Asian markets resumed their northward journey after a day’s halt and major indices snapped the session with gains of 1-2 percent on Wednesday on hopes that a meeting of European leaders will finally lead to a plan that will bring an end to the crippling euro-zone debt crisis. Investors were eying two-day summit that begins on December 9, 2011 with expectations growing that a plan for fiscal integration set out by the leaders of France and Germany will be largely agreed on. Confidence was also lifted by reports that European officials are discussing plans to possibly implement two separate bailout funds to tackle the region’s debt crisis.
Chinese benchmark closed up 0.3 percent, snapping three days of losses as Chinese banks, insurers and property developers outperformed on hopes of more policy easing by Beijing after last week’s cut in the reserve requirement ratio. Meanwhile, Japanese Nikkei remained the top gainer among the Asian pack, up by 1.71 percent as cyclical shares such as shippers and steelmakers helped in making huge gains after recent credit easing by big emerging economies such as China and Brazil eased worries about a sharp slowdown in the global economy.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,332.73 | 6.82 | 0.29 |
Hang Seng | 19,240.58 | 298.35 | 1.58 |
Jakarta Composite | 3,793.24 | 40.56 | 1.08 |
KLSE Composite | 1,482.99 | 2.07 | 0.14 |
Nikkei 225 | 8,722.17 | 147.01 | 1.71 |
Straits Times | 2,782.55 | 33.31 | 1.21 |
Seoul Composite | 1,919.42 | 16.60 | 0.87 |
Taiwan Weighted | 7,033.00 | 76.72 | 1.10 |
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