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Rally continues in Asian region on optimism over Europe’s debt crisis

29 Nov 2011 Evaluate

Asian markets extended their previous session’s rally on Tuesday, tracking a positive close overnight on Wall Street after some optimism on Europe’s debt crisis helped to improve investor sentiment. A strong start to the US holiday shopping season also helped some Asian stocks. Investors were also heartened by other economic data that helped dispel fears of the US slipping back into recession. Moreover, shares in the region gained in the later part of the day ahead of a meeting of 17 finance ministers from the euro-zone in which the next tranche of financial aid to Greek and to Ireland are expected to be approved.

Japanese Nikkei rose over two percent as exporters gained more ground after the local currency weakened further with the dollar trading over 78 yen. Index heavyweight Sony lifted 2.1% while Panasonic and Sharp Corp. were up 2.8% and 2.1% respectively. Moreover, Hong Kong shares inched higher on Tuesday, boosted by strong gains in Chinese consumer counters, seen as relatively safer bets in difficult market conditions, with turnover lingering near the year's low underlining the extent of risk aversion.

Asian Indices

Last Trade

Change in Points

Change in %

Shanghai Composite

2,412.39

29.36

1.23

Hang Seng

18,256.20

218.39

1.21

Jakarta Composite

3,687.77

40.72

1.12

KLSE Composite

1,444.72

13.17

0.92

Nikkei 225

8,477.82

190.33

2.30

Straits Times

2,688.10

-6.33

-0.23

Seoul Composite

1,856.52

41.24

2.27

Taiwan Weighted

6,988.65

89.87

1.30

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