The Lexington Group - Asia Report - 16.08.2013

Aug. 16, 2013 - CHIYODA-KU, Japan -- Most markets in Asia fell on Thursday after a 100 point drop on Wednesday the Dow Jones Industrial Average. In Tokyo the Nikkei Stock Average fell 2.1% to erase solid gains made in the two previous trading sessions, Taiwan´s Taiex lost 0.8% and the in China the Shanghai Composite dipped 0.9%. The Hang Seng in Hong Kong finished will a marginal loss, while Australia´s S&P/ASX 200 gave up a tenth of a percent. The Kospi in South Korea was closed for a holiday.

Losses in Tokyo were spread across a broad range of sectors with some of the most notable decliners including; Mitsubishi Motors Corp. lost 2.9%, Panasonic Corp. slid 3.2%, and Daiwa Securites Group gave up 3.7%.

Gold mining firms rose in Australia as the yellow metal´s price rose 1% yesterday; Kingsgate Consolidated climbed 3.1% and Newcrest Mining Ltd. rose 1.3%. The financial services firm AMP Ltd. gained 3.5% even after announcing that first half of the year profits fell 9% but still beat earlier projections. The fall in profits came from a poor performing life insurance division which experienced unusually high number of claims.

In Hong Kong, a number of blue-chip companies released earnings reports and the markets responded in turn. The personal computer manufacturer Lenovo Group Ltd climbed 2.1% after reporting a 23% increase in its first half of the fiscal year profits. Logistics company Li & Fung jumped 11.6% despite a drop in half year profits, investors were pleased with their forecasts for the second half. The internet giant Tencent Holdings Ltd. gave up half a percent after its profits did not reach expectations.

The Lexington Group is outsourced by various financial institutions to provide supplementary analysis of financial instruments, which essentially means we primarily analyse and report to other trading houses.

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This release was published on openPR.