Asian Shares Higher; Australia Hits 3-Month High

21 Aug 2012

--Asian markets higher --Nikkei down 0.2%, Hang Seng Index flat, S&P ASX 200 up 0.4% --Australia hits three-and-a-half month high (Updates prices, adds company information) By Daniel Inman Asian markets ended mixed Tuesday with Australia hitting a fresh three-month high and Hong Kong weighed down by poor results from Chinese oil company Cnooc. Japan's Nikkei was down 0.2% to 9156.92 as the dollar's five-session winning streak against the yen came to an end overnight. The dollar was at Y79.42, unmoved after losing 0.2% on Monday. "The markets are pretty much on hold until September, which is the earliest we can expect any meaningful action from the European Central Bank," said Tim Waterer, senior trader at CMC Markets in Australia. Hong Kong's Hang Seng Index was flat at 20100.09 as more companies reported earnings. Cnooc released a worse-than-expected 19% decline in first-half net profit, owing to lower oil and gas output as well as higher income tax. The stock fell 3%. There were positives, as insurer PICC Property & Casualty Company posted a 23.6% on-year jump in first-half net profit owing to higher premiums income and better underwriting profitability, lifting the stock by 7.3%. The S&P ASX 200 was up 0.4% to 4383.40 after Xinhua reported a $236 billion stimulus package in Chinese city Chongqing spurring speculation more growth in China may aid the Australian economy. Earnings also remained a focus, as a number of local companies reported. Packaging company Amcor dropped 0.8% after missing full-year earnings consensus by around 12%, while engineering company Monadelphous Group shot up 7.2% after beating expectations. The Reserve Bank of Australia also released its minutes for its August policy meeting, expressing satisfaction with a 3.5% cash rate and offering little forward-looking commentary. The Australian dollar bumped up to $1.051. South Korea's Kospi was down 0.2% to 1943.22. The index's single largest constituent, Samsung Electronics, ended 0.1% lower, eradicating earlier gains; while motor-vehicle makers Hyundai Motor and Kia Motor gained 0.4% and 1.2%, respectively. Apple reached an all-time high overnight owing to growing anticipation for the launch of the iPhone 5, providing a boost for Asian companies that supply the U.S. tech giant. Taiyo Yuden added 1.3% in Japan, and in Taiwan, Hon Hai Precision Industry also advanced 1.3%.