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Asian stocks up after China currency announcement

Asian stocks rise after China announces the end of its 2-year-old peg to the dollar

On Monday 21 June 2010, 11:11 SGT

SHANGHAI (AP) -- Asian stock markets rose early Monday after China ended its two-year peg to the dollar over the weekend, though there was no immediate change in the yuan's exchange rate.

Japan's benchmark Nikkei 225 stock index gained 146.33 points, or 1.5 percent, to 10,141.35.

South Korea's Kospi rose 1.5 percent to 1,737.12, and Australia's S&P/ASX 200 was up 1.4 percent at 4,616.20.

China's main share benchmark, the Shanghai Composite Index, added 0.8 percent to 2,534.08, while Hong Kong's Hang Seng index climbed 2.1 percent to 20,702.33.

The Hang Seng was led by heavyweights such as China Life Insurance, which advanced 2.7 percent and Bank of China, up 2.3 percent.

The official exchange rate for China's currency stood unchanged Monday morning in line with the central bank's warning the value of the yuan would not dramatically rise after its two-year peg to the dollar ended.

The People's Bank of China left the yuan's parity rate against the U.S. dollar unchanged Monday at 6.8275, the official Xinhua News Agency said. The rate is a weighted average of prices given by market makers, excluding highest and lowest offers.

"The Chinese side announcing the possibility of greater flexibility for the renminbi, which raises hopes for reminbi appreciation and gives more impetus to Hong Kong stocks," said Ben Kwong Man Bun, chief operating officer at KGI Securities in Hong Kong, using the other Chinese term for its currency.

The impact of any change in the yuan's value will be mixed, he noted, with exporters likely to suffer and importers and airlines, whose debts are denominated in U.S. dollars, gaining.

The yuan's value has been pegged to the U.S. dollar for two years, causing friction with countries who say it is undervalued for China's own benefit. A stronger yuan would make Chinese exports more expensive and bring relief to foreign manufacturers that have struggled to compete.

Beijing has long refused to allow the yuan to float and denied accusations it is unfairly undervalued.

The central bank said it would rely more on a basket of currencies that includes the U.S. dollar to determine the exchange rate, rather than the dollar alone.

In currencies, the dollar rose to 90.47 yen in Tokyo on Monday morning from 90.36 yen in New York late Friday. The euro stood at $1.2432, little changed from $1.2435.

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21-Jun-2010 11:49

Straits Times Index / STI to cross 3000 boosted by long-term investors

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x 0

yes dig them all out..

it'll be good to share.. i won't know all..

i only know those famous ones thatthe analyst highlight..

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21-Jun-2010 11:43

Straits Times Index / STI to cross 3000 boosted by long-term investors

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x 0

dig out those S chips who earn in RMB...

will definitely benefit from the yuan appreciation..

so faar yanlord, midas,utd, yzj, cosco had made upward movements in their stock prices..

ozone2002 ( Date: 21-Jun-2010 09:08) Posted:

CHINA YUAN REFORM IN FOCUS

buy stocks that earn in RMB............

e.g soundglobal, utdenviro,yanlord etc..

gd luck..

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21-Jun-2010 11:40

Yanlord Land / Lord of China Prop

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x 0

CHIONG AHHHHHHHHHHHHHH 1.83!!!

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21-Jun-2010 11:14

Yanlord Land / Lord of China Prop

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x 0

tested 1.8

chiong ahhhhhhhhhhhhhhhhhh

china yuan reforms..

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21-Jun-2010 10:58

AusGroup / AUSGROUP: 1H09 revenue up 28.8% to reach A$260.5 m

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x 0

53.5 chiong ahhhhhhhhhhhhhhhhhh in stealth mode..keke

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21-Jun-2010 10:56

StarHub / Starhub

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x 0

2.33... told u it's damn good.. =)

ozone2002 ( Date: 03-Jun-2010 17:00) Posted:

starhub is damn gd la..

pay high divy

got cap appreciation somemore..

where to find..

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21-Jun-2010 10:34

Straits Times Index / STI to cross 3000 boosted by long-term investors

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We maintain our view of 2900 rebound potential for the STI

before hitting resistance. However, we are mindful that the

short-term market breadth indicator rose to very near extreme

overbought levels last week, which typically forewarns of an

index pullback. Thus, short-term traders may continue to ride

the rebound higher but should look to lock in gains close to

2900. We currently peg near-term support at 2770-2810.

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21-Jun-2010 10:31

Straits Times Index / STI to cross 3000 boosted by long-term investors

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how abt several clicks from 1 counter only.. Smiley

iPunter ( Date: 21-Jun-2010 10:26) Posted:

One click from several counters is enough to call it a day... Smiley

ozone2002 ( Date: 21-Jun-2010 10:23) Posted:

i love chiong days..that's where i get my income.. =)

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21-Jun-2010 10:25

Others / Perfect BULL in making!! hee.... :D

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x 0

HS chiong ahhhhhhhhhhhhhhh!!!!

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21-Jun-2010 10:23

Straits Times Index / STI to cross 3000 boosted by long-term investors

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i love chiong days..that's where i get my income.. =)

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21-Jun-2010 10:16

GMG Global / The Hidden Gem

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commodities in focus again..

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21-Jun-2010 09:58

ShareJunction / VIKING offshore

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utd 39

viking still 20.5

laggard laggard laggard...take advantage of the opportunity...

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21-Jun-2010 09:37

Citic Envirotech / United Envirotech

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broke above 37 today..very convincing..

vol very good..

looks like has legs to run further..

get ready to take profit on sign of reversal..good luck!

ozone2002 ( Date: 18-Jun-2010 15:52) Posted:

seems like they're trying to accumulate enough to push it further...

watch for the break above 37

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21-Jun-2010 09:29

Midas / Midas

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no la..not bear trap..

if u buy stocks with gd fundamentals..where got trap..

unless it's overpriced....

right now midas should be trading >$1

in my opinion..

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21-Jun-2010 09:26

SingTel / Singtel Bullish???

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i take profit in stages.......

reach my target i sell 1/2 my holdings..then let it ride until i get reversal..

then i sell all.. =)

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21-Jun-2010 09:21

Straits Times Index / STI to cross 3000 boosted by long-term investors

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folks u know what to do when that happens Smiley

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