{"id":10057,"date":"2011-08-21T02:08:57","date_gmt":"2011-08-21T02:08:57","guid":{"rendered":""},"modified":"2011-08-21T02:08:57","modified_gmt":"2011-08-21T02:08:57","slug":"Asian-markets-rebound-from-Friday-falls","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=10057","title":{"rendered":"Asian markets rebound from Friday falls"},"content":{"rendered":"

In Tokyo, the Japanese index saw choppy trade after opening lower in the wake of the yen’s rise to a fresh post-war high against the dollar last week.<\/strong><\/p>\n

The Nikkei index<\/strong> was up 0.01 percent, or 0.49 points at 8,719.73 while the Topix index was down 0.19 percent, or 1.40 points, at 750.29.<\/p>\n

Dealers said the Japanese stock market will be swayed by the yen’s movement against the dollar<\/strong>, as the pair is under close scrutiny amid speculation the government will intervene to weaken the Japanese unit.<\/p>\n

The safe-haven yen’s strength, seen as a reflection of weak global risk appetite, encourages selling of exporter shares who see repatriated profits eroded by a strong domestic unit.<\/p>\n

“At this level, we will still see funds flowing out of exporters and into domestic demand-related stocks,” Takuya Yamada,senior portfolio manager at ITC Investment Partners, told Dow Jones Newswires.<\/p>\n

In Hong Kong<\/strong> shares gained 0.63 percent at Monday’s opening, as Asian markets stabilized after a deep selloff around the world last week.<\/p>\n

In initial trading, the Hang Seng<\/strong> Index gained 121.51 points to 19,521.43.<\/p>\n

Chinese<\/strong> shares were also up with the Shanghai Composite Index up 8.68 points at 2,543.04.<\/p>\n

In Seoul<\/strong>, South Korean shares opened 0.67 percent higher in a rebound from Friday’s market fall. <\/p>\n

Samsung Electronics<\/strong>, the world’s largest maker of memory chips, gained 1.03 percent and the country’s top carmaker Hyundai Motor<\/strong> rose 1.76 percent immediately after the open.t 1,756.59 on purchases by foreign investors.<\/p>\n

Source AFP<\/em>
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