asian markets rise on fresh growth hopes
Last Updated : GMT 12:34:34
Arab Today, arab today
Arab Today, arab today

Asian markets rise on fresh growth hopes

Arab Today, arab today

Arab Today, arab today Asian markets rise on fresh growth hopes

Hong Kong - AFP

Asian markets rose on Wednesday, with Tokyo rebounding from the previous day’s losses as dealers welcomed the Bank of Japan’s latest stimulus push. Trade was thin, with Wall Street closed for a second day as superstorm Sandy hit New York. Investors were also awaiting the release of key data, including on Chinese manufacturing and US jobs. Tokyo rose 0.98 per cent, or 86.31 points, to 8,928.29, Sydney gained 0.70 per cent, or 31.3 points, to close at 4,517.0 and Seoul was 0.66 per cent higher, adding 12.48 points to 1,912.06. Hong Kong rose 1.00 per cent, or 213.24 points, to 21,641.82, while Shanghai closed up 0.32 per cent, or 6.53 points, at 2,068.88. Just before the Nikkei closed on Tuesday the BoJ said it would extend its monetary easing scheme by 11 trillion yen (Dh507 billion) — following a 10 trillion yen injection last month — as it tries to bolster growth. It also said it would provide “unlimited” loans to commercial banks in a bid to spur their lending to businesses and households, while issuing a rare joint statement with the government vowing efforts to stem deflation. The market’s initial reaction to the news, which came with a reduced economic growth forecast for the fiscal year by the BoJ, saw shares decline by the end of the day on Tuesday. However, Hideyuki Ishiguro, supervisor at the investment strategy department at Okasan Securities, said on Wednesday: “The joint statement by the BoJ and the government was key, as was the new lending facility. “An expansion of 10 trillion yen or more two months in a row suggests the bank’s easing stance has been strengthening.” Eyes are now on Thursday’s release of China’s manufacturing activity data, with analysts increasingly optimistic the world’s number two economy has seen the worst of a slowdown that stretches back to last year. And Washington will unveil its last set of non-farm payrolls figures for the US economy on Friday, following last month’s much improved result, which also lifted hopes for future growth. There is “some optimism before China’s manufacturing and US non-farm payrolls data this week”, said Angus Gluskie, managing director at White Funds Management in Australia. “People are starting to think economic conditions globally are starting to improve,” he told Dow Jones Newswires. Eurozone fears were soothed slightly by comments from Greek Prime Minister Antonis Samaras, who said the country had reached agreement with international creditors on unlocking its latest batch of bailout cash to avoid bankruptcy. On currency markets the dollar bought 79.83 yen in European trade, compared with 79.61 yen in late US trade Tuesday. The euro fetched $1.3002 from $1.2959 and 103.82 yen compared with 103.18 yen. Oil prices were higher, with New York’s benchmark oil futures contract, light sweet crude for delivery in December, rising 82 cents to $86.50 a barrel in European trade and Brent North Sea crude for December delivery up 92 cents at $109.72. Gold was at $1,721.80 at 1050 GMT compared with $1,713.88 late Tuesday. In other markets: - Singapore closed flat, dipping 0.36 points to 3,038.37. United Overseas Bank fell 0.76 per cent to Sg$18.27 and Wilmar International shed 0.64 per cent to Sg$3.09. - Taipei fell 0.23 per cent, or 16.54 points, to 7,166.05. TSMC rose 0.8 per cent to Tw$88.7 while Acer fell 1.31 per cent to Tw$22.6. - Manila ended flat, easing 2.16 points to 5,424.51. Metropolitan Bank and Trust rose 1.44 per cent to 95 pesos, while Energy Development closed 2.30 per cent up at 6.67 pesos. - Wellington closed 0.42 per cent higher, adding 16.59 points to 3,957.88. Online auction house Trade Me rose 1.18 per cent to NZ$4.29, Fletcher Building gained 1.73 per cent to NZ$7.04 and Telecom fell 0.62 per cent to NZ$2.41. - Jakarta closed 0.33 per cent, or 14.31 points, lower at 4,350.29. Mining company Aneka Tambang fell 0.78 per cent to 1,280 rupiah, Bank Rakyat slid 3.3 per cent to 7,400 rupiah and cement manufacturer Indocement slipped 1.15 per cent to 21,400 rupiah. - Bangkok gained 0.34 per cent, or 4.44 points, to 1,298.87. Telecoms company Advanced Info Service lost 1.25 per cent to 197.50 baht, while oil firm PTT edged up 0.32 per cent to 318.00 baht. - Kuala Lumpur eased 0.10 per cent, or 1.60 points, to 1,673.07. Gaming firming Genting Malaysia rose 2 per cent to 3.59 ringgit and Petronas Chemicals added 1.6 per cent to end at 6.50 ringgit, while British American Tobacco (Malaysia) slipped 1.7 per cent to 63.24 ringgit. - Mumbai rose 74.53 points, or 0.40 per cent, to 18,505.38. India’s largest private aluminium producer Hindalco rose 5.0 per cent to 116.45 rupees while Maruti Suzuki, the biggest maker of passenger cars, rose 2.99 per cent to 1,436.25.

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