Saudi Arabia and India agree to study feasibility of establishing power grid    Saudi Awwal Bank records SR5.9 billion net profit after Zakat and Income Tax for YTD Q3    Economy minister emphasizes global partnerships to address pressing challenges Private investments in non-oil sector soar 70%    Saudi Arabia's GDP grows 2.8% in Q3, driven by non-oil sectors    PIF, HKMA sign MoU to establish $1 billion investment fund    Israeli soldiers forced Palestinian men to take off clothes as they evacuated war-torn Jabalya    North Korea fires suspected intercontinental missile    India celebrates Diwali, the festival of lights    'It was like a tsunami': Spaniards recount horror of deadly floods    Bahrain Crown Prince receives Saudi Interior Minister    In-person classes will remain suspended in Jeddah, Rabigh and Khulais schools on Thursday    HR Ministry takes penal action against 568 violators of Domestic Workers' Regulation    Derby Week makes its debut in the Roshn Saudi League    Al Nassr eliminated from King's Cup after a defeat to Al Taawoun    Teri Garr, Young Frankenstein and Tootsie star, dies at 79    Othman Al Omeir receives Legacy of Change Medal at the UK Parliament for advocacy in media    Neymar joins Saudi fashion trend, donning traditional attire at Al Hilal match    Indonesia Days event celebrates cultural diversity at Al Suwaidi Park    Saudi Football Federation reappoints Hervé Renard to lead national team    Tarzan star Ron Ely dies aged 86    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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Most Asia markets rise as traders buy oil stocks in China,
Published in Saudi Press Agency on 25 - 06 - 2008


Most Asian markets rose Wednesday as
heavy buying in oil companies led Chinese and Hong Kong
stocks higher after recent losses. Japanese shares,
meanwhile, dropped for a fifth day on inflation fears, ap reported.
China's benchmark Shanghai Composite Index climbed 3.6
percent to 2,905.01. Hong Kong's shares rose in tandem,
with the blue-chip Hang Seng Index ending 0.8 percent
higher at 22,635.16.
Stocks in Singapore, South Korea and India were among the
region's gainers.
The advance followed an erratic session on Wall Street,
where the Dow Jones industrial average fell 0.3 percent on
worries over the impact high fuel costs would have an
companies and consumers. Oil prices hovered around
US$136.96 a barrel midday in Asian, off only slightly from
Tuesday trade.
With prices steady, Chines refiners gained pending the
release of U.S. government fuel stocks data, expected later
Wednesday. Shanghai heavyweight PetroChina rose 2.9 percent
while China Petroleum & Chemical Corp., or Sinopec, gained
2.7 percent.
Financials and property firms advanced following a report
in the China Securities News that major institutional
investor China Life Insurance was investing heavily in
mutual funds. Property developer China Vanke gained 3.5
percent and Poly Real Estate Group climbed 5.7 percent.
Baoshan Iron & Steel jumped 5.9 percent, rebounding a 7.8
percent decline the day before on possible concern its
profits would be dented by sharply higher costs after the
company agreed to nearly double prices paid to iron ore
supplier Rio Tinto.
In Hong Kong, CNOOC helped lead Wednesday's gains as the
upstream oil producer rose 3.4 percent.
Telecom stocks were also up. China Netcom climbed 3.1
percent, while its potential owner, China Unicom, rose more
than 2.5 percent.
Mobile phone maker Foxconn International Holdings, dragged
down more than 5 percent Tuesday on worries about its
customer Motorola, regained 3.7 percent.
Analysts, though, said Hong Kong's rebound was mostly
technical and expected more selling in coming days due to
ongoing concerns about the global economy.
«There's still a lot of people worried,» said Ernie Hon,
an analyst from ICEA Securities.
Japanese stocks were pressured by lingering fears over
inflation and a slowdown in the global economy. The
benchmark Nikkei 225 index lost 0.14 percent to 13,829.92.
Investors stayed on the sidelines, awaiting the outcome of
a two-day rate setting meeting by the Federal Reserve later
in the day. Traders expect the U.S. central bank to hold
its key interest rate at 2 percent.
«Investors are keen on what the Fed will say about
inflation and the economy after the meeting,» said
Masatoshi Sato, strategist at Mizuho Investors Securities
Co. Ltd.
Toyota Motor Corp. fell 1.3 percent. Japan's top automaker
said Tuesday it might scale back its ambitious target of
selling more vehicles in the United States this year than
it did in 2007 due to a slump in consumer demand.
Its rival Nissan Motor Co. edged up 0.2 percent. During a
shareholders' meeting Wednesday, Nissan Chief Executive
Carlos Ghosn vowed that the company would continue to grow
in the years ahead by expanding in emerging markets such as
China, Russia, India and Brazil.
Sony Corp. declined 1.6 percent. Japan's financial giant
Mizuho Financial Group Inc. dropped 3 percent to 523,000
yen.
Elsewhere, India's benchmark Sensex Index was up 0.8
percent. In Australia, the benchmark S&P/ASX200 closed
almost 1 percent lower after heavy selling in BHP Billito
and other mining stocks.
In currency trading, the dollar stood at 107.85 yen
mid-afternoon in Tokyo, little moved from 107.82 yen in New
York late Tuesday. The euro stood at US$1.5568
mid-afternoon in Tokyo compared with US$1.5572 in New York.
The greenback stood at 1.3677 Singapore dollars and 33.3
Thai baht.


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