Ending the week on a strong note, the Nikkei 225 Index closed at
9,777.03, a seven month high. March is traditionally the strongest
month for the Nikkei 225 Index as it is the last month of the
fiscal year in Japan. February was the strongest for the Nikkei 225
Index since 1991. Other Asian markets were strong with the Hang
Seng Index endinig trading at 21,562.30, up 174.30 or 0.81%. At
4,273.10, the Standard & Poor's Asia 200 Index closed 17.56 and
Profit taking hit the auto sector as Toyota Motors (
) was down 0.6%. Nissan
) fell 1.1%. Intervention by the Bank of Japan weakened the yen,
which lifted export shares, particularly auto makers. Tata Motors (
) of India is also down 1.51% today in ADR action.
There is concern among traders that the Nissei 225 Index is due
for a correction after rising double digits in February and more
than 15.6% this year. Overall trading volume was thin, with 2.25
billion shares changing hands on the main board, down from 2.63
billion shares on Thursday. Futures trading, however, has been
strong over the past three sessions at nearly double the long-term
average. "The rally has been so fast that market players are
becoming wary of overheating. At the individual company level, it
is becoming difficult to buy at the current price as well,"
observed Ryota Sakagami, chief strategist at SMBC Nikko Securities.
The relative strength index for the Nikkei 225 Index is at 82, well
above the 70 standard for considered to be overbought.
*Nikkei 225 Index closed at 9,777.03, up 69.66 and 0.72%.
*Hang Seng Index closed at 21,562.30, up 174.30 and 0.81%.
*Standard & Poors Asia 200 Index closed at 42730, up 17.56
ASIA MARKETS FUTURES
*Nikki 225 Index is at 225 at 9,770.00 after reaching a high of
9,820.00 and a low of 9,750.00.
*Hang Seng Index is at 21,534.00 after reaching a high of
21,596.00 and a low of 21,484.00.
*Standard & Poor's Asia 200 Index is at 4,257.00 after
reaching a high of 4,280.00 and a low of 4,255.00.
*UBS Bloomberg CMCI Index is at 1,643.33 after reaching a high
of 1,654.87 and a low of 1,642.11.
*Standard & Poor's GSCI Index is at 713.18 after reachng a
high of 717.45 and a low of 702.08.
*RJ/CRB Commodity Index is at 321.90 after reaching a high of
323.40 and a low of 321.90.
*Rogers International Index is at 3,915.08 after reachng a high
of 3,945.64 and a low of 3,913.27.
) is at $1,709.90, down $12.30 and 0.72%.
) is at $107.44, down $1.40 -1.30%
*Corn (CORN) is at $649.00, down $5.00 and 0.77%.
*Copper (JJC) is at $389.700, down $3.450 and 0.88%
*USD/JPY 81.560, up +0.58%.
*EUR/USD is at 1.3202, down -0.80%.
*GBP/USD is at 1.5848, down -0.68%.