| CATEGORY: MARKET REPORT - ASIA |
Asia: Intel update boosts tech stocks |
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Fri 15 Jan 2010
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LONDON (SHARECAST) - Japanese stocks continued their recent good run, rising for the second week in succession, but Hong Kong ended the week on a drab note, as profit takers moved in.
Banking stocks led the advance in Japan on Friday as investors look for earnings to recover this year. Mitsubishi UFJ Financial and Mizuho Financial were both marked sharply higher, though it was a different story in Hong Kong where banks were sold off on concerns over tighter economic policies from the central government.
Strong results from US chipmaker Intel after the bell in the US had investors rushing to buy Japanese chip-testing equipment maker Advantest, Korean chipmaker Hynix Semiconductor and Taiwanese computer motherboard maker Foxconn.
Elsewhere in the technology sector favourable broker comment boosted Taiwanese memory chip maker Nanya Technology and Japanese memory chip maker Elpida Memory. Morgan Stanley raised its price target for the former while Goldman Sachs upgraded the latter to ‘buy’ from ‘neutral’.
Video game makers Sony and Nintendo both did their bit to make sales of gaming hardware and software a record in the US during December, according to a market research group. Nintendo’s Wii console had six of the ten best selling software titled in December.
On the downside, oil stocks such as Cnooc and PetroChina were out of favour as the crude price continued to retreat while concerns that steelmakers may have to pay more for iron ore hit the likes of JFE Holdings.
Japan’s Nikkei 225 index rose 74 points to 10,982 but Hong Kong’s Hang Seng index eased 62 points to 21,654.
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