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Asian stocks snap five day’s losing streak on bargain hunting

22 Nov 2011 Evaluate

After witnessing steep sell-off in previous five sessions, Asian equity indices bounced back with Jakarta Composite and Straits Times garnered the decent gains as investors went for fresh position in fundamentally strong stocks after the recent slaughter. However, the Asian markets were in red for most part of the day on growing worries over France’s credit rating and after a US committee responsible for finding a deal to cut the nation’s huge deficit said it had failed.

Meanwhile, Hong Kong shares edged higher in the trade supported by buying in some globally exposed companies, with ports operator Cosco Pacific up 1.8%, Li & Fung gaining 3.4%, and Tsingtao Brewery rising 1.6%. In Seoul, Hyundai Motor rose 0.9%, while tech heavyweights Samsung Electronics and Hynix Semiconductor gained 1.4% and 1.5%, respectively, pulled index in green territory.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2,412.63

-2.50

-0.10

Hang Seng

18,251.59

25.74

0.14

Jakarta Composite

3,735.53

55.70

1.51

KLSE Composite

1,437.99

3.91

0.27

Nikkei 225

8,314.74

-33.53

-0.40

Straits Times

2,717.20

19.22

0.71

Seoul Composite

1,826.28

6.25

0.34

Taiwan Weighted

7,000.03

-42.61

-0.61

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