Asian markets close higher as bourses await U.S. news
Asian markets close higher as bourses await U.S. news
BOMBAY (Agencies): Asian markets not closed for Lunar New Year yesterday ended slightly higher, with a US$20 billion U.S. aid package for Mexico and the U.S. Federal Reserve meeting on interest rates topping the list of market moving factors.
Bourses in Tokyo, Sydney, Wellington, Bangkok and Manila ended with gains.
Markets closed for the second day of the New Year holiday included Hong Kong, Singapore, China, Taiwan and South Korea.
Japanese stocks closed firmer on buying in construction shares, but late profit-taking eroded earlier gains.
The key 225-share Nikkei average closed up 89.65 points, or 0.48 percent, at 18,739.47, after rising to 18,868.93 in the early afternoon.
In New Zealand, the top 40 index continued its roller coaster ride for the week, gaining 17.23 points to 1,957.05 on thin volume.
Manila's 30-share composite index rose 56.77 points or 2.34 percent to close at its intra-day high of 2,476.89.
Thai stocks rose by the midday break on improved sentiment on Wall Street, itself buoyed by news of the revamped international package for Mexico, brokers said.
The SET index was up 7.23 points at 1,224.97 after peaking at 1,226.48.
But in Bombay and in Colombo, stock prices fell. The 30-share Bombay index fell 48.88 points, or 1.35 percent, to 3,569.66 after falling back from a high of 3,637. The broader 100-share national index slipped 4.20 points to 1,733.71. In Colombo, the all share index fell 14.47 points to 945.51.
In London, share prices were boosted in early trading yesterday by overnight gains on Wall Street, but the market remained cautious before a meeting today on Britain's monetary policy, dealers said.
The FT-SE 100 index of leading shares was up 15.6 points at 3,007.2. In Paris, the CAC-40 index opened 13.54 points higher at 1,811.44.
In New York, stocks, bonds and the dollar rallied on Tuesday after President Bill Clinton unveiled a $20 billion surprise rescue plan for Mexico, lifting a pall which has weighed on financial markets in recent weeks.
The Dow Jones industrial average ended with a gain of 11.78 points at 3,843.86. In the broader market, advancing issues led declines 1,290 to 907. Trading on the New York Stock Exchange was very active, as 409 million shares changed hands, the biggest daily turnover since Dec. 16 of last year.