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Asian markets negotiate mix closing on bargain-hunting

23 Mar 2012 Evaluate

Most of the Asian equity markets reversed their early losses to finish mixed on Friday as investors sought buying opportunities in the wake of recent selling, despite downward pressure from weak manufacturing data out of China and Europe. Earlier, the regional markets witnessed a choppy trade for most part of the day’s trade as Chinese manufacturing activity shrank for a fifth straight month in March and the euro zone economy showed new signs of wilting in surveys that pointed to weakening global demand but, the impact on the market was cushioned by bargain-hunting in late trade amid firm opening in European counters.

Tokyo stocks closed 1.14 percent lower following losses on Wall Street while, fears of slower growth lifted the yen, further weighing on Japanese exporters. However, Taiwan stocks rose 0.21 percent, with banks rising after the central bank left interest rates on hold and said it hoped to sign a currency clearing agreement with China around the middle of the year.

The Indonesian equity market remained close today on the account of public holiday.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2,349.54

-26.23

-1.10

Hang Seng

20,668.80

-232.76

-1.11

KLSE Composite

1,585.83

2.59

0.16

Nikkei 225

10,011.47

-115.61

-1.14

Straits Times

2,990.08

10.83

0.36

Seoul Composite

2,026.83

0.71

0.04

Taiwan Weighted

8,076.61

16.67

0.21

Jakarta Composite

-

-

-

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