Asia Roundup: Mostly higher in edgy trade
Page 1 of 1
Asia Roundup: Mostly higher in edgy trade
HONG KONG: Asian stocks mostly rose in edgy trade yesterday, helped by bargain buying as dealers await the end of a US Fed meeting, expecting fresh monetary easing measures to jumpstart the economy.
The anticipated announcement comes amid nervousness about Europe's sovereign debt crisis and concerns over a possible Greek default.
Tokyo finished 0.23 per cent, or 19.92 points, higher at 8,741.16, while Seoul was 0.89 per cent, or 16.31 points, higher at 1,854.28 and Sydney gained 0.78 per cent, or 31.6 points, to 4,071.8. Shanghai jumped 2.66 per cent, or 65.20 points, to 2,512.96.
"The market is expecting some stimulus plan from (Federal Reserve chairman Ben) Bernanke, so if that doesn't happen it will be an ugly night," said RBS Morgans principal investment adviser Chris Macdonald in Sydney.
Expectations have been high that the Fed will announce fresh stimulus measures after Bernanke left the door open for such a move at a speech last month.
"Given the weakness of the (recent US) economic data, the (Federal Reserve) is now almost certain to do something, but exactly what is still not entirely clear," said Paul Ashworth, an economist at Capital Economics, in a note.
A proposal to swap its short-term bond holdings to long term - dubbed Operation Twist - appears to be the front runner instead of a third round of liquidity pumping, he said. The thinking goes that lower longer-term interest rates will further encourage bank lending to companies and corporate investment.
Most analysts fear that if Athens does default, the crisis could move to other economies, with Italy and Spain tipped to be next in line.
In other markets:
* Taipei gained 0.57 per cent, or 43.03 points, to 7,535.88.
* Manila closed 0.37 per cent, or 15.53 points, lower at 4,204.29.
* Wellington rose 0.55 per cent, or 18.21 points, to 3,308.83.
* Jakarta fell 1.46 per cent, or 54.62 points, to 3,697.49.
* Bangkok rose 0.32 per cent, or 3.31 points, to 1,029.59. - AFP
The anticipated announcement comes amid nervousness about Europe's sovereign debt crisis and concerns over a possible Greek default.
Tokyo finished 0.23 per cent, or 19.92 points, higher at 8,741.16, while Seoul was 0.89 per cent, or 16.31 points, higher at 1,854.28 and Sydney gained 0.78 per cent, or 31.6 points, to 4,071.8. Shanghai jumped 2.66 per cent, or 65.20 points, to 2,512.96.
"The market is expecting some stimulus plan from (Federal Reserve chairman Ben) Bernanke, so if that doesn't happen it will be an ugly night," said RBS Morgans principal investment adviser Chris Macdonald in Sydney.
Expectations have been high that the Fed will announce fresh stimulus measures after Bernanke left the door open for such a move at a speech last month.
"Given the weakness of the (recent US) economic data, the (Federal Reserve) is now almost certain to do something, but exactly what is still not entirely clear," said Paul Ashworth, an economist at Capital Economics, in a note.
A proposal to swap its short-term bond holdings to long term - dubbed Operation Twist - appears to be the front runner instead of a third round of liquidity pumping, he said. The thinking goes that lower longer-term interest rates will further encourage bank lending to companies and corporate investment.
Most analysts fear that if Athens does default, the crisis could move to other economies, with Italy and Spain tipped to be next in line.
In other markets:
* Taipei gained 0.57 per cent, or 43.03 points, to 7,535.88.
* Manila closed 0.37 per cent, or 15.53 points, lower at 4,204.29.
* Wellington rose 0.55 per cent, or 18.21 points, to 3,308.83.
* Jakarta fell 1.46 per cent, or 54.62 points, to 3,697.49.
* Bangkok rose 0.32 per cent, or 3.31 points, to 1,029.59. - AFP
hlk- Moderator
- Posts : 19013 Credits : 45112 Reputation : 1120
Join date : 2009-11-14
Location : Malaysia
Similar topics
» Asia Roundup: Mostly higher
» Asia Roundup: Higher on eurozone, US leads
» SE Asia Stocks-Most end higher in subdued trade, weak August
» Asia Roundup: In the red but well off troughs
» Asia Roundup: Mixed on air of scepticism
» Asia Roundup: Higher on eurozone, US leads
» SE Asia Stocks-Most end higher in subdued trade, weak August
» Asia Roundup: In the red but well off troughs
» Asia Roundup: Mixed on air of scepticism
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
|
|