الاثنين، 19 نوفمبر 2012

Asian markets close up on hope for US deal

MOT Asian markets have closed higher on optimism US politicians will be able to agree a deal to avert a “fiscal cliff” that would tip the world’s biggest economy back into recession.

The Nikkei in Tokyo enjoyed a third straight rally due to the yen’s weakness after the front-runner to become Japan’s next prime minister said he would push for unlimited monetary easing if his party won next month’s general election.

Tokyo climbed 1.43 per cent, or 129.04 points, to end at 9,153.20 on Monday, Sydney rose 0.57 per cent, or 24.6 points, to 4,361.4, and Seoul was up 0.93 per cent, or 17.27 points, at 1,878.1.

Hong Kong ended up 0.49 per cent, or 103.35 points, at 21.262.36. Shanghai closed up 0.11 per cent, or 2.25 points, at 2,016.98 after dipping below a key support level to a nearly four-year low earlier in the day.

US President Barack Obama – on a Southeast Asia visit – has met congressional leaders from both parties to open talks on pulling back from the fiscal cliff of tax hikes and spending cuts, due to take effect on January 1.

Fears around the world over the looming deadline have depressed markets for most of the month.

The two sides stressed willingness to find common ground and avoid a face-off like that over the country’s debt ceiling, which almost brought the country to a standstill in August.

The comments helped Wall Street on Friday. The Dow finished up 0.37 per cent and the S&P 500 added 0.48 per cent, although the Nasdaq shed 0.57 per cent.

On currency markets the increased confidence that a deal can be sealed in Washington saw investors move away from the safe-haven yen, providing support to the under-pressure euro and the dollar.

The euro bought $ US1.2761 and Y103.65 in early trade, up from $ US1.2741 and Y103.60 in New York late on Friday. The US dollar was slightly down at Y81.24 from Y81.31 after it hit Y81.59 in earlier trade, its highest level in nearly seven months.

The US dollar climbed 2.3 per cent against the yen last week, its best week since February.

The yen was also under selling pressure after opposition party chief Shinzo Abe said last week he would press the Japanese central bank to carry out a more aggressive monetary policy, which would flood markets with the local currency.

Abe is the leader of the opposition Liberal Democratic Party, which is expected to win the election on December 16.

The Nikkei rose 1.9 per cent on Thursday and another 2.2 per cent on Friday on expectations of a win for Abe, who is a former prime minister.

“After Friday’s rise, there is renewed energy in the market,” said Hiroichi Nishi, general manager of equities at SMBC Nikko Securities.

“With the weaker yen and stronger US stocks, the market is looking more bullish,” he told Dow Jones Newswires.

Oil prices rose. New York’s main contract, light sweet crude for delivery in January, added 82 cents to $ US87.74 a barrel in the afternoon. Brent North Sea crude for January delivery gained 69 cents to $ US109.64.

Gold was at $ US1723.1 by 1100 GMT (2200 AEDT) compared with $ US1,707.80 late on Friday.

In other markets

- Wellington closed 0.13 per cent, or 5.23 points, lower at 3,942.61.

Fletcher Building was off 0.94 per cent at NZ$ 7.38, Telecom fell 0.42 per cent to NZ$ 2.38 and Contact Energy slipped 0.39 per cent to NZ$ 5.14.

- Taiwan fell 1.03 points, or 0.01 per cent, to 7,129.04.

HTC dropped 2.01 per cent to Tw$ 243.5 while Hon Hai Precision was 0.56 per cent lower at Tw$ 89.2.

- Manila rose 10.27 points, or 0.19 per cent, to close at 5,449.55.

Manila Electric Co. was 0.63 per cent higher at 254.20 pesos, and Philippine National Bank jumped 4.6 per cent to 75.30 pesos.

- Kuala Lumpur shares lost 5.97 points, or 0.37 per cent, to end at 1,623.31.

Telekom Malaysia was down 1.1 per cent at 5.45 ringgit while UEM Land shed 1.3 per cent to 2.22.

- Bangkok gained 0.27 per cent or 3.52 points to 1,283.65.

Banpu dropped 0.55 per cent to 363.00 baht, while PTT lost 0.64 per cent to 312.00 baht.

- Jakarta ended down 37.845 points, or 0.87 per cent, at 4,313.439.

Aneka Tambang dropped 0.80 per cent to 1,240 rupiah, Bank Permata slipped 0.71 per cent to 1,390 rupiah, while Astra International climbed 0.65 per cent to 7,800 rupiah.

- Singapore’s Straits Times Index closed up 0.18 per cent, or 5.30 points to 2,950.93.

City Developments fell 1.18 per cent to Sg$ 10.87, while United Overseas Bank shed 0.33 per cent to Sg$ 17.91.

-Mumbai rose 0.16 per cent, or 29.63 points, at 18,339.0 points.

Maruti Suzuki rose 3.87 per cent to 1,494.6 rupees, while Bharti Airtel rose 2.89 per cent to 309.8 rupees.

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Asian markets close up on hope for US deal

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