Monday, May 9, 2005

Mixed news on Asian markets

by Brian Turner

The Asian markets saw mixed fortunes on Monday.

The Kospi index in Seoul was down 0.6 percent, to 935.2, mostly over concerns that North Korea would carry out threatened nuclear testing.

Additionally, Hyundai Motors was fell 0.9 percent to Won52,500 and Kia Motors declined by 1.5 percent to Won12,750.

The Taiex index in Taiwan closed even at 4,966.85. In India, the Sensex index in Mumbai rose 0.7 percent to 6,430.67. In Tokyo, the Nikkei 225 was down 0.2 percent to 11,171.32 even as the Topix was up 0.2 percent to close at 1,152.48.

Profit-taking caused Japan Airlines, Asia’s largest airline, to fall 1 percent to ¥297 even though it reported higher than expected profits for the fiscal year 2004/5 and a projected a positive outcome for 2005/6.

The air carrier had warned that profits could be affected by high fuel costs. The fact that the airline’s chairman resigned early amid safety criticisms also had an effect on its performance on Monday.

Other airlines in the region seemed not to be affected by Japan Airlines’ performance and either remained at earlier levels or closed higher.

 

 

 

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