Asian markers exhibit mixed trends ahead of European Summit

Stock markets in Asian region exhibited mixed trends on Thursday with most markets hardly budging from their previous closing levels. Asian markets had made a good as investors remained influenced by the cues from overnight US markets which ended higher on getting upbeat economic data and rising oil prices. The orders for goods that are expected to last at least three years increased 1.1% in May in the US, the first gain since February while pending home sales increased 5.9% in May after falling 5.5% in April as US housing market appeared to be in a slow recovery mode. However, the traders were a bit hesitant in opening fresh bets ahead of the important Euro-Zone leaders' Summit since the pressure on Euro-zone leaders intensified as Spain slides closer to a bailout as the recession deepens and government faces unsustainable cost of debt refinancing.

The benchmark in Japan led the gainers from the front as it traded with around a percent gains supported by the gains in banks and insurance companies while exporters oriented stocks too rebounded after last lesions sell-off. Barring the Japanese markets, equity indices in Hong Kong, Singapore and Taiwan traded with gains of less than half a percent while rest of the markets in Asian region traded with cuts of under half a percent.

Hang Seng Index rose 37.00 points or 0.19% to 19,213.95, Nikkei 225 surged 79.72 points or 0.91% to 8,810.21, Straits Times Index gained 6.25 points or 0.22% to 2,847.85 and Taiwan Weighted added 2.78 points or 0.18% to 7,195.79.

On the other hand, Shanghai Composite eased 1.55 points or 0.07% to 2,215.38, Jakarta Composite declined 9.28 points or 0.24% to 3,925.59, KLSE Composite shed 6.95 points or 0.43% to 1,594.94 and KOSPI Composite Index fell 3.55 points or 0.20% to 1,814.10.