Japan stocks bounce slightly; Asian markets remain mixed
City Index March 11, 2011 8:56 PM
<p>Japanese stocks recovered slightly today after the heavy sell-off that wiped out more than 10 per cent on the Nikkei the other day. The Nikkei […]</p>
Japanese stocks recovered slightly today after the heavy sell-off that wiped out more than 10 per cent on the Nikkei the other day. The Nikkei bounced back by 3.12 per cent and gave a bit of stability to investors.
In Hong Kong, stocks fluctuated, sending the Hang Seng Index to its second advance this week as Hong Kong & China Gas Co reported earnings that beat estimates. The pipe-fuel supplier climbed 3.2%. Fubon Bank gained 3.9% and Dongfang Electric Corp, the maker of electricity generating equipment increased 3.2% after its main shareholder bought more shares in the company.
In Australia, we saw investors trying to pick up some bargains and some shares they thought could have been oversold yesterday. I think the market is trying to settle at this stage, but the feeling is still very tentative.
Some people are taking profit and some are trying to pick the bottom (bargain hunting).
The Asian and European sessions yesterday (and last night) were definitely oversold, so today’s market moves were signs that the market is trying to find a level where it could settle.
This may be tentative and investors are still watching the news (from Japan) very closely. It is understandable that any negative news or any sign of worsening of the situation in Japan can tip the market on the downside. The market is very much on edge at the moment.
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