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Reply #49: Asian Stocks Rise for First Week This Year; Samsung Declines [View All]

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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-15-08 10:29 AM
Response to Reply #5
49. Asian Stocks Rise for First Week This Year; Samsung Declines
Feb. 15 (Bloomberg) -- Asian stocks advanced for the first week this year, led by shipping companies, as cargo rates climbed to a one-month high.

China Shipping Development Co. rose to its highest in more than three months and Japan's Kawasaki Kishen Kaisha Ltd., or K- Line, gained the most this year on speculation China will import more raw materials after the worst snowstorms in 50 years. Asian indexes were mixed in trading today, with Samsung Electronics Co. falling after a Goldman, Sachs & Co. report raised speculation computer demand is slowing.

``China is buying more raw materials, like coal, to support economic growth,'' said Paik Jae Yer, who manages the equivalent of $5.3 billion at Korea Investment Trust Management Co. in Seoul. ``That means more vessels will be needed.''

The MSCI Asia Pacific Index gained 0.4 percent at 144.6 as of 8:01 p.m. in Tokyo with seven of its 10 industry groups rising, rebounding from a 1.1 percent slump. About half of Asia's benchmarks fell today, with Japan's Nikkei 225 Stock Average narrowing most of a 2 percent drop to close little changed.

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