Příspěvky nebo odpovědi uživatele Ivan Repka

ASIA MARKETS: Softbank's Vodafone Deal Lifts Japan Markets

By Chris Oliver

Shares in Asia ended mostly higher Friday, with the Nikkei gaining after Softbank Corp. said it'll acquire the Japanese wireless assets of Vodafone Group in a deal worth $15.6 billion.

Softbank Corp. (SFTBF) said in the afternoon it had secured a deal for Vodafone's (VOD) 97.68% stake in Japan-based subsidiary Vodafone KK. Shares of Softbank ended up 4%.

Vodafone KK has 15 million subscribers, making it the third-largest Japanese operator by market share behind NTT DoCoMo (DCM) at 50 million and KDDI Corp, which has 20 million subscribers.

In Tokyo, the Nikkei 225 Average closed up 244.52 points, or 1.5%, to 16, 339.73. The broader Topix Index gained 18.92 points to 1,663.98.

Japanese property shares outperformed as statements by Bank of Japan Governor Toshihiko Fukui Thursday eased concerns about higher interest rates in the near term.

"If inflationary pressure remains restrained as the economy follows a balanced and sustainable growth path, an accommodative monetary environment ensuing from very low interest rates will probably be maintained for some time," Fukui told business leaders in Tokyo.

In early London trading, the dollar extended declines against the yen, trading at 116.62 yen vs. 116.83 yen in New York late Thursday.

Sumitomo Realty & Development Co. Ltd. (SURDF) , Japan's third-largest real estate company, overlooked a broker downgrade issued Thursday to advance 3.2%.

Sanyo Electric Cogained 2.67% on reports the company is seeking a tie-up with Taiwan's Quanta Computer Inc. The Nihon Keizai business daily reported that Japan's third-largest consumer-electronics maker would try to revive its ailing television-business division by setting up a joint venture with Quanta Display Inc., a Quanta Computer affiliate.

In Hong Kong, the blue-chip Hang Seng Index rose 72.62 points, or 0.5%, to 15, 801.66 The China Enterprises Index of leading mainland shares reversed earlier loses to gain 0.2% to 6,409.29.

ABN Amro's Asian strategist Eddie Wong noted easing interest rate expectations would take the shine off growth markets and redirect funds toward defensive Hong Kong. Under its linked currency system, where the local dollar is tied to the greenback, Hong Kong interest rates closely track U.S. rates.

"If the rate expectations continue to come down, Hong Kong, as an interest- rate sensitive market will likely benefit," Wong said in a note to clients. " Moreover, if the interest rate expectations drop, the U.S, growth expectations will also taper off. This will also encourage money to flow from the growth sensitive markets, notably Korea and Taiwan. Hong Kong will be an ideal destination."

The Hang Seng Properties sub-index gained 0.3%, while property developer Cheung Kong Holdings (CHEUY) also added 0.3%.

"Most investors believe interest rates will peak in the next quarter which means property developers should rebound soon," says Castor Pang, strategist with SHK Financial in Hong Kong.

He said Hong Kong faces a difficult week of trading ahead with index heavyweight HSBCgoing ex-dividend on Wednesday and key results due from other index constituents.

China Mobile (CHL) gained 2.3% after posting higher-than-expected 2005 profit after hours on Thursday.

PetroChina (PTR) ended flat after reports it's stepping up exploration in offshore areas and expects "major breakthroughs" in the China South Sea within the next five years, according to reports from the state-run China Daily.

Indonesia ranked as the regions' top performer, gaining 2.5%, with banking shares up sharply on the softening interest-rate outlook.

In Australia, the benchmark S&P/ASX 200 ended down 0.1% at 4,971.7, having risen 2% over the week to touch a record high.

Elsewhere in Asia, shares in Shanghai fell 0.4%. In South Korea, the Kospi Index reversed earlier loses to rise 0.4%. Taiwan ended higher 0.4%.

In U.S. trading Thursday, the Dow closed up 43.47 points, the S&P 500 Index rose 2.31 points, while the Nasdaq fell 12.28 points.

In Asian trading, April crude-oil futures slipped 8 cents to $63.50 a barrel. In U.S. trading Thursday, the April contract gained $1.41, or more than 2%, to close at $63.58 a barrel on the New York Mercantile Exchange.