Asia Roundup: Mixed after Wall St, Europe rally

by **hlk** Thu 29 Sep 2011, 08:09

HONG KONG: Asian markets were mixed in edgy trade yesterday after Wall Street and Europe rallied on hopes that eurozone leaders are close to a solution to the region's debt crisis.

But early gains were pared as caution set in due to a lack of concrete evidence of a plan, while dealers also looked ahead to a key vote today in Germany, where MPs will decide on expanding a rescue fund for debt-mired European countries.

Tokyo ended flat, edging up 5.70 points to 8,615.65 and Sydney was 0.87 per cent, or 34.9 points, higher at 4,039.5.

Seoul ended 0.73 per cent, or 12.62 points, lower at 1,723.09, a day after surging more than 5 per cent, while Shanghai was 0.74 per cent off in the afternoon.

There seemed no clear sign of a solution to the crisis, which has sent global markets spiralling downwards and raised fears of another crippling financial crisis.

"Fundamentally, nothing has changed and we are really none the wiser over what the next act will be in this long-running Greek tragedy," said Khoon Goh, senior economist at ANZ Bank in Wellington.

"Headlines will still drive markets for some time," he told Dow Jones Newswires.

In other markets:

* Taipei gained 0.80 per cent, or 57.03 points, to 7,146.98. Taiwan Semiconductor Manufacturing Co edged up 0.57 percent to T$70.3 while leading design house MediaTek was 1.83 per cent higher at T$333.0

* Manila jumped 4.16 per cent, or 154.90 points, to 3,876.12. Traders were playing catch-up with regional markets after Tuesday's gains in Asia, when Manila's index was closed due to Typhoon Nesat.

* Wellington edged up 0.16 per cent, or 5.34 points, to 3,298.17. Air New Zealand added 0.9 per cent to NZ$1.09 but Telecom fell 1.9 per cent to NZ$2.53 and Fletcher Building was down 0.3 per cent at NZ$7.55.

* Jakarta gained 1.13 per cent, or 39.24 points, to 3,513.17.

* Bangkok fell 1.59 per cent or 15.02 points to 931.60.

* Mumbai slid 0.47 per cent or 78.01 points to 16,446.02. India's third-largest steel producer JSW Steel fell 6.63 per cent to a year low of 570 rupees over iron ore shortages. Tata Steel, the world's seventh largest steel company, slid 2.66 per cent to 427.45 rupees. - AFP