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Asian markets rally on Wednesday

15 Feb 2012 Evaluate

Sentiments remained bullish in Asian region and all the Asian equity indices snapped the day’s trade in the green after Greece indicated a willingness to commit to spending cuts to secure its bailout while, moves by Japan’s central bank to support the economy lifted its powerhouse export sector too supported the sentiments. However, the upside remained capped due to disappointing US retail sales and a delay in a euro-zone finance ministers meeting on Greece taking a back seat.

Meanwhile, Hong Kong and China shares jumped on Wednesday, lifted by growth-sensitive sectors that helped benchmark indexes close above long-term resistance levels for the first time since mid-2011, pointing to further strength ahead. The Shanghai Composite Index ended at its highest since December 1, 2011 while the Hang Seng Index produced its best close since August 4. Gains accelerated in rising turnover after mid-morning comments by China central governor Zhou Xiaochuan that Beijing will continue to invest in euro zone government debt triggered more short covering.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2,366.70

21.93

0.94

Hang Seng

21,365.23

447.40

2.14

Jakarta Composite

3,953.04

0.23

0.01

Nikkei 225

9,260.34

208.27

2.30

Straits Times

3,011.68

24.27

0.81

Seoul Composite

2,025.32

22.68

1.13

Taiwan Weighted

8,005.24

121.16

1.54

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