Most Asian markets bounce back
Wednesday, 24 October 2007
BANGKOK, Oct 23: Most Asian markets bounced back Tuesday, after Wall Street gained overnight as investors overcame some of their nervousness about the credit markets, according to Internet.
Expectations of strong earnings from Apple Inc. also lifted US shares, and that positive sentiment for technology issues trickled over into Asian markets. Shares rose in Australia, China, India, Indonesia, the Philippines, South Korea and Taiwan.
Japanese stocks rebounded slightly after two days of decline as Wall Street's gains led investors back to recently battered financial shares such as Mizuho Financial Group.
The Nikkei 225 average rose 0.07 per cent to 16,450.58 points. The index had lost 3.90 per cent over the previous two trading days.
Exporter shares including Toyota Motor and Sony gained in early trading as the yen weakened slightly against the dollar, although investors took profits when the yen strengthened in the afternoon.
"The mood of decline (which started Monday) is unlikely to continue," said Seiichiro Iwasawa, chief strategist at Nomura Securities. But he warned that investors should watch the state of the U.S. economy, which "is heading south for sure."
Mizuho Financial Group Inc. added 0.60 per cent, and Mitsubishi UFJ Financial Group Inc. rose 1.90 per cent.
Other gainers included paper maker Nippon Paper Group Inc., which rose 3.40 per cent, and Toyota Motor Corp., which climbed 1.0 per cent. Consumer electronics company Sony Corp. rose 0.20 per cent.
Expectations of strong earnings from Apple Inc. also lifted US shares, and that positive sentiment for technology issues trickled over into Asian markets. Shares rose in Australia, China, India, Indonesia, the Philippines, South Korea and Taiwan.
Japanese stocks rebounded slightly after two days of decline as Wall Street's gains led investors back to recently battered financial shares such as Mizuho Financial Group.
The Nikkei 225 average rose 0.07 per cent to 16,450.58 points. The index had lost 3.90 per cent over the previous two trading days.
Exporter shares including Toyota Motor and Sony gained in early trading as the yen weakened slightly against the dollar, although investors took profits when the yen strengthened in the afternoon.
"The mood of decline (which started Monday) is unlikely to continue," said Seiichiro Iwasawa, chief strategist at Nomura Securities. But he warned that investors should watch the state of the U.S. economy, which "is heading south for sure."
Mizuho Financial Group Inc. added 0.60 per cent, and Mitsubishi UFJ Financial Group Inc. rose 1.90 per cent.
Other gainers included paper maker Nippon Paper Group Inc., which rose 3.40 per cent, and Toyota Motor Corp., which climbed 1.0 per cent. Consumer electronics company Sony Corp. rose 0.20 per cent.