Asian stocks saw modest gains Wednesday on hope of a bailout package for Greece. Australian market was boosted yesterday as official data showed that Australia's economy grew 0.9 per cent in fourth quarter, its fastest quarter-to-quarter pace in almost two years. Japan's Nikkei index ended up 0.3 per cent. South Korea's Kospi Composite rose 0.5 per cent. Shanghai Composite climbed 0.8 per cent higher. But Hong Kong's Hang Seng Index closed 0.1 per cent lower. Today Asian markets are likely to open flat, after Wall Street declined slightly on Wednesday.
AU Optronics Corp
Most asian markets were higher on hope of a rescue package for Greece yesterday. Japan's Nikkei index ended up 0.3%, and Hong Kong's Hang Seng Index added 0.7%. Both China's Shanghai Composite and Taiwan's Taiex climbed 1.1%. Japanese market is closed on Thursday for National Foundation Day, while Taiwan market is closed for Pre-Chinese New Year.
Wall Street slumped sharply on Thursday after disappointing earnings reports and news of China's further tightening bank lending. The US dollar soared to one month high against a basket of currencies while investors shifted to haven.
Asian share markets broadly opened in positive territory. Japan's Nikkei was buoyed by the latest data showing that Japan's economy grew 1.2 per cent in July-September from the previous quarter, exceeding market expectations.
Taiwan Semiconductor Manufacturing Co. Ltd (TSMC) (TPE:2330) and United Microelectronics Corporation (UMC) (NYSE:UMC), world's top two contract chip makers, will be helped by Taiwanese government's plan to allow acquiring rivals in mainland China. Today the Taiwan technology stocks were boosted by the news.