Asian markets opened mixed Friday. Japan's Nikkei average jumped above 8000 points in early trade while South Korea's Kospi was higher led by shipbuilders and steelmakers. Other markets include Hong Kong, Singapore and Shanghai opened flat following the falls on Wall Street.
Most Asian share markets soared at opening bell following the upbeat sentiment on Wall Street overnight. Japan's Nikkei average and South Korea's Kospi opened higher this morning, but soon gave up their early gains. Tokyo stocks slid to below 8000 points level, as exporters were hurt by stronger yen.
Most Asian markets ended lower Thursday, giving up gains from the previous session. Japan's Nikkei 225 finished down 2.4% as exporters were hit by the stronger yen. Other major indexes including China's Shanghai Composite, Hong Kong's Hang Seng Index and South Korea's Kospi ended with rather small changes as investors were not confident to the economic outlook and waiting for a clear picture.
On Wednesday Tokyo and Hong Kong markets bounced 4 per cent respectively in the morning following Wall Street's hefty overnight rally. Taiwan stocks rose 2.04 percent to a two-month high led by financial stocks after Citigroup said it turned profitable in the first two months in 2009.
Most Asian markets declined on Monday. Japan's Nikkei average tumbled 1.2% to a 26-year low, while Hong Kong's Hang Seng Index slumped 4.8%, the sharpest fall in the major indexes in Asia. China's Shanghai Composite was down 3.4%. But South Korea's Kospi ended 1.6% higher lifted by technology and shipbuilding sectors.
Asian share markets were bolstered on hopes for China's further stimulus measures, which are speculated to include market-supportive moves. Shanghai Composite Index surged 6.1% while Hong Kong's Hang Seng Index rose 2.5%. South Korea's Kospi was up 3.3%. Japanese and Singaporean markets also shrugged off the bad lead from Wall Street, gaining 0.9% and 1% respectively.
Yesterday the Asian major bourses posted losses, driven by negative sentiment caused in large part by doubts over the financial rescue package in the US and profit-taking. The US President Barack Obama was sending Congress a budget that projects the government's deficit for this year will soar to US$1.75 trillion, reflecting efforts to pull the nation out of a deep recession and a severe financial crisis.
