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Europe Roundup: Fed pledge boosts sentiment
by hlk Thu 11 Aug 2011, 07:47
HONG KONG: Asian stocks rallied yesterday, part of a global uptick after the US Federal Reserve pledged to keep interest rates near zero for at least two years.
Tokyo's benchmark Nikkei-225 index was up 94.26 points to 9,038.74. Buying was sporadic, with analysts remaining sceptical about the US economic outlook.
"The market is still nervous as it cannot read where stocks are going to settle," Takuya Yamada, senior portfolio manager at ITC Investment Partners, told Dow Jones.
In Shanghai, the composite index ended up 23.11 points at 2,549.18. Sentiment remained cautious as investors are worried that a global economic recession could hurt China's economy, traders said.
Sydney added 2.64 per cent, or 106.5 points, to 4,141.3 and Seoul gained 0.27 per cent, or 4.89 points, to 1,806.24.
In Seoul the decision to ban the short-selling of all listed stocks for three months effective from early Wednesday helped to cool the selling frenzy.
Sentiment was positive in Sydney, which staged a stunning turnaround on Tuesday to fully recover from a slump of more than 5.5 per cent.
"Whilst it is very positive to see the gains, the big question is going to be how long the rally lasts before participants are faced with the question of whether this is just a bounce, like it usually is, or is actually a meaningful bottom," said IG Markets analyst Ben Potter.
Asian markets were following Wall Street, where shares jumped after a dovish Fed admitted economic growth this year had been "considerably slower" than expected, and indicated inflation fears had eased.
Wall Street staged an impressive rally in the final minutes of New York trade, with the Dow finishing up 3.98 percent, or 430 points, at 11,239.77. The index had been 200 points down 45 minutes before the close.
In other Asian markets yesterday:
* Taipei surged 3.25 per cent, or 243.20 points, to 7,736.32.
* Manila closed 3.20 per cent, or 133.11 points, higher at 4,290.14.
* Jakarta rose 3.44 per cent, or 128.46 points, to 3,863.57.
* Bangkok rose 1.69 per cent, or 17.67 points, to 1,060.21.
* Mumbai gained 1.62 per cent, or 272.60 points, to 17,130.51. - AFP
Read more: Europe Roundup: Fed pledge boosts sentiment [You must be registered and logged in to see this link.]
Tokyo's benchmark Nikkei-225 index was up 94.26 points to 9,038.74. Buying was sporadic, with analysts remaining sceptical about the US economic outlook.
"The market is still nervous as it cannot read where stocks are going to settle," Takuya Yamada, senior portfolio manager at ITC Investment Partners, told Dow Jones.
In Shanghai, the composite index ended up 23.11 points at 2,549.18. Sentiment remained cautious as investors are worried that a global economic recession could hurt China's economy, traders said.
Sydney added 2.64 per cent, or 106.5 points, to 4,141.3 and Seoul gained 0.27 per cent, or 4.89 points, to 1,806.24.
In Seoul the decision to ban the short-selling of all listed stocks for three months effective from early Wednesday helped to cool the selling frenzy.
Sentiment was positive in Sydney, which staged a stunning turnaround on Tuesday to fully recover from a slump of more than 5.5 per cent.
"Whilst it is very positive to see the gains, the big question is going to be how long the rally lasts before participants are faced with the question of whether this is just a bounce, like it usually is, or is actually a meaningful bottom," said IG Markets analyst Ben Potter.
Asian markets were following Wall Street, where shares jumped after a dovish Fed admitted economic growth this year had been "considerably slower" than expected, and indicated inflation fears had eased.
Wall Street staged an impressive rally in the final minutes of New York trade, with the Dow finishing up 3.98 percent, or 430 points, at 11,239.77. The index had been 200 points down 45 minutes before the close.
In other Asian markets yesterday:
* Taipei surged 3.25 per cent, or 243.20 points, to 7,736.32.
* Manila closed 3.20 per cent, or 133.11 points, higher at 4,290.14.
* Jakarta rose 3.44 per cent, or 128.46 points, to 3,863.57.
* Bangkok rose 1.69 per cent, or 17.67 points, to 1,060.21.
* Mumbai gained 1.62 per cent, or 272.60 points, to 17,130.51. - AFP
Read more: Europe Roundup: Fed pledge boosts sentiment [You must be registered and logged in to see this link.]
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