Asian markets extend gains for fourth day
Friday, 25 July 2008
The stock markets across the Asia-Pacific region closed mostly higher for a fourth day on Thursday after oil prices fell to a seven-week low below $125 a barrel, easing inflation fears.
Financial stocks rose, as credit worries eased on hopes that the troubled US mortgage lenders, Freddie Mac and Fannie Mae, would receive emergency government funding.
However, weaker commodity prices weighed on the resources sector. Japan, South Korea and China gained more than 2.0 per cent, but India and Hong Kong finished in negative territory.
After closing down nearly $4 overnight on the NYMEX at $124.44 a barrel, oil is currently adding 12 cents to $124.56 a barrel in after-hours electronic trading.
On the currency front, the dollar held steady in the upper 107-yen levels in late Tokyo deals, but it settled lower at 1,007.1 South Korean won on suspected government intervention.
Financial stocks rose, as credit worries eased on hopes that the troubled US mortgage lenders, Freddie Mac and Fannie Mae, would receive emergency government funding.
However, weaker commodity prices weighed on the resources sector. Japan, South Korea and China gained more than 2.0 per cent, but India and Hong Kong finished in negative territory.
After closing down nearly $4 overnight on the NYMEX at $124.44 a barrel, oil is currently adding 12 cents to $124.56 a barrel in after-hours electronic trading.
On the currency front, the dollar held steady in the upper 107-yen levels in late Tokyo deals, but it settled lower at 1,007.1 South Korean won on suspected government intervention.