Sydney, Feb 19, 2009 AEST (ABN Newswire) - Yesterday Asian markets ended lower after big overnight losses on Wall Street and on concerns about European banks. Tokyo's Nikkei index reached its lowest since October. Shanghai Composite saw a massive 4.7% fall in a single day. Hong Kong's Hang Seng Index ended up 0.6% and Taiwan's Taiex gained 0.2%.
Today the Asian markets broadly opened lower with more selling after Wall Street's overnight slump.
Asia Economy Watch
Taiwan government has released its fourth-quarter gross domestic product figure, which shrank by a near 50-year record of 8.36 per cent. This was far worse than the government's previous forecast of a 1.73 per cent contraction. The government yesterday revised its 2009 GDP forecast from 2.12 per cent to -2.97 per cent. Taiwan's central bank cut interest rates by a quarter point to record lows following the release of the GDP figures.
The Bank of Japan was expected to announce moves to ease a corporate credit crisis but keep its interest rate unchanged at 0.1 percent on Thursday
Company News
Singapore water company Hyflux (SIN:600) has posted record sales and is counting on China's increased state spending on infrastructure to sustain earnings growth. The company reported a 79 per cent rise in full-year net profit.
China's Internet-search engine company Baidu Inc.(NASDAQ:BIDU) said its fourth-quarter net income rose 31% as its number of online-marketing customers surged.
It is reportedly China's Hunan Valin Iron and Steel Group, parent company of Hunan Valin Steel (SHE:000932), is poised to grab a strategic stake in Fortescue Metals Group (ASX:FMG) through an investment.
South Korea's No. 2 beer maker Oriental Brewery has drawn interest from Japan's Asahi Breweries Ltd (TYO:2502) and Kirin Holdings Co (TYO:2503) and Korea's Lotte Group, in a deal worth about US$700 million, a newspaper reported on Thursday.
Mitsubishi Motors Corp (TYO:7211) said it will cut its longstanding ties with Chrysler LLC, which is on the verge of bankruptcy.
Taiwan's Asustek Computer Inc. (TPE:2357) said yesterday its board had approved a plan to buy back up to NT$2.88 billion worth of shares on the open market to protect the interest of shareholders and the company's credibility.
Korean automaker Ssangyong Motor Co. (SEO:003620) said it may sell the assembly lines of its sport utility vehicle Rodius if it stops production of the model.
China's Nine Dragons Paper Holdings Ltd. (HKG:2689) said late Wednesday its first-half net profit plunged 69.4% from a year earlier, on falling prices for its products and high raw material costs.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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