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Forex capital markets

A light on a global market

Seoul shares feel cool trading

Seoul shares were trading lower after opening in the green. The benchmark index, KOSPI, was down 7.82 points or 0.57% at 1,365.83.

The U.S. dollar opened at 948.50 won, down from Thursday's close of 949.70 won. At around 10:54 a.m. the dollar was trading at 945.90 won.

Among oil stocks, S-Oil slipped 1.39%, while SK surged 2.23% after it said that it will buyback its shares. In the tech space, Samsung Electronics fell 1.59% and Hynix Semiconductor plummeted 2.39%. LG.Philips LCD soared 2.31%, while LG Electronics climbed 0.88%.

Banking stocks were gaining with KookMin Bank advancing 1.83% and Woori Finance adding 1.20%. Energy Company KEPCO lost 0.69%. Auto maker Hyundai gave away 1.93%. Steel Company POSCO rose 0.37%. In the telecom sector, while KT climbed 0.58%, SK Telecom surged 1.70% on higher third quarter earnings.

Tokyo shares keeping expectations

Tokyo shares opened higher on expectations of better earnings by major companies, but lost ground less than an hour into trading. On Thursday, in the U.S., the Dow Jones Industrial Average closed at yet another record high. The benchmark Nikkei 225 index was down 84.25 points to 16,727.35 and the TOPIX slipped 12.78 points to 1,651.81.

At 10:28 a.m. the U.S. dollar was fetching 18.44-118.45 yen, down 0.30 yen from Thursday's 5:00 p.m. quotes of 118.74-118.77 yen in Tokyo.

Among oil issues, Nippon Oil surged 2.03% and Nippon Mining Holdings added 0.11%, but Showa Shell Sekiyu KK dropped 0.07%. In the banking space, Mitsubishi UFJ Financial Group dropped 1.31%, Sumitomo Mitsui Financial Group fell 1.68% and Resona Holdings gave away 1.62%.

In the insurance sector, Millea Holdings lost 1.28%, Mitsui Sumitomo Insurance and Sompo Japan Insurance plunged nearly 1.95% each and T&D Holdings declined 1.88%.

Trading houses were also trading weak with Mitsui losing 1.01%, Itochu falling 0.92%, Sojitz declining 0.52% and Marubeni giving away 0.65%. Sumitomo added 0.45%, while was Mitsubishi unchanged.

Auto stocks were trading mixed. While Honda, Japan's number 3 car maker, and Nissan surged nearly 2.40%, Toyota declined 0.14% and Mazda fell about 1.00%. Suzuki was unchanged.

Among high tech stocks, gainers included, Sony 2.28%, NEC 0.32% and Oki Electric Industry 3.79%. Among losers, Advantest plunged 1.79%, Tokyo Electron dipped 0.10%, Fanuc lost 1.15%, Fujitsu plummeted 2.14% and Matsushita Electric Industrial fell 0.97%. Kyocera and Minebea were unchanged. Brokerage Nomura Holdings lost 1.41%, Nikko Cordial plunged 2.99%, Daiwa Securities fell 0.72% and Shinko Securities plummeted 4.42%.

Sydney Shares Struggling to survive

Sydney Shares were trading lower as commodity prices fell. Gains on the Wall Street, with the Dow Jones Industrial Average closing at another record level, did not seem to impact the market sentiments. The benchmark S&P/ASX 200 index was down 17.8 points or 0.3% to 5,371.9. The All Ordinaries index was also down 19.1 points or 0.4% at 5,341.5.

The Australian dollar opened higher on Friday. At 0700 AEST the Australian dollar was trading at USD 0.76410.7644, up from Thursday's close of USD 0.7632-0.7635.

Fall in commodity prices pulled resources stocks down. Miner BHP Billiton dropped 1.60%, Rio Tinto fell1.64% and Iluka Resources gave away 1.34%. While Alumina was unchanged,

Zinifex surged 2.83%. Among gold miners, Newcrest Mining lost 0.04%, Lihir Gold plunged 1.08% and Oxiana plummeted 2.34%. Oil issues were also down. Woodside Petroleum fell 1.47%, Oil Search lost 1.71% and Santos gave away 1.11%.

Banking stocks were trading higher. National Australian Bank added 0.70%, ANZ rose 0.87%, Westpac Banking edged up 0.04% and Macquarie Bank gained 0.09%. Commonwealth Bank was trading flat. In the insurance space, AMP dropped 0.43% and IAG gave away 0.91%. Promina climbed 0.91% and QBE moved up 0.61%. While Henderson Group fell 0.71%, AXA Asia Pacific plunged 1.47%.

In the retail sector, Woolworths added 0.44%, Harvey Norman Holding plunged 2.1%, David Jones lost 0.82%. Media company John Fairfax lost 1.21% and Publishing & Broadcasting gave away 0.35%, but Seven Network advanced 0.56%.

New Zealand market also under expectations

New Zealand market posted a slight drop in a featureless early trading on Friday morning. The benchmark NZX-50 index was down 1.93 points to 3703.51 after being in the positive territory for a short while. The New Zealand share market had shot up by 1% to a five-month high by Thursday's closing in response to Reserve Bank governor Alan Bollard's decision to keep interest rates steady.

The markets top stock Telecom dipped by 0.45% where as the no.2 stock, Fletcher Building Limited was up by 0.22%. Another blue chip company, Contact Energy Limited was also up by 0.42%.

In the retail sector, all the major companies posted losses on Friday morning. Hellaby Holdings Limited down by 1.63% along with Hallenstein Glasson Holdings which also fell by 0.75%. Pumpkin Patch Limited dipped by 0.25% and The Warehouse Group Limited fell by 0.46%.

In the energy sector, TrustPower Limited up by 0.74%. Vector Limited also posted a gain of 0.40%.

Among other notable stocks, Nuplex Industries Limited fell by 0.74%. Sky City Entertainment Group was also down by 0.59%. Steel & Tube Holdings Limited however posted a gain of 0.65%. The stocks of Michael Hill International Limited lost 1.64% in the early trading on Friday.

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