Showing posts with label Foxconn. Show all posts
Showing posts with label Foxconn. Show all posts
Wednesday, September 29, 2010
Wednesday, September 15, 2010
Monday, September 6, 2010
Wednesday, September 1, 2010
Asian Markets Review – September 1st 2010
PMI Data Lifted Mood in Japan and Hong Kong
Nikkei 225 Average shot up 102.96 points or 1.17% to end at 8,927.02 after the mark
et’s mood in Asia brightened early by economic data coming from China and Australia.
PMI data reported by China Federation of Logistics and Purchasing (CFLP) for the manufacturing sector in China was up from 51.2 in July to 51.7 in August. Similarly, another PMI data compiled by HSBC-Markit Economics also showed improvement as the index rose to 51.9 from 49.4, clawing back from the contraction zone (<50) to the expansion zone. The data was able to lift the mood, calming the market’s concerns over the potential slowdown in China due to the government’s measure to stem growth.
Australian GDP due on Wednesday also provided support as economic growth improved to 1.2% in 2Q from 1Q which was at 0.7%. The GDP figure was better than the market consensus of 0.9%.
From Japan, the auto industry enjoyed a 47% rise in August year-on-year. The sales reached 290,789 units a
nd were the highest jump since 1972. Government’s subsidy helped spurred the sales, but it would expire soon late this month. Toyota was at the lead with sales of 130,092 units, excluding its Lexus model, jumping 43%. Honda was at the second place with 61% jump in sales to 50,195 units. Another auto giant Nissan Motor reached 44,857 units sold or leaped 45%. Auto sales in China were also robust as auto dealers offered lower prices to boost sales and to reduce inventories.
The sales figures were released after the market closed and are likely to influence the shares prices of Toyota, Nissan, and Honda on Thursday. Toyota ended the day at ¥2,857 (-0.10%), Honda at ¥2,807 (+1.01%) and Nissan at ¥645 (+0.47%). Meanwhile, Tokyo Electron was down 0.25% and Advantest slipped 0.44%. Mitsubishi Estate, Sumitomo Metal Industries, and Daikin Industries were gaining 3.33%, 2.03%, and 1.92%, respectively.
In Hong Kong, Hang Seng index settled at 20,623.80, rising 0.43%. Shanghai Composite slipped to 2,622.88 or down 0.60%. Shanghai’s losses were triggered by a report from Xinhua regarding China Banking Regulatory Commission’s (CBRC) statement that the Commission would continue to stem speculative investment in the property sector, supporting the construction of affordable housing and to control risk.
BOC-Hong Kong jumped 3.67% to end at HK$21.20
after the yuan deposit level exceeded the 100 billion yuan mark for the first time. Other stocks with significant gains were China Resources (+3.4%) and China Telecom (+3.19%).
Property stocks scattered at the red zone, except Hang Lung Properties and Sino Land which gained 0.72% and 0.74%, respectively. China Overseas Land and Investment slumped 2.41% to HK$16.20, Henderson Land fell 2.10% to HK$46.60, while Sun Hung Kai Properties settled 0.18% lower at HK$108.80. New World Development was at HK$12.40 or down 0.64%.
Li Ka-Shing’s purchase of Hutchison Whampoa’s shares amounting to 1.163 million shares last week managed to boost Hutchison by 2.4% to HK$58.90. Li’s stakes at the company are now 52.31%, up from 52.28%.
Foxconn resumed its Tuesday’s slide as the shares fell to HK$4.93 or tumbling 4.6%. The fall was due to the poor results which were reported on late Monday.
Nikkei 225 Average shot up 102.96 points or 1.17% to end at 8,927.02 after the mark
et’s mood in Asia brightened early by economic data coming from China and Australia.PMI data reported by China Federation of Logistics and Purchasing (CFLP) for the manufacturing sector in China was up from 51.2 in July to 51.7 in August. Similarly, another PMI data compiled by HSBC-Markit Economics also showed improvement as the index rose to 51.9 from 49.4, clawing back from the contraction zone (<50) to the expansion zone. The data was able to lift the mood, calming the market’s concerns over the potential slowdown in China due to the government’s measure to stem growth.
Australian GDP due on Wednesday also provided support as economic growth improved to 1.2% in 2Q from 1Q which was at 0.7%. The GDP figure was better than the market consensus of 0.9%.
From Japan, the auto industry enjoyed a 47% rise in August year-on-year. The sales reached 290,789 units a
nd were the highest jump since 1972. Government’s subsidy helped spurred the sales, but it would expire soon late this month. Toyota was at the lead with sales of 130,092 units, excluding its Lexus model, jumping 43%. Honda was at the second place with 61% jump in sales to 50,195 units. Another auto giant Nissan Motor reached 44,857 units sold or leaped 45%. Auto sales in China were also robust as auto dealers offered lower prices to boost sales and to reduce inventories.The sales figures were released after the market closed and are likely to influence the shares prices of Toyota, Nissan, and Honda on Thursday. Toyota ended the day at ¥2,857 (-0.10%), Honda at ¥2,807 (+1.01%) and Nissan at ¥645 (+0.47%). Meanwhile, Tokyo Electron was down 0.25% and Advantest slipped 0.44%. Mitsubishi Estate, Sumitomo Metal Industries, and Daikin Industries were gaining 3.33%, 2.03%, and 1.92%, respectively.
In Hong Kong, Hang Seng index settled at 20,623.80, rising 0.43%. Shanghai Composite slipped to 2,622.88 or down 0.60%. Shanghai’s losses were triggered by a report from Xinhua regarding China Banking Regulatory Commission’s (CBRC) statement that the Commission would continue to stem speculative investment in the property sector, supporting the construction of affordable housing and to control risk.
BOC-Hong Kong jumped 3.67% to end at HK$21.20
after the yuan deposit level exceeded the 100 billion yuan mark for the first time. Other stocks with significant gains were China Resources (+3.4%) and China Telecom (+3.19%).Property stocks scattered at the red zone, except Hang Lung Properties and Sino Land which gained 0.72% and 0.74%, respectively. China Overseas Land and Investment slumped 2.41% to HK$16.20, Henderson Land fell 2.10% to HK$46.60, while Sun Hung Kai Properties settled 0.18% lower at HK$108.80. New World Development was at HK$12.40 or down 0.64%.
Li Ka-Shing’s purchase of Hutchison Whampoa’s shares amounting to 1.163 million shares last week managed to boost Hutchison by 2.4% to HK$58.90. Li’s stakes at the company are now 52.31%, up from 52.28%.
Foxconn resumed its Tuesday’s slide as the shares fell to HK$4.93 or tumbling 4.6%. The fall was due to the poor results which were reported on late Monday.
Tuesday, August 31, 2010
Asian Markets Review – August 31st 2010
Heavy Selling Hit Nikkei, Foxconn Tumbled Over 6%
Following overnight losses of US shares, the Japanese shares also saw red as Nikkei 225 Average plunged 325.2 points or 3.55% to end at 8,824.06. The heavy selling was also triggered by the yen’s gains against the greenback and the euro. USDJPY fell to ¥84.05 while EURJPY hit ¥106.16 on Tuesday.
Japan’s economic data released today showed industrial production increased in July by 0.3% after declining 1.1% in June. Retail sales also advanced 0.7% in July, faster than the June’s gains of 0.4%. The PMI data for manufacturing however, slipped from 52.8 in July to 50.1 in August. In the property sector, housing starts were up from 0.75 million to 0.77 million in July or up 4.3% year-on-year.
Corporate n
ews came from the automobile industry as Guangzhou Automobile Group Co. a partner of Toyota Motor Corp. and Honda Motor Co. in China had its net profit increased more than three times of last year’s 1H. China has been a primary market for Japanese auto producers like Toyota, Honda, and Nissan. Toyota ended the day at ¥2,860 (-2.39%), Nissan at ¥642 (-1.83%) and Honda at ¥2,779 (-2.66%).
Elsewhere, from the media roundtable in Abu Dhabi, Renault-Nissan CEO Carlos Ghosn hinted on Nissan’s plan to increase production in South Korea. The move was intended to reduce the exposure to yen’s recent strength against the greenback and euro which could damage the company’s competitiveness.
Among worst performers, Tokyo Electron shed 5.74% at ¥3,940, Advantest fell 5.34% to ¥1,594 and Sumitomo Metal Industries which ended at ¥197, down 4.83%.
In Hong Kong, Foxconn International plunged 6.65% to end at HK$5.19 after the market responded to its first-half results. In 1H 2010 the company suffered from net losses of US$142.6 million compared to last year’s losses of US$18.7 million. The company’s revenue was at US$3.23 billion, up 2.2% from last year’s $3.16 billion. Lower product prices, adjustments in company’s product mix and also the increase in depreciation expenses related to the production facility relocations were the factors behind the worsening financial performance in 1H 2010. Despite worsening performance, UBS revised FIH’s target to HK$5.0 from HK$3.4.
On the government front, the Hong Kong government sold a luxury residential site in Kowloon Peninsula for HK$1.285 billion, higher than the forecast value range of HK$868 million to HK$1.09 billion. The high sale price of the site indicated strong appetite from developers despite limited supply and also amid the government’s attempts to stem the ballooning property prices in Hong Kong as well as in China.
Elsewhere, Hong Kong retail sales were reported to have increased 16% year-on-year on volume basis in July, against the market consensus of a rise by 10.7%.
China PMI data will set the tone on Wednesday as the August index is expected at 51.5, up from 51.2 in July. A downside deviation will certainly damage the investors’ sentiment and will pull down global stocks as global recovery concerns will return, especially following the poor string of US data.
Among gainers, China Resources increased 2.86% to HK$32.40, COSCO Pacific advanced 1.58% to HK$10.26 and Cheung Kong Infrastructure was at HK$30.00 by the end of the day, or up 1.45%. Joining Foxconn at the bottom, Esprit Holdings tumbled 2.35% to HK$43.60 and Bank of East Asia shed 2.01% to end at HK$29.20.
Following overnight losses of US shares, the Japanese shares also saw red as Nikkei 225 Average plunged 325.2 points or 3.55% to end at 8,824.06. The heavy selling was also triggered by the yen’s gains against the greenback and the euro. USDJPY fell to ¥84.05 while EURJPY hit ¥106.16 on Tuesday.
Japan’s economic data released today showed industrial production increased in July by 0.3% after declining 1.1% in June. Retail sales also advanced 0.7% in July, faster than the June’s gains of 0.4%. The PMI data for manufacturing however, slipped from 52.8 in July to 50.1 in August. In the property sector, housing starts were up from 0.75 million to 0.77 million in July or up 4.3% year-on-year.
Corporate n
ews came from the automobile industry as Guangzhou Automobile Group Co. a partner of Toyota Motor Corp. and Honda Motor Co. in China had its net profit increased more than three times of last year’s 1H. China has been a primary market for Japanese auto producers like Toyota, Honda, and Nissan. Toyota ended the day at ¥2,860 (-2.39%), Nissan at ¥642 (-1.83%) and Honda at ¥2,779 (-2.66%).Elsewhere, from the media roundtable in Abu Dhabi, Renault-Nissan CEO Carlos Ghosn hinted on Nissan’s plan to increase production in South Korea. The move was intended to reduce the exposure to yen’s recent strength against the greenback and euro which could damage the company’s competitiveness.
Among worst performers, Tokyo Electron shed 5.74% at ¥3,940, Advantest fell 5.34% to ¥1,594 and Sumitomo Metal Industries which ended at ¥197, down 4.83%.
In Hong Kong, Foxconn International plunged 6.65% to end at HK$5.19 after the market responded to its first-half results. In 1H 2010 the company suffered from net losses of US$142.6 million compared to last year’s losses of US$18.7 million. The company’s revenue was at US$3.23 billion, up 2.2% from last year’s $3.16 billion. Lower product prices, adjustments in company’s product mix and also the increase in depreciation expenses related to the production facility relocations were the factors behind the worsening financial performance in 1H 2010. Despite worsening performance, UBS revised FIH’s target to HK$5.0 from HK$3.4.
On the government front, the Hong Kong government sold a luxury residential site in Kowloon Peninsula for HK$1.285 billion, higher than the forecast value range of HK$868 million to HK$1.09 billion. The high sale price of the site indicated strong appetite from developers despite limited supply and also amid the government’s attempts to stem the ballooning property prices in Hong Kong as well as in China.
Elsewhere, Hong Kong retail sales were reported to have increased 16% year-on-year on volume basis in July, against the market consensus of a rise by 10.7%.
China PMI data will set the tone on Wednesday as the August index is expected at 51.5, up from 51.2 in July. A downside deviation will certainly damage the investors’ sentiment and will pull down global stocks as global recovery concerns will return, especially following the poor string of US data.
Among gainers, China Resources increased 2.86% to HK$32.40, COSCO Pacific advanced 1.58% to HK$10.26 and Cheung Kong Infrastructure was at HK$30.00 by the end of the day, or up 1.45%. Joining Foxconn at the bottom, Esprit Holdings tumbled 2.35% to HK$43.60 and Bank of East Asia shed 2.01% to end at HK$29.20.
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