Nikkei:8,650.62 (+83.60) Hang Seng:17,711.06 (+4.05) Shanghai Comp:2,344.79 (-14.43)
ASIAN STOCKS rose yesterday as Europe’s two biggest economies pledged to support banks amid the euro zone debt crisis.
Shares of Chinese companies fell on speculation the country will maintain tighter monetary policy.
Samsung Electronics rose 1.6 per cent in Seoul and Hanjin Heavy Industries surged 15 per cent. Rio Tinto added 1.5 per cent in Sydney as commodity prices rose. China Overseas fell 3.5 per cent on concerns over the nation’s housing market.
India’s Sensex Index increased 2 per cent, led by Tata Motors.
LG Display jumped 6 per cent after Shinhan Investment said the world’s number two maker of liquid-crystal displays would return to profit in the second quarter of 2012. Li and Fung, the world’s biggest supplier of clothes and toys to retailers, gained 1.5 per cent in Hong Kong, while in Sydney, Billabong, a global surfwear maker, advanced 0.6 per cent.
Some energy companies fell in Hong Kong after China cut fuel prices for the first time this year. PetroChina, the country’s largest oil producer and Asia’s biggest company by market value, dropped 1.4 per cent to HK$9.18. – (Bloomberg)
