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Asian markets rebound as European debt concern ease

11 Nov 2011 Evaluate

A day after suffering a huge sell-off over Italy’s growing debt crisis, a successful bond auction in Rome provided some respite to the investors’ sentiments and most of the Asian stock markets ended modestly higher on Friday. Rome was also able to complete a successful sale of five billion Euros ($6.81 billion) of 12-month treasury bills, suggesting there was still some confidence in the economy. Moreover, better-than-expected US unemployment report too underpinned sentiments. Data on Thursday showing US jobless claims fell to a 7-month low contributed to some easing of risk aversion.

Hong Kong shares closed about a percent higher, with traders welcoming signs of progress in Europe on addressing the debt crisis and on bargain hunting after the previous day's huge losses while, Taiwan stocks ended up 0.80 percent, led by tech heavyweights Hon Hai and TSMC following strong sales results for October.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2,481.08

1.55

0.06

Hang Seng

19,137.17

173.28

0.91

Jakarta Composite

3,778.89

-5.00

-0.13

KLSE Composite

1,468.75

-3.90

-0.26

Nikkei 225

8,514.47

13.67

0.16

Straits Times

2,790.94

4.04

0.14

Seoul Composite

1,863.45

50.20

2.77

Taiwan Weighted

7,367.29

58.61

0.80

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