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Sydney, Jan 5, 2010 (ABN Newswire) - Asian shares could be lifted after US and European markets rallied overnight on optimistic outlook of 2010. Yesterday Asian markets mostly kicked off the new year with gains. Japan's Nikkei surged 1 per cent on yen's weakness and a financial lifeline to Japan Airlines. The global markets also cheered for the strong manufacturing data from China and India. However, China's Shanghai Composite fell 1 per cent on Monday over fears on inflation.
Company News
Chinese automaker SAIC Motor Corp. (
SHA:600104) said Monday its domestic sales rose 57% last year because of Beijing's stimulus policies, and it expects to sell 3 million autos in 2010. SAIC said its vehicle sales in China last year rose to 2.72 million units, of which passenger vehicle sales surged 57% to 1.6 million and commercial vehicle sales increased 58% to 1.12 million.
German retailer Metro AG (ETR:MEO) said it will open its first Media Markt outlets in Shanghai, China in 2010. Metro has signed a contract for a joint venture with the Taiwan based Foxconn Technology Group (TPE:2354) to pursue expansion in China. Metro, which will hold 75 per cent in the joint venture, targets over 100 Media Markt outlets in China by 2015.
Hong Kong listed Hutchison Telecommunications International Ltd. (HKG:2332) said its biggest shareholder, Hutchison Whampoa Ltd.(HKG:0013), has offered to take it private. The telecom company is also in the process of selling some of its remaining emerging-market assets.
Dongkuk Steel Mill Co. (SEO:001230) on Monday said it may consider joining the state-run Korea Development Bank fund to buy a majority stake in the construction unit of Kumho Asiana Group, South Korea's eighth-largest conglomerate. But Dongkuk Steel said it has not received an official offer from the KDB private equity fund. Kumho Asiana said it will sell a 50% stake plus one share in its construction unit to the fund, as part of a broad restructuring program agreed with creditors to ease the group's financial woes.
Airline stocks became the biggest gainers in Tokyo Stock Exchange on Monday. Shares in Skymark Airlines Inc. (TYO:9204) hit a 2009-2010 high Monday on expectations that the discount carrier will expand operations to capitalize on flight cutbacks at Japan Airlines Corp. (TYO:9205).
Toko Electric Corp. (TYO:6921) shares will likely spend more than 1 trillion yen by 2020 to install smart grids, the Nikkei reported. Among the utilities to make investments are Kansai Electric Power Co. (TYO:9503) and Tokyo Electric Power Co. (TYO:9501), also known as Tepco.
Company News
Chinese automaker SAIC Motor Corp. (
SHA:600104) said Monday its domestic sales rose 57% last year because of Beijing's stimulus policies, and it expects to sell 3 million autos in 2010. SAIC said its vehicle sales in China last year rose to 2.72 million units, of which passenger vehicle sales surged 57% to 1.6 million and commercial vehicle sales increased 58% to 1.12 million. German retailer Metro AG (
ETR:MEO) said it will open its first Media Markt outlets in Shanghai, China in 2010. Metro has signed a contract for a joint venture with the Taiwan based Foxconn Technology Group (TPE:2354) to pursue expansion in China. Metro, which will hold 75 per cent in the joint venture, targets over 100 Media Markt outlets in China by 2015.Hong Kong listed Hutchison Telecommunications International Ltd. (
HKG:2332) said its biggest shareholder, Hutchison Whampoa Ltd.(HKG:0013), has offered to take it private. The telecom company is also in the process of selling some of its remaining emerging-market assets. Dongkuk Steel Mill Co. (
SEO:001230) on Monday said it may consider joining the state-run Korea Development Bank fund to buy a majority stake in the construction unit of Kumho Asiana Group, South Korea's eighth-largest conglomerate. But Dongkuk Steel said it has not received an official offer from the KDB private equity fund. Kumho Asiana said it will sell a 50% stake plus one share in its construction unit to the fund, as part of a broad restructuring program agreed with creditors to ease the group's financial woes. Airline stocks became the biggest gainers in Tokyo Stock Exchange on Monday. Shares in Skymark Airlines Inc. (
TYO:9204) hit a 2009-2010 high Monday on expectations that the discount carrier will expand operations to capitalize on flight cutbacks at Japan Airlines Corp. (TYO:9205).Toko Electric Corp. (
TYO:6921) shares will likely spend more than 1 trillion yen by 2020 to install smart grids, the Nikkei reported. Among the utilities to make investments are Kansai Electric Power Co. (TYO:9503) and Tokyo Electric Power Co. (TYO:9501), also known as Tepco.
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