Asian Markets Overview of March 10, 2010
By: ABN Newswire
Posted on March 10, 2010 at 17:30 PM EST
Asian shares could see a flat start on Wednesday while Wall Street closed slightly higher overnight. Steelmakers and resource stocks are expected to suffer declines around the region follow commodities prices dropped. Most Asian markets posted small gains yesterday. Shanghai and Hong Kong bourses rose after an upbeat forecast from China Life Insurance Co.(HKG:2628) (SHA:601628), mainland's largest insurance company. China's Shanghai Composite added 0.5 per cent, Hong Kong's Hang Seng Index advanced 0.1 per cent. South Korea's Kospi and Taiwan's Taiex inched up 0.1 per cent each. But Japan's Nikkei 225 closed down 0.17 per cent on profit-taking selling.
Japanese cosmetics wholesaler Paltac Corp. (TYO:8283) said has set a premarket price of 2,200 yen a share for its initial public offering. The price, based on the results of a book-building exercise, gives the IPO a total value of 40.48 billion yen. The company's shares begin trading on the Tokyo Stock Exchange and the Osaka Securities Exchange on March 18.
Japan's Chubu Electric Power Co. (TYO:9502) said it will shift its coal procurement operations entirely to its 100%-owned Chubu Energy Trading in a bid to better cope with changes in prices and demand for coal. Chubu Energy Trading will also handle coal trading and shipping based on Chubu's existing long term contracts. Seperately, Indonesia's energy watchdog said on Tuesday it had signed a liquefied natural gas (LNG) supply deal with Japan's Chubu Electric Power Co amounting to 2 million tonnes by 2015. Indonesia will supply 250,000 tonnes annually between 2011 and 2012 and 500,000 tonnes per year from 2013 to 2015.
South Korean builder Samsung C&T Co Ltd (SEO:000835) said it has jointly won a 1.47 trillion won project related to the construction of a hospital in Abu Dhabi, along with Belgium construction group Besix. Samsung C&T will take 40 percent of the project, worth 586.7 billion won, with the remainder to be taken by Besix.
India's Tata Motors (BOM:500570) shares was down after German premium car maker Daimler AG (ETR:DAI) said it has sold its 5.34 per cent stake in India's largest auto maker by revenue Tata Motors for 300 million euro. Daimler said intensifying its own activities in India and an equity participation in Tata is no longer necessary. The move ended a partnership that dated back more than half a century.
Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: email@example.com
Copyright (C) 2010 ABN Newswire. All rights reserved.
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