Asian stock markets mixed, European shares gain
Friday, 26 March 2010
HONG KONG, Mar 25 (Agencies): Asian stock markets floundered Thursday as worries about debt-saddled European countries and disappointing company earnings undermined sentiment. European shares traded modestly higher.
The mediocre trade in Asia followed overnight losses in US markets. The euro was up slightly after tanking the day before, while oil prices hovered near $81 a barrel.
Investor confidence in the health of the world economy took a hit amid concerns the International Monetary Fund will be called in to bail out Greece from its spiraling debt crisis. News that Portugal's debt was downgraded only added to fears about the massive amounts of public debt afflicting European countries.
As stocks opened in Europe, benchmarks in Britain, Germany and France were up by less than 0.2 per cent.
In Hong Kong, the Hang Seng index slid 230.07 points, or 1.1 per cent to 20,778.55, with the broader market hurt after powerhouse Chinese trading firm Li & Fung's results disappointed investors. The company's shares dived over 9 per cent.
Japan's benchmark Nikkei 225 stock average edged up 13.82, or 0.1 per cent, to 10,828.85. Australia's main index was off 0.1 per cent while South Korea's Kospi gained 0.4 per cent to 1,688.39.
Elsewhere, Indian shares rose 0.3 per cent. In Tokyo, Nintendo continued its strong run, rising 2 per cent. The video game maker books a large portion of its sales in the US, and soared Wednesday after saying it would release a 3-D version of its popular handheld gaming system.
The mixed showing in Asia followed a retreat in New York overnight, where the Dow fell 52.68, or 0.5 per cent, to 10,836.2, a day after closing at its highest level since September 2008. It was the biggest point and percentage drop since Feb 25.
In currencies, the dollar fell to 91.89 yen from 92.23 yen. The euro rose to $1.3338 from $1.3316.
Benchmark crude for May delivery rose 19 cents to $80.81 a barrel in electronic trading on the New York Mercantile Exchange.
The mediocre trade in Asia followed overnight losses in US markets. The euro was up slightly after tanking the day before, while oil prices hovered near $81 a barrel.
Investor confidence in the health of the world economy took a hit amid concerns the International Monetary Fund will be called in to bail out Greece from its spiraling debt crisis. News that Portugal's debt was downgraded only added to fears about the massive amounts of public debt afflicting European countries.
As stocks opened in Europe, benchmarks in Britain, Germany and France were up by less than 0.2 per cent.
In Hong Kong, the Hang Seng index slid 230.07 points, or 1.1 per cent to 20,778.55, with the broader market hurt after powerhouse Chinese trading firm Li & Fung's results disappointed investors. The company's shares dived over 9 per cent.
Japan's benchmark Nikkei 225 stock average edged up 13.82, or 0.1 per cent, to 10,828.85. Australia's main index was off 0.1 per cent while South Korea's Kospi gained 0.4 per cent to 1,688.39.
Elsewhere, Indian shares rose 0.3 per cent. In Tokyo, Nintendo continued its strong run, rising 2 per cent. The video game maker books a large portion of its sales in the US, and soared Wednesday after saying it would release a 3-D version of its popular handheld gaming system.
The mixed showing in Asia followed a retreat in New York overnight, where the Dow fell 52.68, or 0.5 per cent, to 10,836.2, a day after closing at its highest level since September 2008. It was the biggest point and percentage drop since Feb 25.
In currencies, the dollar fell to 91.89 yen from 92.23 yen. The euro rose to $1.3338 from $1.3316.
Benchmark crude for May delivery rose 19 cents to $80.81 a barrel in electronic trading on the New York Mercantile Exchange.