The Lexington Group - Asia Report - 16.08.2013
The Lexington Group reports Asian markets fall after the Dow Jones. Most were down due to a drop on the Dow, but the Australian S&P/ASX was supported by gold mining firms.
- (1888PressRelease) September 17, 2013 - Most markets in Asia fell on Thursday after a 100 point drop on Wednesday the Dow Jones Industrial Average. In Tokyo the Nikkei Stock Average fell 2.1% to erase solid gains made in the two previous trading sessions, Taiwan´s Taiex lost 0.8% and the in China the Shanghai Composite dipped 0.9%. The Hang Seng in Hong Kong finished will a marginal loss, while Australia´s S&P/ASX 200 gave up a tenth of a percent. The Kospi in South Korea was closed for a holiday.
Losses in Tokyo were spread across a broad range of sectors with some of the most notable decliners including; Mitsubishi Motors Corp. lost 2.9%, Panasonic Corp. slid 3.2%, and Daiwa Securites Group gave up 3.7%.
Gold mining firms rose in Australia as the yellow metal´s price rose 1% yesterday; Kingsgate Consolidated climbed 3.1% and Newcrest Mining Ltd. rose 1.3%. The financial services firm AMP Ltd. gained 3.5% even after announcing that first half of the year profits fell 9% but still beat earlier projections. The fall in profits came from a poor performing life insurance division which experienced unusually high number of claims.
In Hong Kong, a number of blue-chip companies released earnings reports and the markets responded in turn. The personal computer manufacturer Lenovo Group Ltd climbed 2.1% after reporting a 23% increase in its first half of the fiscal year profits. Logistics company Li & Fung jumped 11.6% despite a drop in half year profits, investors were pleased with their forecasts for the second half. The internet giant Tencent Holdings Ltd. gave up half a percent after its profits did not reach expectations.
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