Source : IndonesianCompany.com
European markets
Share markets also pushed higher on the other side of the Channel, rising for a
second day. Banks and insurers led the advance with investors optimistic about
a recovery for financial firms.
In Germany, the DAX 30 rose 57.11, or 0.85 per cent to 6777.44, while in
France, the CAC 40 pushed 45.97, or 0.94 per cent higher to 4911.97.
Europe's largest bank by assets, UBS, built on yesterdays advance to post it
biggest two-day winning streak in five years. Shares in the Swiss giant
finished 4.9 per cent higher, making it a two-day total of 18 per cent
France's largest insurer, AXA, advanced 3.7 per cent, while Germanys
second-largest bank, Commerzbank, shot up 6.1 per cent after it said at a
banking conference that it was in a good position to ride out the global
financial crisis.
Sweedish carmaker Volvo jumped 4.6 per cent after Morgan Stanley raised its
recommendation for the world's second-largest truckmaker, saying the stock was
one of the most attractive in the industry.
On the downside, German automaker Daimler slipped 1.8 per cent after reporting
a drop in US sales for Mercedes-Benz. The news saw Morgan Stanley downgrade the
shares.
Japanese markets
Shares in Tokyo rallied 4 per cent yesterday, with Japanese investors getting
on the "banks are getting better" bandwagon. Also helping matters was a
strengthening US dollar against the yen, boosting the value of exports to the
US.
The Nikkei rallied 532.94, or 4.21 per cent to 13,189.36, its biggest daily
percentage gain since 14 February.
Standouts in the financial sector included Mizuho Financial Group, which shot
up 10 per cent after posting a $2.8 billion loss linked to US home mortgages.
Affiliate Shinko led brokerages higher, advancing 14 per cent.
Honda, which gets more than half of its profit from North America, rallied 7.4
per cent on the stronger yen. Other major exporters to the US also chimed in,
with Canon advancing 6 per cent and Sony soaring 5.9 per cent.
Subaru maker Fuji Heavy Industries climbed 6.6 per cent on newspaper reports
that Toyota plans to almost double its stake in the company to 17 per cent.
Property stocks also looked good, with Sumitomo Realty & Development, the
nations third-largest listed developer, jumping 12 per cent, while smaller
rival Urban Corp tacked 17 per cent on to its price.
Hong Kong markets
Stocks also ran higher in Hong Kong, led by financial and property shares.
Investors perked up after yesterdays Lehman Brothers share offering boosted US
sentiment, which was felt across the Pacific.
After being as much as 4.6 per cent higher in intraday trade, the Hang Seng
Index trimmed down to finish 734.97, or 3.17 per cent higher at 23872.43.
Heavyweight HSBC gained nearly 2 per cent, while Chinas second-largest life
insurer, Ping An, jumped nearly 5.6 per cent.
Property stocks rose further as investors looked for bargains after recent
lows. Asia's biggest developer, Sun Hung Kai Properties, added 4.6 per cent,
while Sino Land ran 8.5 per cent higher and Hang Lung advanced 5.9 per cent.
Star Cruises rallied 7.7 per cent after it announced it would join with
Alliance Global Group to develop and operate hotel and casino complexes in the
Philippines.
The Overnight MarketWatch report is provided by SHAW Stockbroking's egoli -
simple but informative market news for the everyday investor.
Semoga bermanfaat
Rita
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