Tuesday, October 2, 2012

Asian stock markets october 3 2012

Asian stock markets october 3 2012 : Asian stock markets moved higher on Wednesday, as investors looked past concerns about Spain to buy up retailers and other consumer-related firms in Hong Kong, Sydney and Tokyo.

Hong Kong’s Hang Seng Index HK:HSI +0.59%   reopened after a four-day break to gain 0.7%. Japan’s Nikkei Stock Average JP:100000018 +0.08%  traded with marginal gains, while Australia’s S&P/ASX 200 index AU:XJO +0.23%  advanced 0.2% to a level not seen since August 2011.

The Shanghai and Seoul stock markets were closed Wednesday for holidays.

The gains in Asia came after U.S. shares ended on a mixed note Tuesday, with the Dow Jones Industrial Average DJIA -0.24%  losing ground amid uncertainty about whether Spain will request European Union aid.

“As markets wait for Spain to formally request bailout funds, which in turn would trigger European Central Bank peripheral bond purchases, patience is running thin,” said Credit Agricole strategist Mitul Kotecha.

“Holidays in China and hesitancy ahead of Friday’s U.S. jobs report will keep market activity restrained today,” he said, referring to the week-long holiday in mainland China and the upcoming U.S. nonfarm payrolls report for September.

Investors were keying into firms sensitive to consumer spending Wednesday, however, with Hong Kong airline Cathay Pacific Airways Ltd. HK:293 +3.49%   CPCAY -2.43%  and apparel retailer Esprit Holdings Ltd. HK:330 +1.34%   ESHDF +0.63%  each up 3%, while footwear firm Belle International Holdings Ltd. HK:1880 +1.28%   BELLF -3.33%   rose 1.9%.

Mainland Chinese banks also gained ground in Hong Kong, with Bank of China Ltd. HK:3988 +0.68% BACHY -0.09%  up 1.4% and China Construction Bank Corp. HK:939 +1.49%   CICHY +0.43%   ahead by 1.3%.

Japanese auto makers were on the move Wednesday after reporting U.S. sales data for September.

Toyota Motor Corp. JP:7203 +1.20%   TM -0.29% rose 1.5% after reporting its monthly U.S. sales rose 42%, while Honda Motor Co. JP:7267 +0.08%   HMC -0.03% edged up 0.8% as it recorded a 31% rise in sales.

Last year’s sales for both firms were hurt by vehicle shortages resulting from the March 2011 earthquake in Japan. Nissan Motor Co. JP:7201 -0.76%   NSANY +0.66% , which wasn’t as impacted by the 2011 disaster, reported that its U.S. sales declined 1.1% from the year-ago period. Its shares were down 0.6%.

Fast Retailing Co. JP:9983 +4.28%   FRCOF -4.26%  jumped 3.5% after the Nikkei reported that the firm is set to become the first-ever Japanese clothing retailer to generate 1 trillion yen ($12.8 billion) in annual group sales. See: Fast Retailing to break ¥1 trillion mark.
 On the downside in Tokyo, Japanese drug company Daiichi Sankyo Co. JP:4568 -4.61%   DSKYF +2.61%  fell 4.9%, after the firm — along with U.S. partner ArQule Inc. ARQL -56.31% — said that a late-stage study for a drug to treat lung cancer would be discontinued.

Gains in Australia extended a 1% jump for S&P/ASX 200 on Tuesday after a surprise decision by the Reserve Bank of Australia to cut its official cash rate by a quarter point to 3.25%.

Retailers and property firms gained strength Wednesday amid optimism that the unexpected rate cut will boost consumer confidence and spending.

Department-store operator David Jones Ltd. AU:DJS -0.79%  rose 1.8%, while furniture and electrical-products retailer Harvey Norman Holdings Ltd. AU:HVN +2.06%  advanced 2.1%.

Property group Stockland Australia AU:SGP +2.63%   STKAF 0.00% climbed 2.6%.

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