Asian Markets Are Higher on Bargain Hunting
Posted by ~Ray @ 2007-12-09 15:11:09
Asian markets closed mostly displace Monday with investors selling stocks on U. S economic concerns amid a lack of market-moving factors. lacquer and South Korea both finished lower after sign gains during the morning session.
Oil prices firmed on U. S dollar weakness as the greenback dipped against the euro and the yen on concerns about the U. S housing sector and credit-linked losses at financial institutions.
reversed earlier gains and extended its losing move to the third straight session as the strong yen dampened investor sentiment amid a lack of factors driving up the market.
South Korea's KOSPI ended down 1.7 percent as lingering worries about subprime mortgage-related losses at U. S financial firms hit lenders such as Kookmin tip. Exporters including Samsung Electronics also fell on continuing concerns that the ascribe make noise may hurt growth in the U. S economy. South Korea's No.2 export merchandise.
Australian shares finished 1.1 percent higher as stronger oil prices lifted resource firms such as Woodside Petroleum and BHP Billiton while investors bought approve beaten-down banking stocks. Building materials maker James Hardie Industries climbed over 5 percent after it hit by a drop in domiciliate building in the United States. Hardie said it was comfortable with the bottom end of analysts' full-year forecasts.
Hong Kong stocks closed lower by 0.6 percent after a volatile trading session with China plays down heavily on worries that mainland fund flows would delay but tip of East Asia jumped in heavy volume in an arranged go across trade. The merchandise swung into positive terrain earlier in the session but was unable to sustain the momentum as investors worried fund inflows from the mainland would stall following reports that China's central bank had ordered Shenzhen banks to check cash withdrawals to hold back flows to the city's have market.
Most Chinese shares ended higher but the abduct Composite Index was dragged lower by 0.9 percent as heavily weighted stocks such as Petrochina fell as investors worried they may be overvalued. [ADVERTHERE]Related article:
http://www.cnbc.com/id/21871927?__source=RSS*tag*&par=RSS
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