Seoul: Stocks, won drop on suspected North Korean nuclear test


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South Korean shares and won fell early on Friday following a suspected North Korean nuclear test.

South Korea’s presidential Blue House will hold a National Security Council meeting at 0200 GMT on Friday after seismic activity was detected near North Korea’s known nuclear test site, activity South Korea said could have been a nuclear test.

The Korea Composite Stock Price Index (Kospi) was down 1.2 per cent at 2,038.21 points as of 0201 GMT.

The won was quoted at 1,100sw.1, down 0.7 per cent compared to Thursday’s close of 1,092.6.

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Stocks to watch: Yoma Strategic, Oceanus, Del Monte Pacific


stockTHE following stocks made announcements after Thursday’s market close that could affect its trading on Friday:
Yoma Strategic said its subsidiary, Convenience Prosperity Company Ltd (CPCL), has been appointed by J C Bamford Excavators as the exclusive distributor for the Myanmar market. The partnership is important at a time when infrastructure and construction activities are accelerating across the country, said its CEO Melvyn Pun.

Seafood supply chain manager Oceanus Group has signed a binding term sheet with two of three of its key creditors for a proposed debt restructuring, which may greatly reduce its total outstanding debt balance. The total debt balance, including accrued interest, held under the two key creditors, Ocean Wonder International and BW Investment, amounts to S$71.85 million, representing 82.8 per cent of Oceanus’s outstanding debts.

Del Monte Pacific narrowed its first quarter loss to US$8.7 million, from US$10.7 million a year ago, on lower operating expenses as a result of a restructuring that started last year. The group’s revenue shrank 2.8 per cent to US$465.5 million from the preceding year.

Stocks to watch: CapitaLand Mall Trust, Rickmers, SGX, China Minzhong Food


THE following companies made material announcements before the opening of Wednesday’s market:

CapitaLand Mall Trust said that the new Funan mall, when ready in the fourth quarter of 2019, will be a platform that “inspires retail innovation” and offers a “new paradigm” for living, work and play.

Funan will go beyond selling IT products to “incorporating the tech experience throughout the entire integrated development”.

The new property will have a total gross floor area (GFA) of 887,000 sq ft. Occupying more than half the GFA at 500,000 sq ft will be the mall, a six-storey retail component which comprises four levels above ground and two basement levels. Three towers will sit above, including two six-storey premium Grade A office towers from Level 5 to Level 10 with a GFA of 266,000 sq ft, and a nine-storey block housing 279 co-living apartment units from Level 4 to Level 12 with a GFA of 121,000 sq ft.

Asia: Markets rally as US rate expectations fade


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Asian stock markets rallied on Monday as a slowdown in US jobs creation doused expectations for an interest rate hike this month while at the same time showing the world’s top economy was still improving.

The much-anticipated reading on Friday showing 151,000 new posts in August was below expectations but indicated hiring remained solid.

Before its release analysts had marked the reading as a guide to the Federal Reserve’s plans for monetary policy after the bank’s boss Janet Yellen – and later her vice chairman Stanley Fischer – suggested a rate rise could come this year.

While most market-watchers suggested the below-par reading was likely to mean the Fed will hold off moving this month, there are still some who think a hike could still come soon, providing support to the dollar.Asian stock markets rallied on Monday as a slowdown in US jobs creation doused expectations for an interest rate hike this month while at the same time showing the world’s top economy was still improving.

The much-anticipated reading on Friday showing 151,000 new posts in August was below expectations but indicated hiring remained solid.

Before its release analysts had marked the reading as a guide to the Federal Reserve’s plans for monetary policy after the bank’s boss Janet Yellen – and later her vice chairman Stanley Fischer – suggested a rate rise could come this year.

While most market-watchers suggested the below-par reading was likely to mean the Fed will hold off moving this month, there are still some who think a hike could still come soon, providing support to the dollar.Asian stock markets rallied on Monday as a slowdown in US jobs creation doused expectations for an interest rate hike this month while at the same time showing the world’s top economy was still improving.

The much-anticipated reading on Friday showing 151,000 new posts in August was below expectations but indicated hiring remained solid.

Before its release analysts had marked the reading as a guide to the Federal Reserve’s plans for monetary policy after the bank’s boss Janet Yellen – and later her vice chairman Stanley Fischer – suggested a rate rise could come this year.

While most market-watchers suggested the below-par reading was likely to mean the Fed will hold off moving this month, there are still some who think a hike could still come soon, providing support to the dollar.

Seoul: Won, stocks rise as Federal Reserve’s Sept rate hike seems unlikely


sk3The South Korean won and shares rose to their strongest in over two weeks early on Monday as weaker than expected US jobs data reduced speculation on an imminent increase in US interest rates.

The won was quoted at 1,109.3 per US dollar as of 0208 GMT, up 0.7 per cent compared to the previous close of 1,117.2.

The Korea Composite Stock Price Index (Kospi) was up 0.8 per cent at 2,055.58 points.

The currency and the stocks were both at their strongest since Aug 19 of this year.

Hong Kong, Shanghai: Stocks rally at open


hks1Hong Kong shares surged more than one per cent in the first few minutes of trade Monday as a slowdown in US jobs creation last month lowered expectations for an interest rate hike this month.

The Hang Seng Index added 1.20 per cent, or 280.29 points, to 23,546.99.

The benchmark Shanghai Composite Index edged up 0.11 per cent, or 3.36 points, to 3,070.71 and the Shenzhen Composite Index, which tracks stocks on China’s second exchange, added 0.29 per cent, or 5.90 points, to 2,015.19.

Singapore shares open 1.13% higher on Monday after weak US job data


singaporeSINGAPORE stocks opened 1.13 per cent higher on Monday, with the Straits Times Index adding 31.63 points to 2,835.55 as at 9am.

This followed weaker-than-expected US August jobs data released on Friday, which reports have said will reduce the odds for a US rate hike this month.

In Singapore, about 50.1 million shares worth S$73.4 million in total changed hands. Gainers almost tripled losers at 98 to 32.

Top stocks by value traded were Singtel, DBS and Singapore Exchange.