Asian markets rallied Wednesday led by resources shares. Japan's Nikkei surged 2.7 per cent while Japanese exporters were helped by the weaker yen. Hong Kong market rose 1.3 per cent led by Chinese banks, as investors digested the Chinese government's decision before the Lunar New Year holiday to increase bank reserve requirement. Singapore also resumed trading on Wednesday and posted a 1.3 per cent gain. Today Shanghai and Taiwan markets remained closed.
China's tightening rare earth export may affect the A$500 million takeover of Australian company Lynas Corporation (ASX:LYC) by a state-owned company.
On Friday Asian markets closed mixed in a volatile trading session. Japan's Nikkei 225 Average climbed 1.5%, while South Korea's Kospi rose 0.8%. China's Shanghai Composite was down 1.8% and Hong Kong's Hang Seng Index fell 0.7%. Tokyo stocks slid more than 3 percent on Monday after the news that U.S. government will take a large stake in Citigroup. South Korean stocks also made a weak start today, weighed down by the deepening financial jitters and the weakening local currency.
Asia's major markets ended mostly lower yesterday. Tokyo stocks were hit by the data of huge contraction in the economy, but Shanghai Composite outperformed the Asian markets backed by hopes of further government economic stimulus measures, which also boosted the Hong Kong shares.
Beach Petroleum (ASX:BPT) has sold a further 10 per cent equity share in the Basker-Manta-Gummy (BMG) joint venture in Bass Strait to Sojitz Energy Australia Pty Ltd, a wholly owned Australian incorporated company of Sojitz Corporation of Japan, for a total of $A123 million.
Central Petroleum Limited (ASX:CTP) Secures Further Contractor Services For 2008 Exploration Program
Central Petroleum Limited (ASX: CTP)("Central") is pleased to announce the securing of further services of various contractors and suppliers for its forthcoming 2008 exploration programme.
White Energy Company Limited (ASX: WEC) today announced a joint venture has been signed with the Adaro Group one of Indonesia's largest coal companies, and Itochu Corporation (Itochu), a major Japanese trading house.