This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Asia's Stocks Rise, Led by Rally in Japan

A slightly weakening yen, coupled with limited downside in China Mobile (CHL), helped provide support to prices in Asia Tuesday, though trading volumes remained sluggish.

Japan's Nikkei gained the most of the major indices, rising 203 points, or 1.5%, to 13,893.31, after a rebound in financials. In Hong Kong, the Hang Seng added 155 points, or 0.6%, to 24,284.04, while in neighboring China the Shanghai Composite Index rose 11 points, or 0.3%, to 3375.41.

Telco goliath China Mobile, which plunged more than 8% Monday following the long-awaited announcement of domestic Chinese industry restructuring plans, slipped into the red by the end of the afternoon. China Mobile lost 0.2% to HK$114.70, after opening up at HK$116.60. Many market participants remain skeptical about the impact of changes to the sector, however.

"There was nothing new in the announcement made on May 23 [to restructure the telco industry] that the market did not already know," says Marvin Lo, telecom analyst for Daiwa Bank in Hong Kong. "China Mobile's dominant position is likely to remain intact in the post-restructuring era, and it continues to be our top pick of the sector."

Market turnover in Hong Kong amounted to HK$54.49 billion, or $7 billion.

Among the day's light news flow came the announcement that Walter Kwok has been ousted by his family as chairman and chief executive of real estate giant Sun Hung Kai Properties (SUHJY). Kwok's mother Kwong Siu-hing, who is 79 years old, will take his place at the helm of the Hong Kong developer. Shareholders applauded the management change, and the stock rose 0.9% to HK$126.80.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
LGBOF $0.16 14.29%
NTDOY $24.82 2.24%
SUHJY $12.23 1.83%
ZIJMF $0.24 -7.84%
CHL $58.23 0.30%

Markets

Chart of I:DJI
DOW 16,351.38 +293.03 1.82%
S&P 500 1,948.86 +35.01 1.83%
NASDAQ 4,749.9790 +113.8740 2.46%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs