2006年7月17日全球金融市场周报(独家双语版)

　　Asia Pacific 亚洲

　　Performance from Pacific stock markets was mixed as concerns over the US and Japan's reaction to missile testing by North Korea played on investors' minds. The MSCI Pacific ex Japan index rose 0.7% in USD but 0.2% in local currency terms. Korea's KOSPI had a poor week (-1.6%) amid tensions with North Korea and concerns over the effect an appreciating won will have on exports. Hyundai Motor and LG Philips LCD made respective losses of 5.3% and 10%, respectively. The Bank of Korea, while holding its overnight call rate steady at 4.25% as expected last Friday, said inflation pressure remains elevated on sustained economic growth and higher energy prices, signalling it may tighten monetary policy further this year.

　　Taiwan's TWSI also fell 0.7% amid weakness in technology stocks, despite last Friday's report showing Taiwan's June exports expanded at the quickest annual pace in eight months. Australia's All Ordinaries climbed 1.2% following strong sentiment in the resources sector and hopes of a consolidation in the coal industry after the US's Peabody Energy bid AUD 1.8 billion for Australia's Excel Coal. Hong Kong's Hang Seng, which rose 1.2%, reached a seven-week high amid continued hopes of an end to US interest rate rises and surging commodity stocks. China's A shares (+3.5%) rose for a fourth straight week, largely attributable to a strong debut of Bank of China. Following continued moves by the government to tighten liquidity conditions, June saw China's M2 money supply grow at the slowest pace in six months, decelerating to an annual pace of 18.4% from May's 19.1%. India's BSE National ended the week 0.9% lower in volatile trading. Investors were still cautious, which was reflected in the persistently low trading volumes.

　　市场关注美日两国对北韩试射导弹的反应，太平洋股市表现参差。

摩根士丹利太平洋(日本除外)指数以美元计升0.7%，以当地货币计则升0.2%。 南北韩局势紧张，韩圜汇价上升亦可能对出口构成影响，首尔证交所指数表现不济，跌1.6%。现代汽车(Hyundai Motor)及LG Philips LCD分别下跌半成及一成。南韩央行虽维持隔夜通知利率不变，但却表示在经济持续增长及

能源价格上涨形势下，通胀压力依然沉重，暗示今年或会进一步加息。

　　尽管上周五报告显示台湾6月份出口录得八个月以来最急速的按年计增长，加权指数仍因科技股偏软而跌0.7%。资源股备受追捧，美国Peabody Energy出价18亿澳元向澳洲Excel Coal提出收购，市场亦憧憬煤炭业进行合并，刺激澳洲所有普通股指数升1.2%。

　　美国加息周期可望完结，加上商品股急升，刺激香港恒生指数升1.2%，创七个星期新高。中国A股连升四周，上周升幅达3.5%，主要有赖中国银行上市先声夺人。政府继续采取措施收紧银根，6月份中国货币供应M2的增长步伐乃六个月以来最慢，按年计增长率由5月份的19.1%减慢至6月份的18.4%。上周印度股市表现反复，孟买证交所指数低收0.9%。交投持续低迷，反映投资者依然审慎。

　　(以上资料全部来源于JF Asset Management)

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