Monday saw technology and telecommunications stocks push the Nikkei down in Tokyo by 1.7%. This was fairly unexpected but probably due to an early blip on the US markets. The Japanese government released less than positive data regarding machinery order. The news obviously did not boost investor confidence. In South Korea the Kospi index managed a gain for the day, as did the Hang Seng in Hong Kong. Not such good news for the Weighted Index in Taiwan which fell for the day. News was much the same for the Australian All Ordinaries Index, the New Zealand NZ Top 40 and the Singapore Straits Times Index.
Tuesday saw positive US markets rubbing off in the Far East and giving the Nikkei a day in the black. Investors seem to now have confidence in a US recovery although no-one seems to be going all out yet. More good news from Masajuro Shiokawa (Finance Minister) who said he thinks Japan's economic decline has reached the bottom. In South Korea the Kospi index managed another gain for the day, but the Hang Seng in Hong Kong fell. Better news for the Weighted Index in Taiwan which managed a gain for the day. News was much the same for the Australian All Ordinaries Index, the New Zealand NZ Top 40 and the Singapore Straits Times Index.
Wednesday was a good one for Far Eastern markets, boosted by confidence news from the US. The Nikkei managed another day in the black, as did the Kospi in South Korea and the Weighted Index in Taiwan. During the afternoon a strong earthquake hit Taiwan but it seemed to have little effect on trading and there were no reports of major accidents or injured people. The Straits Times Index also gained for the day. Hong Kong regained its composure and closed higher today, as did the All Ordinaries in Sydney and the NZ Top 40 in New Zealand. A positive day overall.
Thursday was another good day, especially for the Nikkei in Tokyo with investors confident of a US recovery and increased call for exports. However, news in Taiwan and South Korea was not so positive with markets falling for the day. Analysts feel that this is temporary and just a bout of profit taking. Hong Kong held on in there, closing at just below its starting level. Australia and New Zealand were split with Australia rising and New Zealand falling for the day.
Friday was the fourth day of trading in the black for the Nikkei which is now at a high not seen in 9 months. Manufacturing stocks boosted the gains. Hong Kong regained pace today after yesterday's small setback. By close of play the index had gained yet again, as had the Kospi in South Korea. Another day of profit taking took the Weighted Index in Taiwan slightly lower. Australian and New Zealand markets each gained but the Singapore Straits Times fell.