Wall Street Thursday closed modestly higher, marking its third straight day of gains. The market was inspired by the strong regional manufacturing data. Technology stocks rose on Hewlett-Packard's better-than-expected result, while Wal-Mart's sales drop and disappointing forecast pulled retail sector lower.
Most Asian markets fell Thursday as investors took profit from recent rallies. Resources shares declined across the region after news that International Monetary Fund plans to sell 191.3 metric tons of gold on open markets. Hong Kong's Hang Seng Index lost 0.5 per cent and South Korea's Kospi fell 0.4 per cent. However, Japan's Nikkei stock average rose 0.3 per cent while the Bank of Japan left its interest rate at 0.1%. China, Taiwan and Vietnam markets remained closing on Friday.
Company News
Sumitomo Electric Industries Ltd. (
South Korea's Hanjin Shipping Co. (
Singapore Technologies Engineering Ltd. (SIN:S63) said fourth-quarter net profit rose 27% on year and forecasted a better performance in 2010 than in 2009. Net profit for the three months ending Dec. 31 rose to S$129.7 million from S$102.2 million a year earlier. The result was due to higher contributions from all its businesses, including the aerospace and marine divisions.
State-run Korea Electric Power Corp. (Kepco) (
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Michelle LiangAsia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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Sumitomo Electric Industries, Ltd
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Korea Electric Power Corporation (KEPCO)
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