Asian shares rebounded on Friday, as sentiment turned positive on firmer signs euro zone officials would soon approve a long-awaited bailout for Greece to reduce the risk of a disorderly default, while solid US economic data also aided the sentiments. Euro zone officials said on Thursday they are putting the finishing touches to a second bailout deal for Greece for approval on Monday, with the focus on how Greece can priorities debt repayment and ways to ensure Athens commits to reforms.
Meanwhile, Seoul index rallied 1.30 percent to round off a seventh-consecutive week of gains, as US data and Greece bailout prompted hopes foreign investors to resume buying. While, Chinese Shanghai ended flat with resource shares sagging after reports that Beijing had raised a resources tax. The resources sector was broadly weaker on Friday on report that Beijing had raised a resources tax on iron, tin, molybdenum, magnesium, talc and boron to conserve resources and curb pollution, sparking fears among investors of its impact on earnings.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,357.18 | 0.32 | 0.01 |
Hang Seng | 21,491.62 | 214.34 | 1.01 |
Jakarta Composite | 3,967.54 | 48.93 | 1.25 |
KLSE Composite | 1,557.15 | 6.66 | 0.43 |
Nikkei 225 | 9,384.17 | 146.07 | 1.58 |
Straits Times | 3,000.59 | 23.39 | 0.79 |
Seoul Composite | 2,023.47 | 26.02 | 1.30 |
Taiwan Weighted | 7,894.36 | 24.66 | 0.31 |
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