Mixed performance amongst Asian markets; Australian market pushed higher by banks
City Index January 24, 2011 3:44 PM
<p>Asian markets were mixed today with the Hang Seng trading weaker at 23,795, down 0.3%. This is the third straight day of falls for the […]</p>
Asian markets were mixed today with the Hang Seng trading weaker at 23,795, down 0.3%. This is the third straight day of falls for the Hang Seng with Bank of China and Bawang International Group dragging the index down.
Bank of China, the nation’s third-largest lender by market cap dropped 1.7% as concerns that Chinese regulators will step up moves to tighten monetary policy crept into the market. Profit downgrades saw Bawang and China Agri-Industries fall 6% and 9.3% respectively.
In Japan, the Nikkei was trading up 0.5% at 10,324 led by automakers after Nomura Holdings upgraded Honda Motor Co to “buy” sending its shares up 3.4%. However, Tokyo Tomin Bank dragged the financials lower, tumbling 6.1% after an earnings downgrade.
In Australia, the banks and mining shares pushed the market higher at the start of the week.
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