The price of Asia-Pacific Shares rose behind the strong showing of Financial Stocks in their respective markets.
Among those thriving Asian stocks are Chinese stocks which posted the eighth consecutive day of gains. Chinese stocks were driven up by the favorable sales numbers for their automobile products, where sales rose 76% in October.
With the Chinese stocks rising the Hong Kong Hang Seng Index rose 0.3%; the Shanghai Composite 0.1% into the afternoon trading.
As for other regions, the Japan average for stocks, the Nikkei225 average rose 0.6% to 9870.73; Australian S&P/ASX 200 increased 1.3%; Singapore Straits Times Index gained 0.5% and South Korean index, Kospi rose 0.4%. However, not all stocks thrived as India’s Sensex reversed direction to fall 0.4%.
Chinese automobile sales and financing company, Auto China International Ltd. (NASDAQ: AUTC) rose 0.08% in early trading to $25.65 and on the other end, China Auto Logistics Inc. (NASDAQ: CALI) fell 5.66% to $4.00.
Financials that helped the rise of Asian and Pacific stocks include National Australia Bank (OTC: NABZY) with gains of 1.8%; Seoul’s Shinhan Financial Group (NYSE: SHG) whose gains include a rise of 1.4%; Sumitomo Financial Group (OTC: SMFJY) and Nomura Holdings of Tokyo (NYSE: NMR) gaining 3.6% and 2.9% respectively; DBS Group Holding (OTC: DBSDY) with a gain of 1.6%; and, finally, ICICI Bank (NYSE: IBN) which was up 0.7% despite a down market in Mumbai.
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