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Asia Roundup: Mostly down on bargain hunting
by hlk Fri 12 Aug 2011, 08:08
HONG KONG: Asian stock markets mostly fell yesterday, but closed off their earlier lows as traders went bargain hunting despite huge falls in Europe and on Wall Street.
Gold also eased slightly from its record high after breaching the US$1,800 barrier for the first time, but the yen edged towards a fresh high against the dollar as dealers poured into safe haven assets.
Tokyo closed 0.63 per cent, or 56.80 points, lower at 8,981.94 while Sydney closed flat, edging down 0.5 points to 4,140.8.
But Seoul - which had earlier lost about 4 per cent - closed 0.62 per cent, or 11.20 points, higher at 1,817.44 while Shanghai was up 1.27 per cent, or 32.33 points, at 2,581.51.
Regional markets took a hit on opening after Wall Street slumped - with each of the three main indexes losing more than 4 per cent - and Europe was battered by renewed fears over US and eurozone debt.
European woes were reignited on Wednesday when rumours circulated that France was in danger of seeing its top-notch credit downgraded, following last week's historic cut to the United States' rating.
Asian markets have suffered a rollercoaster week, tumbling from Friday to Tuesday on eurozone fears and the US debt downgrade before rebounding Wednesday after the US said it would hold rates at record lows for two years.
Japanese Finance Minister Yoshihiko Noda reiterated that he remained attentive to financial markets and had an eye on the yen, a week after the government stepped into the forex market to stem the unit's rise.
"I think one-sided movements (in the forex market) are continuing," Noda said shortly before the market opened.
In other markets:
* Taipei fell 0.22 per cent, or 17.23 points, to 7,719.09.
* Manila closed 0.49 per cent, or 20.08 points, higher at 4,311.02.
* Wellington closed up 0.78 per cent, or 24.88 points, at 3,208.62.
* Jakarta rose 0.15 per cent, or 5.79 points, to 3,869.37 points.
* Bangkok rose 0.18 per cent, or 1.86 points, to 1,062.07.
* Mumbai closed down 0.42 per cent, or 71.11 points, at 17,059.4 after cautious trading. - AFP
Gold also eased slightly from its record high after breaching the US$1,800 barrier for the first time, but the yen edged towards a fresh high against the dollar as dealers poured into safe haven assets.
Tokyo closed 0.63 per cent, or 56.80 points, lower at 8,981.94 while Sydney closed flat, edging down 0.5 points to 4,140.8.
But Seoul - which had earlier lost about 4 per cent - closed 0.62 per cent, or 11.20 points, higher at 1,817.44 while Shanghai was up 1.27 per cent, or 32.33 points, at 2,581.51.
Regional markets took a hit on opening after Wall Street slumped - with each of the three main indexes losing more than 4 per cent - and Europe was battered by renewed fears over US and eurozone debt.
European woes were reignited on Wednesday when rumours circulated that France was in danger of seeing its top-notch credit downgraded, following last week's historic cut to the United States' rating.
Asian markets have suffered a rollercoaster week, tumbling from Friday to Tuesday on eurozone fears and the US debt downgrade before rebounding Wednesday after the US said it would hold rates at record lows for two years.
Japanese Finance Minister Yoshihiko Noda reiterated that he remained attentive to financial markets and had an eye on the yen, a week after the government stepped into the forex market to stem the unit's rise.
"I think one-sided movements (in the forex market) are continuing," Noda said shortly before the market opened.
In other markets:
* Taipei fell 0.22 per cent, or 17.23 points, to 7,719.09.
* Manila closed 0.49 per cent, or 20.08 points, higher at 4,311.02.
* Wellington closed up 0.78 per cent, or 24.88 points, at 3,208.62.
* Jakarta rose 0.15 per cent, or 5.79 points, to 3,869.37 points.
* Bangkok rose 0.18 per cent, or 1.86 points, to 1,062.07.
* Mumbai closed down 0.42 per cent, or 71.11 points, at 17,059.4 after cautious trading. - AFP
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