Asian Markets Overview of February 24

Sydney, Feb 24, 2010 AEST (ABN Newswire) - US stocks dropped on Tuesday after the Conference Board, a private research firm, reported the consumer confidence index was down unexpectedly in February. The weak confidence reading and a separate report of sliding home prices in December raised more concerns over the sustainability of the economic recovery.

Yesterday Asian markets ended mixed. Japan's Nikkei index was 0.5 per cent lower due to profit-taking after the previous day's sharp gains. China's Shanghai Composite lost 0.9 per cent led by financials on concerns over banks' fundraising plans. Hong Kong shares, however, was pushed higher by property sector stocks.

Company News

Chiyoda Corp. (TYO:6366) subsidiary Chiyoda Advanced Solutions Corp. (ChAS) is expanding its asset integrity management business overseas, with a first stop in the United Arab Emirates (UAE). ChAS will sign a formal contract as early as in April with Abu Dhabi National Oil Co. to evaluate three liquefied natural gas (LNG) plants Chiyoda built in the 1970s, Nikkei reported. In March, ChAS will open an office in Abu Dhabi that will serve as its first overseas business office.

Japanese steelmaker JFE Holdings Inc (TYO:5411) is seeking a more than 30 percent increase in prices for its exports of hot-rolled steel coils in April-June. JFE is in talks with its clients in Asia to boost its hot coil prices by US$200 per tonne to the mid-to-upper US$700 range, from around US$550 in January-March. The new price proposal is entirely based on improving conditions in the global steel market, including the demand and production outlooks from Chinese steel mills, as well as inventory levels.

Bank of Communications Co. (SHA:601328) (HKG:3328), China's fifth-largest lender by assets, plans to seek up to CNY42 billion from a rights issue to shareholders of both the company's Hong Kong- and Shanghai-listed shares, The bank said in a statement it would offer up to 1.5 rights shares for every 10 shares. Its rivals Bank of China Ltd. (SHA:601988) (HKG:3988) and China Merchants Bank Co. (SHA:600036) (HKG:3968) have announced plans to raise funds to bolster their capital base in accordance with Chinese regulatory requirements.

Keppel Corp. Ltd. (SIN:BN4) said that Singbridge International Singapore Pte. Ltd. has acquired a 10 per cent stake in Singapore Tianjin Eco-City Investment Holdings Pte. Ltd., a consortium led by Keppel, for S$16.3 million. Singbride is a unit of Temasek Holdings Pte. Ltd. Kepple said the sale will not have any material impact on the net tangible assets per share or the earnings per share of the Company for the current financial year.