10/29/2008, 00.00
ASIA
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Asian markets follow Wall Street and rebound

In Tokyo the Nikkei is back over the 8,000-point barrier. Hong Kong and Mumbai are also up. But scepticism continues to prevail. Shanghai and Singapore are still in negative territory with Seoul worse of all.
Hong Kong (AsiaNews) – Almost all Asian markets rebounded following Wall Street’s lead. Yesterday the Dow Jones surged by 10.88 per cent on the expectation of a US interest rate cut.

In Tokyo the Nikkei closed up 7.74 per cent, breaking back through the 8,000-point barrier to end at 8,211.90, just two days after plunging to its lowest level in 26 years.

By mid-session other Asian markets were on a positive trend, albeit not uniformly. In the meantime scepticism and fear continue to prevail.

Hong Kong gained 1.36 per cent and Mumbai was up by 0.94.

Manila’s gain was much more substantial at 4.47 per cent. Sydney also gained 1.34 and in New Zealand shares were up by 2.18 per cent.

Shanghai instead lost 1.83 per cent; so did Singapore (1.44 per cent), Bangkok (0.93 per cent) and Jakarta (0.40). Seoul was the worst of all with a loss of 3.02 per cent.

Oil prices are also up; in Asia Brent was quoted at US$ 62.45.

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