Credicorp Securities Headlines: Asia Ends Mixed on US Debt Warning

Published: Thursday, 14 Jul 2011 | 6:05 AM ET By: CNBC.com with Reuters

Asian stocks ended mixed on Thursday as investors were cautious after Moody’s warned that the United States’ top notch credit rating is under review for a downgrade.
Moody’s said it may cut the U.S.’ triple-A rating due to the rising chance its debt ceiling may not be raised by the Aug. 2nd deadline.
The FTSE CNBC Asia 100 Index [.FTFCNBCA 6778.87 94.28 (+1.41%)], which measures markets across Asia, fell 0.1 percent.
The benchmark Nikkei [.N225 10005.90 116.18 (+1.17%)] lost 0.3 percent to 9,936.12, after falling at one stage to as low as 9,884.00, beneath support at its 200-day moving average at 9,900.
After Moody’s move, the greenback dived to a four-month low against the yen, putting exporters under pressure.
Sony lost 1 percent, while electronics parts maker Kyocera dropped 0.7 percent.
But shares of Toyota Auto Body soared 9.3 percent and Kanto Auto Worksjumped 4 percent after Toyota Motor announced a $1.3 billion overhaul of its manufacturing in northeastern Japan, including the purchase of the two units.
Seoul shares ended flat, paring earlier losses, although options expiries weighed on the index.
Shares in auto parts maker Mando fell 2.3 percent after news that KCC Corpsold a 636.9 billion won ($602.7 million) stake in the firm at a 6.8 percent discount to Wednesday’s closing price.
The Korea Composite Stock Price Index (KOSPI) [.KS11 2154.95 24.74 (+1.16%)] finished up 0.02 percent at 2,130.07 points.

Australian stocks fell 0.5 percent, led down as department store David Jones plunged 18 percent after a profit warning, sending wider retailers and media stocks lower.
The benchmark S&P/ASX 200 index [.AXJO 4549.70 81.60 (+1.83%)] fell 24.1 points to 4,490.7. New Zealand’s benchmark NZX 50 index fell 0.4 percent to 3,409.6.
China Edges Up on Surging Gold Issues
Hong Kong shares posted marginal gains in choppy trade after a late rally inHutchison Whampoa [0013.HK 83.35 1.05 (+1.28%) ] helped pare losses in China-related names.
The benchmark Hang Seng Index [.HSI 22003.69 101.29 (+0.46%) ]finished up 0.06 percent at 21,940.2.
The “Big Four” Chinese banks were the most actively traded stocks among Hang Seng Index constituents, Bank of China [3988.HK 3.54 0.01 (+0.28%)],China Construction Bank [0939.HK 6.06 --- UNCH ] and Agricultural Bank of China(AgBank) [1288.HK 4.11 0.04 (+0.98%)] all retreated on the day. OnlyIndustrial and Commercial Bank of China (ICBC) [1398.HK 5.72 0.04 (+0.71%)] eked out marginal gains.
China Telecom [0728.HK 5.21 0.01 (+0.19%)] has gained almost 7 percent since Reuters reported on Wednesday that it would be joining China Unicom[0762.HK 15.08 --- UNCH ] in offering Apple‘s [AAPL 390.63 13.78 (+3.66%) ]iPhone in the mainland.
Meanwhile, shares in carmaker Geely Automobile Holdings [0175.HK 3.09 0.03 (+0.98%)] fell 2.2 percent after the company reported slower sales growth in June, underperforming the industry.
China’s main stock index, meanwhile, ended up 0.5 percent, lifted by strong gold miners for a second-straight session on the back of surging gold prices.
Zijin Mining Group [601899.SS 5.66 -0.18 (-3.09%)] was among the most actively traded stock so far, jumping 6.3 percent, while Jinduicheng Molybdenum [601958.SS 20.28 0.08 (+0.4%)] rallied 2.5 percent.
The Shanghai Composite [.SSEC 2794.21 -2.78 (-0.1%)] ended at 2,810.4 points, extending a rise of 1.5 percent on Wednesday.
Finally, in Southeast Asia, Singapore’s STI [.FTSTI 3126.53 30.41 (+0.98%)]ended flat, while Malaysia’s KLCI [.KLSE 1562.59 6.95 (+0.45%)] lost 0.1 percent at the finish line.

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