{"id":9959,"date":"2011-08-10T18:08:03","date_gmt":"2011-08-10T18:08:03","guid":{"rendered":""},"modified":"2011-08-10T18:08:03","modified_gmt":"2011-08-10T18:08:03","slug":"Asian-stocks-mostly-lower-early-losses-trimmed","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=9959","title":{"rendered":"Asian stocks mostly lower, early losses trimmed"},"content":{"rendered":"

Asian stock markets mostly fell on today but off their earlier lows as traders went bargain-hunting despite huge falls in Europe and on Wall Street.<\/strong><\/p>\n

Gold also eased slightly from its record high after breaching the $1,800 barrier for the first time, but the yen edged towards a fresh high against the dollar as dealers poured into safe haven assets.<\/p>\n

Tokyo closed 0.63 percent<\/strong>, or 56.80 points, lower at 8,981.94 while Sydney closed flat, edging down 0.5 points to 4,140.8.<\/p>\n

Hong Kong fell 0.97 percent in the afternoon<\/strong>, after losing 2.54 percent on opening.<\/p>\n

But Seoul<\/strong> — which had earlier lost about four percent — closed 0.62 percent, or 11.20 points, higher at 1,817.44 while Shanghai was up 1.06 percent in late trade.<\/p>\n

Regional markets were off their morning lows, which came after Wall Street slumped — with each of the three main indexes losing more than four percent — and Europe was battered by renewed fears over US and eurozone debt.<\/p>\n

“In essence, there’s still a lot of fear in the market,” said CMC Markets chief strategist Michael McCarthy in Australia.<\/p>\n

Asian markets have suffered a rollercoaster week<\/strong>, tumbling from Friday to Tuesday on eurozone fears and the US debt downgrade before rebounding Wednesday after the US said it would hold rates at record lows for two years.<\/p>\n

The yen, another safe-haven, moved towards its post-World War II high<\/strong> of 76.25 to the dollar, which it hit in the turbulent week after Japan’s March 11 quake and tsunami disaster.<\/p>\n

In early trade the dollar bought 76.60 yen, down from 76.83 yen in New York late Wednesday.<\/p>\n

Japanese Finance Minister Yoshihiko Noda reiterated that he remained attentive to financial markets<\/strong> and had an eye on the yen, a week after the government stepped into the forex market to stem the unit’s rise.<\/p>\n

Prime Minister Naoto Kan, in a televised legislative committee meeting, echoed Noda’s comment, saying: “We will closely monitor the market and think about ways to deal with it.”<\/p>\n

— Manila<\/strong> closed 0.49 percent, or 20.08 points, higher at 4,311.02.<\/p>\n

Source AFP<\/em>
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