The MSCI Asia Pacific Index rose 3.1%
Stock Report April 7th, 2010
Asian stock rose for the third week after the retail sector increased sales and expansion in the U.S. manufacturing sector to encourage the belief in the global economic recovery.
Nintendo Co. shares surged 16% after sales in the U.S. soared. PetroChina Co. shares, the national’s largest oil producer, climbed 8.2% after crude oil prices rose to the highest level in 14 months. Hutchison Telecommunications International Ltd. soared 32% in Hong Kong.
“Actions like going to the stability of the global recovery. The market and the economy will improve in 2010,” said Yoshinori Nagano, senior analyst with Daiwa Asset Management Co. in Tokyo.
The MSCI Asia Pacific Index rose 3.1% to 124.22 during the first week of trading in 2010. Last year the index rose 34%, the biggest annual gain since 2003, after the central bank cut interest rates and poured funds to lift the economy from recession.
Nikkei 225 Stock Average rose 2.4% Japan this week after speculation in the company’s revenues in foreign countries following the weakening of the yen rises above the U.S. dollar. Depreciation was triggered by a statement that the new Finance Minister Naoto Kan.
Hang Seng Index in Hong Kong rose 1.9% and the S & P / ASX 200 Index of Australia increased 0.9%. Shanghai Composite Index tumbled 2.5% on worries over government measures to limit credit growth and a slowing expansion in the property sector.
This week global optimism grew stronger after the U.S. government reported an increase in manufacturing orders two times larger than expectations. Also Retail Metrics Inc. claims that the retail sector sales for December rose 3%, the biggest since April 2008. Taiwan exports also rose during the last month, the fastest rate since February 1995.
Nintendo shares rose 16% to 25,580 yen. Wii in U.S. sales to exceed 3 million by December. Shares Li & Fung Ltd., supplier of clothing to Wal-Mart Stores Inc., rose 5% to HK $ 33.85. Toyota Motor Corp., which grabbed 32% increase in U.S. sales during December, increased 2.1% to 3960 yen.
“Revenues will increase significantly the company this year with the improvement in the global economy and efficiency efforts began to feel the impact,” said Koichi Kurose, chief strategist at Resona Bank Ltd. of Tokyo.
Petrohina shares jumped 8.2% to HK $ 10.08 and CNOOC Ltd. rose 6.9% to HK $ 13.04. For Rio Tinto Ltd rose 5.5% to A $ 79.01. The shares of Aluminum Corp. of China Ltd. jumped 16% to HK $ 9.93 in Hong Kong.
Hutchison Telecommunications shares rocketed 32% to HK $ 2.12 after miliader Li Ka-shing Hutchison Whampoa Ltd. the owner of the company’s bid valued at HK $ 4.23 billion (U.S. $ 545 million). Hutchison Whampoa intends to buy all shares in the telephone unit cost HK $ 2.20 per share.
Stocks Samsung Electronics Co., manufacturer of semiconductors, flat screens, and the largest mobile phone in Asia, grew 2.8% to 821,000 won. The company reported a profit during the quarter IV driven by rising prices and increasing demand television.
