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Asia Roundup: US output data helps lift market
by hlk Tue 05 Jul 2011, 08:19
HONG KONG:Asian markets rose yesterday after better-than-expected US manufacturing data sent Wall Street stocks rallying, while traders’ concerns over Greece’s sovereign debt have eased.
The euro climbed to its highest point in nearly a month against the dollar in early trade as fears over a possible default by Athens made way for expectations of a rate hike by the European Central Bank this week.
However, traders were given a spook in the afternoon when ratings agency Standard & Poor’s warned that plans to roll over Greece’s debt could amount to a default.
Tokyo jumped 0.98 per cent, or 97.02 points, to 9,965.09 and Seoul closed 0.92 per cent, or 19.56 points, higher at 2,145.30 while Sydney gained 0.42 per cent, or 19.5 points, to 4,610.7. Shanghai surged 1.94 per cent, or 53.46 points, to 2,812.82.
Thai shares rose 4.69 per cent, or 48.80 points, to 1,090.28 after the opposition Puea Thai party, led by the sister of former prime minister Thaksin Shinawatra, won a huge and decisive election victory on Sunday.
Investors were, meanwhile, buoyed by Friday’s release in the US of the ISM purchasing managers index for the manufacturing sector for June, which climbed 1.8 per cent from May — much better than economists had forecast.
“An optimistic mood had been spreading since the Greek parliament last week passed the vote” for an austerity package vital to Greece receiving additional rescue funds, said Gen Kawabe, dealer at Chuo Mitsui Trust and Banking.
“We never know what would happen in the medium to long-term, but concern over a possible Greek default has diminished at least for the near term,” Kawabe said.
* Taipei rose 0.40 percent, or 34.90 points, to 8,774.72.
* Manila jumped 1.61 per cent, or 69.93 points, to 4,421.56.
* Wellington rose 0.10 per cent, or 3.49 points, to 3,478.49.
*Jakarta rose 0.67 per cent, or 26.41 points, to 3,953.50.
* Indian shares rose 0.28 per cent. The benchmark 30-share Sensex index closed up 51.68 points to 18,814.48. — AFP
The euro climbed to its highest point in nearly a month against the dollar in early trade as fears over a possible default by Athens made way for expectations of a rate hike by the European Central Bank this week.
However, traders were given a spook in the afternoon when ratings agency Standard & Poor’s warned that plans to roll over Greece’s debt could amount to a default.
Tokyo jumped 0.98 per cent, or 97.02 points, to 9,965.09 and Seoul closed 0.92 per cent, or 19.56 points, higher at 2,145.30 while Sydney gained 0.42 per cent, or 19.5 points, to 4,610.7. Shanghai surged 1.94 per cent, or 53.46 points, to 2,812.82.
Thai shares rose 4.69 per cent, or 48.80 points, to 1,090.28 after the opposition Puea Thai party, led by the sister of former prime minister Thaksin Shinawatra, won a huge and decisive election victory on Sunday.
Investors were, meanwhile, buoyed by Friday’s release in the US of the ISM purchasing managers index for the manufacturing sector for June, which climbed 1.8 per cent from May — much better than economists had forecast.
“An optimistic mood had been spreading since the Greek parliament last week passed the vote” for an austerity package vital to Greece receiving additional rescue funds, said Gen Kawabe, dealer at Chuo Mitsui Trust and Banking.
“We never know what would happen in the medium to long-term, but concern over a possible Greek default has diminished at least for the near term,” Kawabe said.
* Taipei rose 0.40 percent, or 34.90 points, to 8,774.72.
* Manila jumped 1.61 per cent, or 69.93 points, to 4,421.56.
* Wellington rose 0.10 per cent, or 3.49 points, to 3,478.49.
*Jakarta rose 0.67 per cent, or 26.41 points, to 3,953.50.
* Indian shares rose 0.28 per cent. The benchmark 30-share Sensex index closed up 51.68 points to 18,814.48. — AFP
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