Markets Are Little Changed As Investors Focus on Iraq
May 17, 2011
The Tokyo market ended unchanged as a wait-see-mood spread through the market ahead of key economic data expected over the next two weeks. Bolstered by an overnight gain on Wall Street, Hong Kong shares rose as investors realized they had overreacted to the news of the Gulf tensions. The Taiwan equities market was hit by technical selling, combined with investors' nervousness of news of a second missile attack on Iraq. Concerns over U.S. interest rates, the latest weakness of the peso and the absence of foreign investors sent Philippine share prices sliding. South Korean share prices rallied, boosted by government plans to raise foreign stock investment limits. Australian share prices gained ground, supported through the day by a recovery in the domestic debt market. The Singapore market was mixed, while key index component stocks fell. Indonesian and Malaysian investors bargain-hunted after the previous day's sharp drop. Thai stock prices slumped on continuing jitters over tension in the Persian Gulf and a cut in the country's short-term credit rating. At the end of the Asian trading day Wednesday, the Dow Jones China 88 Index rose 1.95 to 101.06 after dropping 0.78 Tuesday. The Dow Jones Shanghai Index rose 1.77 to 104.63 after dropping 0.73 the previous day. The Dow Jones Shenzhen Index rose 2.74 to 115.26 after falling 1.67 Tuesday. In dollar terms, the Asian-Pacific sector of the Dow Jones World Stock Index rose 0.31 to 113.89 Wednesday after falling 0.05 Tuesday. The world as a whole gained 0.45 to 137.32 after remaining unchanged the previous day. Plantations and casino shares led Dow Jones Global Industry Groups, while durable-houseware and oil-drilling issues were among the laggers. Asian Stock Market Indexes Market IndexSep. 4Change Australia
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