EGP edges lower against USD in early Monday trade    Egypt delivers over 30 million health services through public hospitals in H1 2025    Egypt joins Geneva negotiations on Global Plastics Treaty, calls for urgent agreement    Madinet Masr in talks for three land plots in Riyadh as part of Saudi expansion    Egypt's PM tells Palestinian PM that Rafah crossing is working 24/7 for aid    Egypt, Japan discuss economic ties, preparations for TICAD conference    Real Estate Developers urge flexible land pricing, streamlined licensing, and dollar-based transactions    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Asian markets rise on US, Europe cheer
Published in The Egyptian Gazette on 19 - 11 - 2010

SINGAPORE - Asian stock markets rose slightly on Friday and the euro held recent gains after a strong Wall Street performance and moves toward heading off a potential Irish debt crisis.
By 0745 GMT the MSCI All-Country World equity index (.MIWD00000PUS) was up 0.2 percent after hitting a one-month low earlier in the week.
The pan-European FTSEurofirst 300 index (.FTEU3) of top shares opened flat.
Shares in Shanghai (.SSEC) and South Korea (.KS11) rose nearly 1 percent, while Japan's Nikkei (.N225) average marked a five-month closing high above 10,000, propelled by hedge fund inflows from overseas and with a fall in the yen providing additional support.
Blue-chip shares rose broadly. Banking stocks were likely buoyed by short-covering and fresh buying by a US brokerage on the view that they are undervalued, one market player said.
The charts also point to stronger upside potential after the Nikkei on Thursday broke through solid resistance at its 200-day moving average for the first time since May.
"Many hedge funds close books in November and now is a time when short-covering tends to emerge. Solid US economic data and GM's listing yesterday are also lending help," said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities.
The Nikkei ended the day up 0.1 per cent to 10,022.39, its highest finish since June 22. On the week, it added 3.1 per cent. The broader Topix (.TOPX) was also up 0.1 per cent.
The euro edged up 0.2 percent to $1.3670, supported by rising expectations of a financial rescue plan for Ireland.
The euro held onto its recent gains but stopped short of breaking above major resistance after analysts warned that the single currency was not out of the woods yet, with Ireland's debt troubles threatening to spill over to other highly indebted peripheral euro zone countries such as Portugal.
The dollar (.DXY) held steady against a basket of currencies and against the yen.
News that Ireland may avert a debt crisis weighed on bonds. The benchmark 10-year US Treasury note fell 5/32 in price to lift yields to 2.90 per cent.
US crude oil futures gained nearly 40 cents to $82.02 per barrel, retracing part of a four-session drop, while spot gold was at $1,357.45 an ounce.
In South Korea, investors resumed bond purchases on Friday after comments from Vice Finance Minister Yim Jong-yong and on market hopes that foreigners' existing holdings would not be subject to a bond tax aimed at curbing hot money flows.
Yim told Reuters the government preferred the option of imposing flexible withholding tax rates, but did not elaborate on what that would mean in practice.
"The appetite for Asian bonds is pretty strong and Korean bonds stand out as retaining value," said Kenneth Akintewe, a Singapore-based bond fund manager who helps manage $5 billion in Asian fixed income at Aberdeen.
Global stocks rose on Thursday as a blockbuster General Motors Co (GM.N) stock offering dovetailed with upbeat US economic data and easing Irish debt tensions.
GM's return to the market less than 18 months after it emerged from bankruptcy, raised $20.1 billion, the largest US initial public offering.
The Dow Jones industrial average (.DJI) rose 1.6 per cent on Thursday. The Standard & Poor's 500 Index (.SPX) gained 1.5 per cent and the Nasdaq Composite Index (.IXIC) added 1.6 per cent.


Clic here to read the story from its source.