Market Report - Asia Shares Shake Off Oil

ZHANG: Asian shares were mostly higher Monday, as soaring oil and commodity prices actually boosted a number of regional-linked stocks. Australian shares posted a fourth straight gain, led by resource firms like Woodside Petroleum and top miner BHP Billiton. In Tokyo, the Nikkei hit a 4-month peak, led by Nippon Steel on reports that the company had agreed with automakers to hike sheet steel prices. Meanwhile, trading firms, as well as oil company Inpex Holdings, rose on the record oil prices. The Nikkei has now gained 22 percent from a year low in March. Taiwan stocks hit a fresh year peak, boosted on hopes of better economic conditions under the new President and possible stronger China business ties. But Seoul shares broke the upward trend, ending lower after the benchmark KOSPI touched a year peak last week. Technology bellwethers like Samsung Electronics fell, although profits outlooks were expected to support prices.

YouTube | May 19, 2008