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Market Update : 
Techs Help Kospi Recover
Author: Elena Todorova
123jump.com
Last Update: 8:21 AM EST March 10 2006



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Asian-Pacific benchmarks finished mixed. The Nikkei gained 0.5%, despite lower close on Wall Street and disappointing ecomonic data. Stocks were lifted by optimism in economic growth, following BoJ''s decision. Banking and auto stocks led gainers. South Korean Kospi recovered from recent decline to rise 0.7% on tech stocks rebound. Hong Kong''s Hang Seng fell 0.4%. Indian stocks surged to 1.8%.

 
8:00AM Asian markets ended mixed. The Nikkei extended gains.
Asian-Pacific benchmarks closed mixed. The Nikkei extended yesterday’s gains, rising 0.5% to 16,115.63, supported by optimism in domestic economy after the Bank of Japan said it would end its five-year-old quantitative easing, but retain its zero-interest rate. The Japanese index advanced despite a weaker close of U.S. markets and disappointing economic data. Leading gainers were autos and banking issues. Across the region, South Korea’s Kospi climbed 0.7%, ending a three-day losing streak, helped by stronger tech stocks, while Hong Kong’s Hang Seng declined 0.4% on interest-related uncertainty. Indian stocks surged to 1.8%.

European stocks dropped at mid-day dealings, reflecting lower close on Wall Street, interest-rate concerns and cautiousness ahead of non-farm payrolls data release. Decliners included miners like Anglo American, down 2.1%, banks such as ABN Amro, down 0.5%, and aerospace defense contractor Thales, falling 0.7%. The German DAX 30 fell 0.3%, the French CAC 40 declined 0.1%, and London FTSE 100 lost 0.1%. The euro rose 0.2% versus the dollar to $1.1918.


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