Asian markets at seven-week highs
Asian markets at seven-week highs Asian markets closed higher on Thursday (Sep. 20, 2007), it embarked its seven week highs backed by the rise in metal prices in the world market. The world`s largest mining company, BHP Billiton touched its lifetime high and Jiangxi Copper rose the most in three weeks on speculation that interest-rate cut in the U.S. will increase global economic growth thereby increasing demand for metals. South Korea`s Hyundai Heavy Industries advanced after it posted 20% growth in its sales. Yesterday, U.S. stocks advanced by most in the last four years, on speculation that the lower rates will help them recover from the credit crisis. The Fed had lowered the interest rate to 4.75% from 5.25%, the first cut in four years. Japan`s benchmark index Nikkei added 32.25 points, or 0.20%, to trade at 16,413.79. Hong Kong`s Hang Seng surged 146.49 points, or 0.57%, to trade at 25,701.13. Taiwan`s Taiex Index added 56.65 points, or 0.63%, to trade at 8,983.03. South Korea`s KOSPI gained 6.32 points, or 0.33%, to trade at 1,908.97. Singapore`s Straits Times lost 41.90 points, or 1.17%, to trade at 3,552.46. (4 p.m, IST).
China`s Shanghai Composite gained 74.80 points, or 1.39%, to trade at 5,470.06.
