Despite the rest of the world stock markets being in the red and throwing out the technology stocks, this was not the case in Tokyo on Monday. Technology stocks actually helped the Nikkei Average index to a 1.8% gain for the day. No such luck for the Hang Seng index in Hong Kong which closed down by 1%. Bank shares helped the Weighted Index in Taiwan to a small gain but in South Korea the Kospi Index fell slightly. Markets in Australia and New Zealand gained marginally for the day.
Tuesday saw Tokyo buck the trend yet again but this time setting a high not seen for five weeks. In South Korea the Kospi managed a gain, as did the Hang Seng in Hong Kong. In Taiwan, the Weighted index fell over 1% as banks did not offset losses for technology issues. In Singapore, the Straits Times index rose by almost 1%, where as markets in Australia and New Zealand closed down slightly.
Wednesday saw the Nikkei Average falter, with investors cautious and waiting for earnings news from the big boys. The index fell by 0.5% by close of play. Good news in Taiwan as the Weighted Index rose by 1% on the back of better than expected export and industrial production news. The Hang Seng managed a gain for the day although the Kospi fell in South Korea. The All Ordinaries Index in Australia fell by almost 1% amidst news that the consumer price index had risen to a level where interest rates need to be increased. In New Zealand the NZ Top 40 closed down by almost 0.5%.
Thursday saw Australian and New Zealand markets closed for the Anzac Day holiday. The Nikkei in Japan continued the downward trend (albeit only slightly), fuelled by worse than expected news from the US. In South Korea the Kospi fell by almost 5% on the back of news from the LG group of companies. The Hang Seng managed a slight gain for the day but the news for the Weighted Index in Taiwan was not so positive. As banking and technology stocks fell, so did the index by over 0.5%.
Friday saw the Yen soar against the Dollar, leaving fears with investors over impact on export. The Nikkei closed down by almost 1%. Analysts feel that strong data to be released next week from the US will boost markets again. However, they still feel that any recovery is tentative. Apparently, unemployment in Japan fell to 5.2% in March from 5.3% in February. This was better than expected. Average spending by households grew but retail sales fell. The consumer price index fell for a fourth year in a row. Markets in Hong Kong, South Korea and Taiwan all fell into the red. After a day away, markets in Australia and New Zealand managed slight gains.