Sunday 21 September 2008

Asian Stock markets a happy lot

Monday has come as good news as Asian share prices soared in early trade on the back on news of US government’s mammoth rescue plan for the battered financial sector. Highlight is the move by the US Treasury to ask Congress for authority to spend 700 billion dollars to buy bad mortgage-related assets from financial institutions. This has in some marginal way returned the investor’s confidence back into the markets.

Japanese shares were up 1.98 per cent in morning trade and Australia's market jumped 3.5 per cent, with financial stocks leading the charge. New Zealand rose 2.47 per cent by mid-afternoon. Chinese prices opened up more than eight per cent, Hong Kong rose 2.8 per cent, Singapore was up 1.03 per cent and South Korea's KOSPI index gained 1.62 per cent.

Posted by Harsh at 21:32

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