Market Gazer Hong Kong - Japan - Germany - UK - North America
market review : asia
Japanese shares ended down 1.1% on
Tuesday to 9,495.76, tracking the losses in
Europe and US overnight and as most
shares went ex-dividend. Concerns over
the European economy resurfaced after
Anglo Irish Bank Corp.’s debt was
downgraded by Moody’s Investors Service
on Monday. In addition, S&P analyst also
warned that the cost to bailout the Irish
bank might exceed €35 billion. Other
factors weighing on the Nikkei average
were the quarterly Tankan index to be
released on Wednesday, tensions
between Japan and China and Takefuji
Corp. which filed for bankruptcy to the
Tokyo Stock Exchange late in Tokyo.
Corporate news
coming from the auto
sector with Honda
Motor Co. reported
an increase in domestic production by
24.8% in August (y/y) to 68,065 units, the
8th consecutive rise. Its exports grew
55.9% to 27,573 units, domestic sales
advanced 59.6% to 65,009, overseas
production rose 14.7% to 220,019 units.
Toyota Motor Corp. and Daihatsu Motor
Co. announced that they would sell
minivehicles under Toyota brand starting
in autumn 2011. Three models are being
prepared and expected to yield sales of
60,000 units annually. Also, as the
government incentives expired, Toyota
started its own incentive by offering cash
back for its minivans equipped with pre-
installed navigation systems.
28 September 2010
Nissan Motor will double its
capacity in China to 1.2
million units by 2012, aiming
for a share of 10% in the country. The
company has taken over the number one
spot as the best-selling Japanese
automaker from Toyota. Its small model
vehicles qualified for the local
government incentives, thereby providing
and edge over its rivals.
Nissan Motor gained 1.4% to ¥725, Toyota
Motor slipped 0.65% to ¥3,075, and
Honda Motor shed 0.76% to end at
¥2,992.
In Hong Kong, Hang Seng Index tumbled
230.89 points or 1.03% to 22,109.95 as
recent rally past 22,000 finally ran out of
steam. The fall in Europe and US were also
contributing to the decline. Shanghai
Stock Exchange also slipped 16.62 points
or 0.63% to settle the day at 2,611.35.
Among gainers and losers in Hong Kong,
Cheung Kong Infrastructure advanced
1.78% to HK$31.45, Cathay Pacific Airways
edged 0.24% higher to HK$21.15, while
China Merchants Holdings rose 0.18% to
HK$28.55. Foxconn International Holdings
was down 2.94% to HK$5.62, Yue Yuen
Industrial ended at HK$28.85 or down
2.86%, and China Telecom finished at
HK$4.25, 2.52% lower.
Disclaimer: This report is provided for information purposes
only. It is not an offer to sell or to buy any securities. This
report has been prepared based on sources believed to be
reliable, but there is no assurance or guarantee regarding its
completeness & and accuracy. The author accepts no
responsibility or liability arising from any use of the report.
E-mail: market.techspeak@gmail.com
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