Asian Market Recap (Nov. 24, 2006)

Nikkei 225……15,734.60; Down 179.63 (-1.13%)   
Hang Seng…….19,260.30; Down 5.02 (-0.03%)
BSE30(India)….13,703.33; Up 22.50 (+0.16%)

While most of us are off and either trying to recover from a tryptophan induced coma or out getting Holiday shopping started, it was business as usual elsewhere.

Tokyo trading was also light: Trade volume fell to 1.45 billion shares, the lowest in more than two weeks. Decliners beat advancers by a ratio of almost two to one.  The Japanese Yen was at 116.25 to the US dollar, its highest since early September.  China and Pakistan signed a five-year trade pact and a free-trade agreement to help boost joint ventures and investment opportunities in Pakistan.  Korea’s central bank raised certain commercial-bank reserve-requirement ratios for the first time since 1990.

(SNE-NYSE/ADR) Sony said that it has found defects in 8 digital camera models where the camera’s either didnt take pictures or where the LCD screen didn’t display the pictures.

Kyocera (KYO-NYSE/ADR) fell after worries of the strengthening Yen cutting into exports.

Sanyo fell 1.6% after the electronics maker cut its annual expectations to a loss, and it also increased layoff plans.

Sumitomo Mitsui Financial Group fell about 5% after Japan’s third largest bank cut its full-year recurring profit forecast by 6 percent (Wednesday).

Mitsubishi UFJ also fell 2.8% overseas in Tokyo and Mizuho Financial fell 1%.

Sompo Japan Insurance Inc. fell 2.6 percent after reporting a 27 percent drop in net profits in the first half of its fiscal year.

Toyota Motor (TM-NYSE/ADR) may have to build two plants and lift capabilities of existing China factories to meet a 2010 sales target.

Daiichi Sankyo Co. Ltd. broke the trend as Japan’s second-biggest drug maker rose 2.8 percent after Credit Suisse raised its rating on the stock to "outperform" from "neutral" and boosted its target price to 4,000 yen from 3,000 yen.

In South Korea, LONE STAR abandoned a deal to sell control of Korea Exchange Bank to Kookmin pending resolution of mounting legal problems.

In Australia, Qantas is drawing more attention as two private-equity firms expressed interest in joining a bidding consortium in early talks to take over the airline.

New World Mobile reportedly agreed to sell its 23.6% stake in a Hong Kong mobile-phone venture to its parent.

Jon C. Ogg
November 24, 2006