Monday, April 16, 2012

Asian stock markets april 17 2012

Asian stock markets april 17 2012 : Asian stocks swung between gains and losses after a bigger-than-expected increase in U.S. retail sales countered concern that Europe’s sovereign-debt crisis is spreading after the cost to insure Spanish and Portuguese debt advanced.

Toyota Motor Corp. (7203), which gets 28 percent of its revenue from North America, gained as much as 1.1 percent in Tokyo. CSL Ltd. (CSL), an Australian drugmaker, advanced 2.9 percent in Sydney after UBS AG recommended buying its shares because a competitor’s drug approval was delayed. Samsung Electronics Co., a South Korean electronics maker that gets about a fifth of its revenue from Europe, declined 0.9 percent in Seoul. Cheung Kong (Holdings) Ltd., a Hong Kong developer, may be active after billionaire Li Ka-shing bought 150,000 shares, increasing his stake to 43 percent.

“We are at a point where you can easily see some seasonal weakness,” said Angus Gluskie, managing director at White Funds Management in Sydney who manages more than $350 million. “Asian markets were being sold off a bit recently, yet there’s some growing confidence and we are starting to see some turnaround. We are in a much better position to head off any crisis than we were 12 months ago. Add to that, I think the U.S. has come a long way.”

The MSCI Asia Pacific Index (MXAP) rose 0.2 percent, to 124.43 as of 9:53 a.m. in Tokyo, after falling less than 0.1 percent. About two stocks rose for each that fell prior to the Hong Kong market open.

Japan’s Nikkei 225 Stock Average swung between a gain of 0.4 percent and a loss of 0.2 percent, while Australia’s S&P/ASX 200 Index increased 0.4 percent. South Korea’s Kospi Index increased 0.3 percent.

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