Far East Markets Review

Published / Last Updated on 30/03/2002

Monday saw the Nikkei index in Japan fall again. As with the rest of the World, less than positive news from US trading took its toll on other markets. The news was much the same for the Kospi index in Seoul and the Hang Seng in Hong Kong. Technology stocks gaining led to positive advances from the Weighted index in Taiwan. The All Ordinaries Index in Australia fell slightly, whereas the NZ Top 40 in New Zealand gained 0.5%.

Tuesday was nothing new for the Nikkei, 4 days in the red. Analysts felt that investors were not watching the market as a whole but paying more attention to individual stocks. The Yen is also weak against the US Dollar. The news was again the same in Taiwan, with the Weighted index moving ahead to another high. The Hang Seng was down again but the Kospi in Seoul managed gains. The All Ordinaries was down again in Sydney and yet again, the NZ Top 40 in New Zealand managed gains.

Wednesday was a good day for the Nikkei, breaking the back of a four day losing streak. Markets in Hong Kong and South Korea also showed gains. The Kospi index in Seoul, South Korea, ended on a 2 year high. Bad news for the Weighted Index in Taiwan, it closed down 1.5%. This index is still up by 80% since October 2001 which was a 9 year low point. A reversal of fortune for Australia and New Zealand with the All Ordinaries index gaining and the NZ Top 40 losing.

Thursday was another day in the black for the Nikkei, although the Kospi in Seoul came off its highs. The Yen was slightly up on the Dollar. Markets in Hong Kong and Taiwan rose although Hong Kong will be closed on Friday and Monday for the holidays, as will markets in Australia, New Zealand, Singapore and the Philippines.

Friday was a quiet day for trading with Far Eastern markets closed in Hong Kong, Australia, New Zealand, Singapore and the Philippines. However, the Nikkei fell by almost 3% following poor economic data. Industrial output had risen by less than expected and ongoing corporate restructuring (hiring and firing) left the unemployment number at 5.3. The feelings are still the same from analysts - a recovery in the US economy would boost Japanese exports and therefore the Japanese economy. In South Korea, the Kospi index closed up for the day but in Taiwan, the Weighted index ended lower.

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