Asian stock markets rise as oil prices fall
Thursday, 24 July 2008
HONG KONG, July 23 (AP): Asian stock markets resumed their upswing Wednesday, as another fall in oil prices and a strong performance on Wall Street boosted investor confidence throughout the region.
The Nikkei 225 index in Tokyo gained almost 1 percent to close at 13,312.93. Hong Kong's blue-chip Hang Seng Index rose nearly 2.7 per cent to 23,134.55.
Elsewhere, markets in Australia and South Korea gained around 2.0 per cent, while exchanges in Taiwan and Singapore were each up more than 3.0 per cent. In India, the Sensex benchmark soared 5.9 per cent - a day after a tight confidence vote in favour of the government ended weeks of political uncertainty.
While disappointing results from Wachovia Corp, Washington Mutual and American Express Co, added to those fears, Asian traders focused more on the good news of easing oil prices. Crude futures lost more than US$3 overnight and continued dropping in electronic trade to bring oil's decline since July 11 to more than US$20 a barrel.
The Nikkei 225 index in Tokyo gained almost 1 percent to close at 13,312.93. Hong Kong's blue-chip Hang Seng Index rose nearly 2.7 per cent to 23,134.55.
Elsewhere, markets in Australia and South Korea gained around 2.0 per cent, while exchanges in Taiwan and Singapore were each up more than 3.0 per cent. In India, the Sensex benchmark soared 5.9 per cent - a day after a tight confidence vote in favour of the government ended weeks of political uncertainty.
While disappointing results from Wachovia Corp, Washington Mutual and American Express Co, added to those fears, Asian traders focused more on the good news of easing oil prices. Crude futures lost more than US$3 overnight and continued dropping in electronic trade to bring oil's decline since July 11 to more than US$20 a barrel.