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104,104
On the whole, weak global economic outlook, especially the sluggish economy in the US and the euro-zone debt anxiety, hurt the Asian markets. But in individual market, there were drops and rises respectively while overall gains were restricted on Monday.
China’s property market dropped due to the effectiveness of Chinese government’s purchase limit policy. Korean shipbuilders remained under selling pressure in face of shrinking global demand. Japanese exporters were pressured by both the gloomy global economy and the local appreciated currency. Hong Kong got a higher finish as European stocks advanced in early trading and as Dow Jones Industrial Average futures climbed in electronic trading, and maybe due to the expectation of high CPI in July.
In the resources sector, gold miners gained on the back of the surging gold prices. On the contrary, some energy producers declined on weaker crude-oil prices. In Sydney, Bluescope Steel shares fell 5.7% after the company said it would close a blast furnace and abandon its export business.
Companies also varied according to their different backgrounds. HSBC Holdings rose 2% to recover some recent losses. China Mobile added 2.9%, benefiting from its low valuation and its appeal as a defensive stock. China Unicom Hong Kong lost 4.7% after the mobile-service provider's 3G subscriber additions in July fell short of expectations.
A vivid picture of systematic risk and nonsystematic risk, right?
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