Asian markets bounce strongly; Japanese government to invest on rare earth
City Index February 25, 2011 9:01 PM
<p>Asian markets bounced back strongly today as concerns about rising oil price and the tension in the Middle East waned. In Japan CSK Corp was […]</p>
Asian markets bounced back strongly today as concerns about rising oil price and the tension in the Middle East waned.
In Japan CSK Corp was up 14.5% and Asahi Glass co was up 3.5%. Japan’s government and more than 100 companies including Hitachi Metals announced plans to spend 110 billion Yen ($1.3 billion) on facilities to reduce the nation’s reliance on rare earth imports.
In Hong Kong, all sectors were stronger today with consumer services leading the gains, up 2%. The gains today mark and end to the four-day losing streak as airlines gained after crude oil fell below US$100 a barrel.
AIA group, the third largest Asian insurer by market capitalisation, jumped 6.4%. Sun Hung Kai Properties Ltd climbed 2.2% after Reuters said the developer and Guoco Group Ltd may invest in a fund to develop Shanghai’s waterfront Bund district.
In Australia, the local market also recovered strongly, led by banking and finance stocks. Some retailers also traded higher and helped offset the losses from some of the big miners including BHP Billiton and Rio Tinto, which traded a bit lower today.
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