WSJ(10/3) World Stock Mkts: Hong Kong, Singapore Set Records (From THE WALL STREET JOURNAL)
A WSJ News Roundup Asian markets rallied -- extending this year's strong gains across most of the region -- as investors were heartened by Monday's record close on Wall Street amid fading worries about the U.S. credit crisis. Benchmark indexes in Hong Kong, Singapore, South Korea, Australia and Indonesia closed at records, while Japan's Nikkei ended at a two-month high. Markets in mainland China and India were closed for holidays. Gains in Europe were more muted. The Dow Jones Stoxx 600 Index rose 0.5% to 382.78. It has now risen for four of the past five sessions but remains well below record levels. In HONG KONG, money flowing from the Chinese mainland, and expectations of more funds coming from there, lifted Hong Kong's Hang Seng Index 1,057.28 points, or 3.9%, to 28199.75, as it surpassed 28000 for the first time. The index has surged 41% this year. The China Enterprises Index, a gauge of 43 mainly state-owned companies listed in Hong Kong, climbed 5.6% to 17973.87. "The market is flush with abundant liquidity, with investors buying into China plays," said Francis Lun, general manager at Fulbright Securities. But some traders in Hong Kong cautioned that many stocks, especially H shares -- or those of mainland companies listed in Hong Kong -- may be overvalued."The market is becoming crazy and irrational," said Peter Lai, director at DBS Vickers Securities Ltd. China Mobile, the country's largest mobile-phone operator by subscribers, rose 6.4%, and China Life Insurance added 8.4%. In TOKYO, stocks were buoyed by optimism about the U.S. economy -- a crucial export market for Asia. The Nikkei Stock Average of 225 companies rose 1.2% to 17046.78, its highest close since Aug. 9, although the index remains down 1% for the year. Exporters such as Sony, which climbed 4.2%, led the advance. In SEOUL, shares were buoyed by South Korean President Roh Moo-hyun's visit to North Korea and prospects for improved business cooperation between the two countries. The Korea Composite Stock Price Index rose 2.6% to 2014.09. It was the seventh straight gain for the Kospi. Construction companies and steelmakers jumped on hopes for increased business opportunities in North Korea as a result of the inter-Korean summit, analysts said. Hyundai Engineering & Construction climbed 5.8%. Posco, South Korea's largest steelmaker, surged 12%. In SYDNEY, Australia's benchmark S&P/ASX 200 rose 1.5% to 6659.90, extending its 2007 gain to 17%. BHP Billiton rose 3.5% on strong metal prices, and Rio Tinto was up 3.4%. In SINGAPORE, the Straits Times Index rose 1% to 3793.83; it has gained 27% this year. Singapore Exchange surged 6.7% on continued expectations that rising trading volumes will boost the bottom line. In LONDON, the FTSE 100 index declined 0.1% to 6500.40. Tesco, Europe's third-largest retailer by sales, increased 6.3% on better-than-expected result. In PARIS, the CAC 40 Index climbed 0.5% to 5799.27. France's Societe Generale and BNP Paribas, both heavily sold on subprime worries, led an advance by the banking sector. Societe Generale climbed 4.1%, and BNP rose 2.5%. In ZURICH, the SMI index added 0.6% to 9073.99. UBS rose 3% for a second day after announcing a big write-down and a management shake-up on Monday. (END) Dow Jones Newswires October 02, 2007 20:25 ET (00:25 GMT) Copyright (c) 2007 Dow Jones & Company, Inc.- - 08 25 PM EDT 10-02-07 Kunjungi situs http://www.info-saham.com untuk informasi seputar saham. DILARANG KERAS MEMOSTING OPINI PRIBADI TENTANG POLITIK DI MILIS INI. Silahkan lakukan itu di milis [EMAIL PROTECTED] [EMAIL PROTECTED] untuk berhenti dari milis saham [EMAIL PROTECTED] untuk bergabung ke milis saham Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/saham/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/saham/join (Yahoo! ID required) <*> To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
