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.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.