Asia Roundup: Mixed, highly volatile

by **hlk** Sat 13 Aug 2011, 09:22

HONG KONG: Asian stocks were mixed yesterday as early gains on the back of rallies in the US and Europe were sold as markets remained volatile at the end of a rollercoaster week.

The markets began the day on a high as investors took their lead from the US and Europe, where equities saw solid gains on Thursday. However, they later eased against a background of intense volatility and lingering global uncertainty.

"The high volatility in US and European stocks is likely to continue for some time until fundamental issues are addressed," Yutaka Miura, senior technical analyst at Mizuho Securities, told Dow Jones Newswires.

Tokyo shares lost 0.20 per cent on late selling, as investors remained cautious. The benchmark Nikkei 225 Index fell 18.22 points to 8,963.72.

The market began on a strong tone after US bourses marked spectacular rebounds on Thursday from sharp selloffs the previous day but selling pressure grew in afternoon trading, sending the Nikkei index back into negative territory before the day's closing.

In Shanghai, shares closed up 0.45 per cent. The composite index ended up 11.66 points at 2,593.17, rising for the third consecutive session.

"Compared to earlier this week, trading interest is rising," Zhang Gang, an analyst at Southwest Securities, told Dow Jones Newswires. But Zhang added that investors remained cautious that the faltering global recovery will hurt China.

In Sydney, stocks gained 0.77 per cent. The benchmark S&P/ASX 200 was 31.8 points higher at 4,172.6, adding 67.2 points, or 1.6 per cent, over a week of wild swings.

Shares in Seoul ended 1.33 per cent lower at the end of a volatile day of trade. The benchmark Kospi ended down 24.13 points at 1,793.31.

In other markets:

* Taipei fell 1.06 per cent, or 82.07 points, to 7,637.02.

* Manila rose 0.25 per cent, or 10.71 points, to 4,321.73.

* Jakarta shares rose 0.55 per cent, or 21.16 points, to 3,890.53.

* Mumbai closed down 1.29 per cent, or 219.77 points, to 16,839.63.
Bangkok's financial markets were closed. - AFP