2006年9月15日全球金融市场周报（独家双语版）

　　Asia Pacific 亚洲

　　Investors in Asian Pacific equities sustained losses last week as concerns over US inflation and poor country specific news weighed on stock markets. The MSCI Pacific ex Japan index fell 0.4% in USD but rose 0.1% in local currency terms. Energy shares lost ground as crude prices retreated to a 5-month low. Woodside Petroleum, CNOOC, and PetroChina fell 4.4%, 4.0% and 3.6%, respectively. Perhaps unsurprisingly, airliners, the main beneficiaries of a declining oil price, were among the best performing sectors last week. China Eastern and Korean Air Lines made respective gains of 6.3% and 4.6%. Hong Kong's Hang Seng eased 1.6% after touching a 6-year high earlier last week. Heavyweight real estate and banking stocks led the market downwards amid intensifying concerns that US interest rates will rise again.

　　Korea's KOSPI (-0.1%) ended the week almost unchanged. Market heavyweight Samsung Electronics fell 0.9%. As expected, Bank of Korea left the overnight call rate steady at 4.5% after lifting the benchmark rate five times in the past year. Australian equities overcame news that the Australian economy had only grown by a slower-than-expected, QoQ pace of 0.3% in 2Q, with the All Ordinaries ending the week broadly unchanged. India's BSE National (+1.5%) rose for the seventh straight week, with mid & small cap stocks stealing the limelight. Market turnover improved and foreign institutional investors remained net buyers, making a net purchase of USD 226m last week. Indonesia's JCI gained 1.5%. Last Tuesday Bank Indonesia cut the benchmark one-month interest rate by 0.5% to 11.25%, which was the fourth rate reduction since monetary policy unwinding commenced in May. Yesterday the central-bank governor said the policy interest rate may ease to around 10% should Indonesia can achieve the annual inflation target of around 7% by this year-end.

　　美国通胀隐忧和个别地区利淡消息令市况受压，上周亚太区股市继续下跌。

摩根士丹利亚太(日本除外)指数以美元计跌0.4%，以当地货币计则上升0.1%。

原油价格回落至五个月低位，能源股下跌。Woodside Petroleum、中海洋石油及中国石油分别跌4.4%、4.0%及3.6%。作为油价下跌的主要受惠者，航空股遂成为上周表现最佳类别。中国东方航空及大韩航空(Korean Air Lines)分别升6.3%和4.6%。

　　香港恒生指数于上周初升上六年高位后回落，收市跌1.6%。有关美国再度加息的忧虑有所加剧，重磅地产及银行股带动大市场下跌。南韩证交所指数(-0.1%)收市几乎毫无变动。重磅股三星电子(Samsung Electronics)跌0.9%。南韩央行于过去一年五度提高基准利率后，上周一如所料维持隔夜利率不变。澳洲第二季经济增长较预期逊色，但股市并未受到影响，所有普通股指数大致持平。

　　印度孟买证交所指数连升七周(+1.5%)，中小型股表现最受注目。大市交投好转，外国机构投资者依然买多于卖，上周买入净额多达2.26亿美元。印度尼西亚雅加达综合指数升1.5%。印度尼西亚央行于上周二将一个月利率调低半厘至11.25厘，是5月份放宽货币政策以来第四度减息。昨日央行行长表示，倘若印度尼西亚全年通胀率可在年底之前降至7%左右，利率应可下调至大约10厘。

(以上资料全部来源于JF Asset Management)

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