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Relief rally in Asian region on the buzz of IMF’s aid for Italy

28 Nov 2011 Evaluate

Market sentiment has improved in Asia on Monday on the buzz that International Monetary Fund (IMF) is preparing Euro 600 billion loan for Italy in case the debt burden worsens. Even Italian Prime Minister Monti is expected to unveil measures on December 5, 2011. Traders were also cheered by news that Germany and France had discussed plans to speed up integration in the euro-zone. Moreover, data from the United States showing Americans spent a record $52.4 billion over Thanksgiving weekend also added to the upbeat mood.

Meanwhile, Seoul shares rebounded on Monday after posting their biggest weekly fall in nine weeks, with over two percent gains led by technology stocks while, Taiwan Weighted jumped over one and a half percent, led by Taiwan Semiconductor Manufacturing Co gained 2.79 percent while leading IC design house MediaTek was 2.74 higher on Monday.

However, stock markets in Malaysia remained shut in observance of Awal Muharram.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2,383.03

2.81

0.12

Hang Seng

18,037.81

348.33

1.97

Jakarta Composite

3,647.05

9.86

0.27

Nikkei 225

8,287.49

127.48

1.56

Straits Times

2,694.43

50.50

1.91

Seoul Composite

1,815.28

38.88

2.19

Taiwan Weighted

6,898.78

114.26

1.68

KLSE Composite

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