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Asian Market Review - September 27 2010

 Nikkei 225 Average rallied 131.47 points to 9,603.14, a rise of 1.4% on Monday. Hang Seng Index also gained 221.41 points, 1% higher to 22,340.84. Meanwhile, Shanghai Stock Exchange returned after a long vacancy and scored a 1.41% gains to 2,627.97. US stocks gains on Friday provided the catalyst for the gains in Asia.

Japan’s adjusted trade balance edged lower from ¥594.8 billion in July to ¥589.7 billion in August. Despite it’s a lower reading, it came up above the consensus reading of ¥522.1 billion. In unadjusted terms, trade balance fell sharply from ¥802.0 billion to ¥103.2 billion, lower than the consensus of ¥200 billion. Year-on-year, exports rose 15.8% in August, slowing down from 23.5% in July, and below the expected rise of 19%. Imports gathered pace from 15.7% to 17.9%, faster than the expected rise of 17.5%. Among destination countries, exports to China slowed from 22.7% in July to 18.5%, exports to US slowed rapidly from 25.9% in July to 8.8% in August. Exports to Europe rose 13.7%.
In Hong Kong, the government reported that the City’s August exports climbed 36% to HK$290.1 billion, faster than July’s rise of 23.3%. Imports increased 28.4% from last year. This brought the trade balance to a deficit of HK$11.9 billion. The jump in exports was above the consensus and owed itself to the strong demand from Asia.
Nissan Motor announced its plan to show a new concept of electric car on September 30th in Paris. The automaker settled at ¥715, gaining 2.4%.
Cheung Kong Holdings had its price target raised to HK$130 from HK$115 by Morgan Stanley. Cheung Kong settled at HK$115.60, up 2.21%.
Daiwa raised Wharf’s price target to HK$58.25 from HK$50.30. Wharf fell to HK$50.40, down 1.18% by the end of the day.

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