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    » 11/07/2008, 00.00

    ASIA

    Asian markets attempt rebound. Tokyo closes at – 3.6%



    Almost all markets rebound after heavy losses. Toyota reduces profit forecast by over two thirds. The Chinese economy feels the crunch.

    Hong Kong (AsiaNews/Agencies) – Contradictory signs emerged today from Asian markets, most of which recovered some percentage points after early lows.  Tokyo alone remained in the negative zone, down 3.6% on closing, shaken by Toyotas profit forecast and the sluggish US economy.

    Hong Kong's benchmark Hang Seng index was up 1.4 % by mid-afternoon. Taiwan stocks reversed the morning's sharp losses to climb 0.19 % after being almost 1 per cent down.

    South Korea's main stock index rebounded from a 4.9 % fall to close 3.9 % higher after the country's central bank cut interest rates by a quarter of a point - the third cut in less than a month- in a bid to boost an economy hammered by the global financial crisis.

    Investor sentiment took a hit after Japan's top automaker Toyota slashed its annual forecast to a third of what it was a year ago. Japan's leading automaker blamed a contracting US auto market, strong yen and higher materials prices.

    Singapore shares slumped 4.48% while Indonesia index was 2.6 % down at the opening.

    Shanghai had little movement, up by only 0.09%. Analysts said investors were unsettled by China's deteriorating economy after more index heavyweights posted weak sales or cut production, but the sell-off pressure was limited as new policy announcements were expected soon.

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    See also

    06/11/2008 ASIA
    Asian markets down: the recession eclipses the “Obama phenomenon”
    All stock markets are negative, following Wall Streets closure yesterday at -5%. Oil prices drop. Large companies that trade with America and airlines worst hit by recession.

    10/11/2008 ASIA
    Asian markets rally in wake of Beijing rescue plan
    China commits to a 4 billion Yuan project and across the continent markets rally. Only Taipei and Singapore fail to recover.

    20/11/2008 ASIA
    Asian markets fall tracking US pessimism
    After bleak forecasts of US growth, world markets slide: Tokyo closes at -6.89%, a five year low. Japanese exports tumble to their lowest in 7 years.

    22/01/2008 ASIA
    Asian stock markets continue free fall
    All markets have plunged some up to -8%. Mumbai stock exchange closes for an hour due to heavy losses. Chinese banks in difficulty. According to Soros it is the worst financial crises since the Second World War.

    14/11/2008 ASIA
    Asian markets recover as G20 gets under way
    Gains in almost all markets except Mumbay. Expectations ahead of today’s gathering in Washington.



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