Nikkei: 9,590.93 (+6.56) Hang Seng: 24,281.80 (–3.25) Shanghai Comp: 3,008.07 (+6.71):ASIAN EQUITY markets were modestly higher yesterday, after Japan overturned its earlier losses, while there were stronger gains for Thai stocks on hopes of a successful bank reporting season.
Banks and financials were in favour, with Mitsubishi UFJ Financial 2.4 per cent higher to ¥381 and Nomura 0.7 per cent stronger to ¥411.
Traders said there had also been some corrective buying in the country’s power utilities, after many fell sharply in response to losses for Tokyo Electric Power, operator of the stricken Fukushima nuclear plant.
Shares in Tepco were up 0.9 per cent to ¥340, Kansai Electric Power jumped 5.3 per cent to ¥1,803, while Chubu Electric Power leapt 5.8 per cent to ¥1,831.
The market in Seoul was hit by profit-taking after a rally that had driven the Kospi to a record high this week. Samsung Electronics slid 1.5 per cent to Won909,000.
Banks gained in Bangkok with Bangkok Bank up 3.1 per cent to Bt182.50, while Bank of Ayudhya climbed 3.9 per cent to Bt26.75 and Tisco Financial added 2.5 per cent to Bt41.75. – (Copyright The Financial Times Limited 2011)
