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Late hour recovery helps Asian counters to end in green

21 Mar 2012 Evaluate

After trading choppy most part of the day’s trade, Asian counters pared their losses in the late trade and ended mostly in the positive terrain on Wednesday following firm opening in European counterparts. Though, the sentiments in region remained dampened in the morning session as concerns about China, which has cut its growth target for the year, were raised on Tuesday when BHP Billiton said the country’s demand for iron ore looked to be flattening as its economy slows, with exports weakening.

China is Japan’s largest trading partner, with Japanese firms directly affected by slowing demand in the world’s second-biggest economy. There fore the Japanese market also succumbed by 0.6 percent, off an 8-1/2-month high of 10,172.64 marked on Monday. Tuesday was a holiday in Japan. Investors took profit in major exporters, which have logged meteoric gains this year. However, Chinese Shanghai ended the trade on a flat note, while Taiwan stocks gained by 0.12 percent with contract chipmaker TSMC and smartphone maker HTC helping the index to rise. Moreover, Straits Times, Jakarta Composite and KLSE Composite remained the other indices which ended in the green.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2,378.20

1.36

0.06

Hang Seng

20,856.63

-31.61

-0.15

Jakarta Composite

4,036.23

14.07

0.35

KLSE Composite

1,582.53

4.91

0.31

Nikkei 225

10,086.49

-55.50

-0.55

Straits Times

3,005.63

2.90

0.10

Seoul Composite

2,027.23

14.92

-0.73

Taiwan Weighted

7,981.94

-9.24

0.12

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