Shanghai Composite adds 2.06 percent

Most Asia-Pacific markets were lower on Thursday after retail sales in the United States were down for the third week in a row, raising concerns that exports from the region will not find buyers in the world’s largest market for them. Exceptions were India’s Sensex and the Shanghai Composite, which added 0.37 percent to 19,162.57 and 2.06 percent to 5,043.54 respectively. Otherwise, the Hang Seng index was down 0.05 percent to 27,017.09 while Singapore’s Straits Times index was 0.36 percent lower to 3,357.34. Australia’s markets dropped for the seventh consecutive session on continued worries about the subprime crisis. The Sydney Ordinaries fell 0.57 percent to 6,244.8 and the S&P/ASX200 dropped 0.64 percent to 6,176.9. South Korea’s Kospi index was 0.92 percent lower to 1,844.37 while the Taiex was down 1.96 percent to 7,857.08.

There were gains in Tokyo following reports that Japan’s largest banks will decline to contribute to a fund organized by US banks to ease the subprime crisis. Advances were limited, however, after the Bank of Japan voted unanimously to hold interest rates steady. The Nikkei 225 was up 0.01 percent to 15,031.6 and the Topix index gained 0.05 percent to 1,457.56, but the Mothers market of small and mid-caps dropped 2.43 percent to 766.15. Banks and the steel sector were both higher on the session, but the electronics sector and carmakers saw declines.

Equities markets in Europe were mostly higher after German consumer confidence unexpectedly grew, but in Madrid the IBEX was down 0.24 percent to 15,140.2. Elsewhere, the pan-European FTSE Eurofirst 300 added 0.27 percent to 1,486.51 while the CAC-40 was 0.26 percent higher to 5,511.45 and the Dax gained 0.41 percent to 7,869.19. Computer consultancies and the oil sector saw gains. Car and truck makers were mixed, as was the steel sector, while banks saw declines.

In London, the FTSE 100 added 0.97 percent to 6,345.6 while the FTSE 250 gained 1.62 percent to 10,397.2 on new data showing that the UK’s economy grew by 3.3 percent in the third quarter, more than had been anticipated. The oil sector was higher except for one company, which led losers on the session. Other sectors seeing gains included chemicals and tobacco groups, while house builders and property developers declined.

New York equities markets were higher at mid-afternoon even though decliners outpaced gainers among individual stocks and business and regional manufacturing activity data were both down in November, according to separate reports. In addition, a key component of the financial sector reported its first quarterly loss ever. In the middle of the afternoon, the Dow Jones Industrial Average was 0.15 percent higher to 13,226.94 while the Nasdaq Composite was up 1.14 percent higher to 2,630.69 and the S&P 500 added 0.28 percent to 1,457.09. There were declines in the financial services sector as well as among logistics groups, while gains in the software sector helped the gains on the Nasdaq.

Story link: Shanghai Composite adds 2.06 percent