Overnight Wall Street posed a solid gain as an upbeat sentiment that the worst is over increased investors' appetite for riskier assets. The shares were lifted by a round of buying in financial shares and a jump in US industrial production data.
Japan's Asahi Breweries (TYO:2502) denied a newspaper report that it is competing with Suntory Holdings to buy European soft-drinks maker Orangina.
Philippines' food and beverage giant San Miguel Corp. (PSE:SMC) said its second-quarter net profit rose sixfold from a year earlier, largely due to the asset sale to Japanese brewer Kirin Holdings (TYO:2503).
Overnight Wall Street was up on economic data, positive earnings and the nomination of Federal Reserve chief Ben Bernanke to serve a second term. The Conference Board's August index of consumer confidence rose for a second month, exceeding economists' forecast.
US stocks ended flat overnight in light trade volumes as the market was awaiting the economic data this week. The Dow Jones Industrial Average edged higher to its highest close in more than nine months.
Piper Jaffray Asia Securities Limited has rated Fufeng (HKG:0546) at "Buy" and has raised its target price from HK $3.70 to HK $4.10 after Fufeng announced its 2009 interim results. Fufeng posted first six months net profit at RMB 354 million, up 312% when compared with the same period of last year.
SBI E2-Capital has rated Fufeng (HKG:0546)(PINK:FFNGY), at 'buy', and set its target price at 4.51 Hong Kong dollars. The securities dealer deems that the cost advantage and capacity expansion will be the growth momentum of Fufeng in the following several years, which MSG will be accounting for 30% to 35% and xanthan gum accounting for 45% to 60% long term market share.
