent to finish at 8,817.88 after trading between 8,762.50 and 8,817.88 on turnover of 100.051 billion Taiwan dollars. There were 2,558 decliners and 1,569 gainers, with 375 stocks finishing unchanged.

The lead from Wall Street offers little clarity as stocks opened the week on a mixed note Monday, with a blend of profit taking, renewed concerns about European debt and corporate news pulling sentiment in opposite directions. A lack of economic news gave traders the opportunity to focus on other market drivers, while earnings season unofficially kicked off with the release of Alcoa's (AA) results after the closing bell.

In corporate news, Johnson & Johnson (JNJ) fell 0.7 percent after Sky News reported that hip and knee replacements maker Smith & Nephew (SNN) rejected a $10.9 billion takeover offer from J&J.

Strayer Education (STRA) also moved sharply lower after announcing that enrollment dropped 20 percent compared to last winter. The stock slid to a four-year closing low.

On the other hand, Sara Lee (SLE) moved up after reports suggested that Brazilian meat processor JBS may make a revised offer for the company. Reports also suggested that buyout firms led by Apollo are planning to make an offer. Shares of Sara Lee closed at their best level in nearly five years.

Meanwhile, electric utility Duke Energy Corp. (DUK) signed an agreement to buy smaller rival Progress Energy Inc. (PGN) in an all-stock deal worth over $13 billion. Progress Energy shareholders will receive 2.6125 shares of Duke Energy for each Progress Energy share they hold.

Aluminum producer Alcoa, Inc. said Monday after the markets closed that it swung to a fourth quarter profit, helped by higher pricing, continued strengthening in most end markets, improved productivity and the absence of the negative impact of unusual items that hit prior year results.

The company's quarterly earnings per share, excluding items, also came in above analysts' expectations, but its quarterly sales fell shy of analysts' forecasts. The company's net income for the fourth quarter was $258 million or $0.24 per share, compared to a net loss of $277 million or $0.28 per share for the year-ago quarter.

The major averages all saw choppy movement late in the session, ending on opposite sides of the unchanged mark. While the NASDAQ rose 4.63 points or 0.2 percent to 2,707.80, the Dow fell 37.31 points or 0.3 percent to 11,637.45 and the S&P 500 edged down 1.75 points or 0.1 percent to 1,269.75. For the latest updates PRESS CTR + D or visit Stock Market news Today

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