Asian markets mostly opened higher this morning, but reversed early gains after profit taking selling. Tokyo market fell in a choppy trade despite a positive support from Wall Street. This is largely due to a stronger yen and worries over some corporate financing plans. Korean market was down as foreign investors continued to offload Seoul stocks.
Nippon Yusen Kabushiki Kaisha
Asian share markets continue a winning streak on Thursday following the good leads from Wall Street. Japan's Nikkei stock index rose in early trade as exporters were lifted by confidence in global recovery. Korean central bank decided to keep rates unchanged at a record-low 2 per cent.
Japan Airlines Corp. (TYO:9205) is looking to team up with shipping firm Nippon Yusen KK (TYO:9101) as part of the airline's plan to return to profitability with the help of restructuring.
Seoul shares rose on Wednesday after a holiday weekend, led by chip makers after German rival Qimonda filed for insolvency. The market is also lifted by overnight gains on Wall Street and big gains in Tokyo shares Tuesday. Japanese stocks gained nearly 5% yesterday as exporters benefited from a weakened yen. Markets that remained closed for the Lunar New Year included Hong Kong, South Korea, China, Singapore and Taiwan.