Asian equities surge after Greek approves austerity steps

13 Feb 2012 Evaluate

All the Asian equity indices barring Shanghai Composite rose on Monday after Greece’s parliament approved a new set of austerity measures that were required by international lenders in exchange for an emergency bailout. The news that Greek lawmakers approved a package of austerity measures, which international backers had demanded before signing off on euro130 billion ($176.6 billion) worth of fresh aid, triggered fresh gains in Asia. The vote came amid violent protests in Athens against the latest round of deep spending cuts and public-sector job layoffs.

Chinese equity index Shanghai Composite ended flat as the country’s real estate companies were on the back foot after reports that the city of Wuhu in Anhui province had rolled back housing subsidies announced just last week. However, comments by Premier Wen Jiabao in state media that China will start to fine-tune economic policies in the first quarter probably helped financials on the day.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	2,351.85	-0.13	-0.01
Hang Seng	20,887.40	103.54	0.50
Jakarta Composite	3,961.90	49.51	1.27
Nikkei 225	8,999.18	52.01	0.58
Straits Times	2,976.34	16.34	0.55
Seoul Composite	2,005.74	12.03	0.60
Taiwan Weighted	7,912.91	50.64	0.64

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