Wednesday, 26 October 2011

Asian shares mixed ahead of Europe plan

TOKYO: Asian shares were mixed Tuesday as investors waited for European leaders to unveil a plan to tackle the continent's ongoing debt crisis.

Markets turned cautious after solid gains in Asia the previous day, unable to extend a Wall Street rally overnight.

Japan's Nikkei 225 stock average slipped 0.3 percent to 8,820.29 as exporters struggled in the face of a strong yen. South Korea's Kospi lost 0.6 percent to 1,887.76, and Australia's S&P/ASX 200 fell 0.5 percent to 4,234.90.

Meanwhile, Hong Kong's Hang Seng index rose 0.4 percent to 18,838.06. Benchmarks in Taiwan, Singapore and New Zealand also advanced modestly.

European leaders have said they made progress at a weekend summit and plan to unveil concrete plans for containing the crisis by Wednesday.

The 17-nation eurozone is set to shore up its bailout fund to contain the debt turmoil that threatens to engulf more countries, and German lawmakers said the plan could boost the fund's lending capacity to more than euro1 trillion ($1.39 trillion).

Overnight in New York, the Dow Jones industrial average finished with a gain of 104.83 points, or 0.9 percent, at 11,913.62.

The broader Standard & Poor's 500 index rose to 1,254.19, marking the highest close for the S&P 500 since Aug. 3, just as Washington was resolving a showdown over raising the country's borrowing limit.

In currencies, the dollar rose slightly to 76.14 yen from 76.05 yen late Monday in New York. The euro stood at $1.3905 from $1.3951.

Source: theindependentbd.com

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