Asian Markets open positive

Asian markets opened positive on Thursday (August 23) as worries regarding the credit crises took a pause. However, Japanese government bond futures fell in the early sessions of trade ahead of the Bank of Japan`s policy decision, which is to come later in the day.

Mitsubishi UFJ Financial Group and Macquarie Bank rose on easing credit concerns. BHP Billiton, the world`s largest miner, rose after it reported record profit.
Shares of Countrywide Financial jumped 20% after the company announced that Bank of America bought USD 2 billion of convertible preferred stock.

The Japanese benchmark index Nikkei, gained 392.26 points, or 2.47%, to trade at 16,293.60.

Hong Kong`s index Hang Seng gained 545.18 points, or 2.44%, to trade at 22,892.06.

China`s Shanghai Composite gained 17.84 points, or 0.36%, to trade at 4,997.91.

Taiwan`s index Taiex gained 229.51 points, or 2.70%, to trade at 8,722.97.

South Korea`s KOSPI gained 55.12 points, or 3.13%, to trade at 1,814.62.

Singapore`s Straits Times gained 77.36 points, or 2.33%, to trade at 3,398.86. (8.10 a.m, IST)

Asian Securities - Voltamp Transformers, Areva T&D

Asian Securities - Voltamp TransformersAsian Securities - Areva T&D

Asian Market Securities - Cement Followup

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EXCLUSIVE! - Asian Market Securities - Sector Update - Cement

Indian Cement Industry

Asian Markets Securities, in a sector update on cement, said valuations are at a reasonable level, and "the best has already been factored in the prices, and long-term outlook does not appear rosy."

The report added: "At best, cement sector could be market performer offering 10-15% return in sync with market momentum over the medium term. Valuation gap within the industry will widen as companies will get divergent valuations based upon factors like location, efficiency, financials, scale, cap-ex plans etc.

"Our word of caution also stems from high enterprise value (EV), which over the past one year has sky-rocketed to $200-220 per tonne for large companies & $150-170 per tonne for mid-sized companies.

"Such astronomical pricing is peculiar to boom times & tend to correct sharply should cycle turn unfavorable.

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