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Tcl Associates Asia Roundup - Japan Reaches Two Month High

By Expert Author: TCL Associates

In Japan, the Nikkei Stock Average rose 1.4% to close at 14505.36, a two month high. Analysts at TCL Associates believe that the Japanese market has accepted that the US Federal Reserve will begin its tapering process, albeit small. They think that investors there are reacting to a strengthening dollar and strong US markets. Shares of Kawasaki Heavy Industries soared 4.7% on the back of news that the Long Island Rail Road in New York will purchase 676 cars, a deal valued at $1.8 billion. Sharp Corp. also jumped 1.6% on corporate news. They reported that their operating profit from April to September will be double the previous forecast. Analysts at TCL Associates believe that Sharp has more upside potential.

In China, the Shanghai Composite closed 0.3% higher, while South Korea's Kospi fell 0.4%. Both markets will be closed on Thursday and Friday for public holidays. In Hong Kong the Hang Seng Index dropped 0.3%. Housing prices in China rose in August, which has spurred fears that the authorities could attempt to control property prices. These fears weighed on Chinese real estate developers. China Overseas Land & Investment declined 2.4% and Evergrande Real Estate Group dropped 1.5%.

In Sydney, the ASX/S&P 200 Index closed the day down 0.3%. As the price of gold declined on the prospect of the Fed's stimulus package being tapered so did producers of the precious metal. Silver Lake Resources fell 4.3% and Paladin Energy Ltd. lost 6.4%. Gold is down 0.3% to $1,306.20 an ounce. If the price of gold continues to decline, analysts at TCL Associates believe that $1,200 an ounce is a good entry point for clients looking for a safe haven for their assets.

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