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Sydney, Dec 2, 2009 (ABN Newswire) - Asian stock markets were widely up Wednesday after Wall Street climbed to a new high of the year overnight. Gold prices hit a record high for a second day today.
The strengthened commodities prices drove the mining firms higher in Australian market. Japanese stocks reversed early loss after the market opened lower in directionless trade in the morning. Seoul shares rose on Wednesday to the highest level in nearly a week, following firm gains on Wall Street and positive U.S. home sales data, with carmakers lifted by strong November sales figures in the U.S.
Company News
Daihen Corp. (TYO:6622) will begin producing factory-transport robots next March in China's Jiangsu Province. The company will spend some 700 million yen on a new plant, which will be operated by a wholly-owned subsidiary. The robots are able to move LCD panels and large glass substrates for solar cells without breaking or bending the products. Demand for LCD televisions is surging in China, with South Korean and Japanese manufacturers stepping up their investments in the growing market.
Japan's Tohoku Electric Power Co. (TYO:9506) has signed a 15-year agreement with Indonesia's state owned oil company PT Pertamina to buy 125,000 tonnes of liquefied natural gas (LNG) per year. The gas would be supplied from the BP-led Tangguh project in Papua, Pertamina spokesman Basuki Trikora Putra said. Trikora declined to give the value of the deal.
Tingyi (Cayman Island) Holding Corp. (HKG:0322), the largest instant noodle and ready-to-drink tea maker in China by market share, said t has received regulatory approval to issue depositary receipts in Taiwan. The Taiwan-based company plans to issue 380 million Taiwan Depositary Receipts, backed by 190 million existing shares owned by its parent, Ting Hsin (Cayman Islands) Holding Corp.
South Korea's POSCO (SEO:005490)said on Wednesday it had reached a preliminary agreement with Indonesia's state-owned PT Krakatau Steel to build an integrated steel mill in Indonesia. Construction of the project will begin in the second half of 2011, with the first phase with 3 million tonnes of capacity completed by the end of 2013. The plant will eventually produce 6 million metric tons of steel a year.
Hanjin Shipping Co. (SEO:000700), South Korea's top shipping line by sales, is in talks with shipbuilders including Hyundai Heavy (SEO:009540) and Samsung Heavy (SEO:010145) to delay vessel deliveries as the economy has yet to fully recover from the downturn. The shipping business is expected to make a recovery after the first quarter of 2010. In the first three quarters of 2009, Hanjin Shipping posted a net loss of KRW1.112 trillion, compared to a net profit of KRW261.1 billion a year earlier.
The strengthened commodities prices drove the mining firms higher in Australian market. Japanese stocks reversed early loss after the market opened lower in directionless trade in the morning. Seoul shares rose on Wednesday to the highest level in nearly a week, following firm gains on Wall Street and positive U.S. home sales data, with carmakers lifted by strong November sales figures in the U.S.
Company News
Daihen Corp. (TYO:6622) will begin producing factory-transport robots next March in China's Jiangsu Province. The company will spend some 700 million yen on a new plant, which will be operated by a wholly-owned subsidiary. The robots are able to move LCD panels and large glass substrates for solar cells without breaking or bending the products. Demand for LCD televisions is surging in China, with South Korean and Japanese manufacturers stepping up their investments in the growing market.
Japan's Tohoku Electric Power Co. (TYO:9506) has signed a 15-year agreement with Indonesia's state owned oil company PT Pertamina to buy 125,000 tonnes of liquefied natural gas (LNG) per year. The gas would be supplied from the BP-led Tangguh project in Papua, Pertamina spokesman Basuki Trikora Putra said. Trikora declined to give the value of the deal.
Tingyi (Cayman Island) Holding Corp. (HKG:0322), the largest instant noodle and ready-to-drink tea maker in China by market share, said t has received regulatory approval to issue depositary receipts in Taiwan. The Taiwan-based company plans to issue 380 million Taiwan Depositary Receipts, backed by 190 million existing shares owned by its parent, Ting Hsin (Cayman Islands) Holding Corp.
South Korea's POSCO (SEO:005490)said on Wednesday it had reached a preliminary agreement with Indonesia's state-owned PT Krakatau Steel to build an integrated steel mill in Indonesia. Construction of the project will begin in the second half of 2011, with the first phase with 3 million tonnes of capacity completed by the end of 2013. The plant will eventually produce 6 million metric tons of steel a year.
Hanjin Shipping Co. (SEO:000700), South Korea's top shipping line by sales, is in talks with shipbuilders including Hyundai Heavy (SEO:009540) and Samsung Heavy (SEO:010145) to delay vessel deliveries as the economy has yet to fully recover from the downturn. The shipping business is expected to make a recovery after the first quarter of 2010. In the first three quarters of 2009, Hanjin Shipping posted a net loss of KRW1.112 trillion, compared to a net profit of KRW261.1 billion a year earlier.
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