Asian Markets: Shares up all around, electronics follow Apple's 47 percent rise
In Hong Kong, Foxconn International Holdings Ltd. (FXCNF) continued its upward trend, surging 6.3 percent today after Apple and Texas Instruments Inc. surpassed earnings expectations, with Apple posting a 47 percent rise in net income for the most recent quarter. Foxconn supplies parts for Apple products, which are clearly in demand around the world.Hong Kong property developers surged today, with Sun Hung Kai Properties Ltd. (SUHJY) rocketing 7.7 percent. Sun Hung Kai runs many of Hong Kong's major shopping malls, including the state-of-the-art mall and home of the territory's stock exchange, the IFC. Cheung Kong Holdings Ltd. (CHEUY) ratcheted up 7.1 percent and Henderson Land Development Co.(HLDVF), which recently sold a property in the Mid-Levels for the amazing price of $11,354 per square foot, advanced 3.3 percent.
Electronics-related shares were also on the rise in Japan with electronic component maker Murata Manufacturing Co. (MRAAF) rising 1.8 percent. The company supplies parts for Apple products and, according to its website, manufactures the thinnest capacitor in the world. Electronics company Alps Electric Co. Ltd. (APELY) soared 4.5 percent and silicon wafer company, Shin-Etsu Chemical Co. (SHECF) rose 1.1 percent. Plasma-display maker Asahi Glass Co. (ASGLY) added 1.9 percent and Nippon Electric Glass Co. (NPEGF), which supplies glass for liquid-crystal displays, rose 1 percent after a Taiwanese LCD factory of major glass producer Corning Inc. suffered a loss of power that is likely affect its quarterly output.
In Tokyo, trading company Mitsubishi Corp. (MSBHY) climbed 2.8 percent, helped by a rise in the price of oil and other commodities. Nippon Mining Holdings, Inc. (NMDHF), which deals in metals, added 1.1 percent, and smelting company Toho Zinc Co. Ltd. (TOZOF) was up 0.6 percent.
In China, shipping companies performed well, with CSC Nanjing Tanker Corp. soaring to its 10 percent daily maximum. Cosco Shipping Co. Ltd. climbed 3.4 percent and China Shipping Development increased 3.4 percent.
Another stock to hit its daily maximum was textile producer Shanghai Sanmao Enterprise Group Co., which surged after the company announced that its net income so far this year may be 400 percent more compared with last year's, Bloomberg reports. Commodity-based shares continued to rise with Yunnan Copper Industry Co. moving up 3.2 percent and Jiangxi Copper Co. (JIXAY) adding 1.3 percent. Overall, a fine trading day in Asia.