Asian markets register gains; Japan’s nuclear power plants cooling down
City Index March 21, 2011 9:19 PM
<p>Asian markets were generally higher today though Japan’s markets were closed due to a public holiday. In Hong Kong, stocks rose driving up the benchmark […]</p>
Asian markets were generally higher today though Japan’s markets were closed due to a public holiday.
In Hong Kong, stocks rose driving up the benchmark index for a second day as energy shares advanced with higher oil prices after the US, UK and France launched airstrikes at Libyan targets. CNOOC Ltd, China’s biggest offshore oil producer, and China Shenhua Energy Co, the country’s largest coal supplier gained around 2.5%.
In Japan, Tokyo Electric Power Co, declared Units 5 and 6 of its distressed nuclear reactor are safe after cooling water pumped into them reduced temperatures.
In Australia, the local market had recovered from its drop this morning as energy stocks led the bounce back.
We started on tentative footing this morning, but some of the stocks that were hit hard last week are showing some signs of recovery today. Even the uranium miners are gaining some support again.
We saw a bit of a bounce today, but I would say that the market is still very sensitive to any negative news (development). The mood is very tentative at the moment.
Traders are throwing their support and holding on to their long positions on energy, mining and oil companies. Despite the volatile situation, I think traders are willing to hold on to the big miners. We’re not seeing a lot of big positions though – traders are not building their positions any bigger. They are just holding on to what they have.
I think the markets (both domestic and international) will remain on tenterhooks for the short-term or until we see some resolution on the various uncertainties around us.
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