Asia's major markets including Tokyo, Shanghai and Hong Kong closed higher on Wednesday after the US stocks rose on the positive economy data and progress on government's stimulus plan. Tokyo stocks opened lower Thursday as investor sentiment was dampened by bleak U.S. corporate earnings.
On Thursday, the Australian shares rose for the third consecutive day led by rallies in overseas markets and strong commodities prices. The benchmark S&P/ASX200 index was up 30.7 points, or 0.88 per cent, at 3,526.2, while the broader All Ordinaries index had gained 26.2 points, or 0.76 per cent, to 3,461.3. The Australian market might lose its recent gains following the heavy fall in Wall St.
Asian markets were broadly weaker yesterday, with the battered Japanese Nikkei losing almost 1 per cent to close at 7682.1 points. A number of major markets including China, Hong Kong, Taiwan, Korea and Singapore are closed for Lunar New Year holiday.
On Friday the Australian stock market ended higher on the recovery in mining sector. The benchmark S&P/ASX200 index closed up 21.4 points, or 0.61%, at 3550.9, while the broader All Ordinaries gained 18.1 points, or 0.52%, to 3494.9. Analysts expect the market may keep its way of turbulence in the reporting season until some clarity of the economy could be seen. Tomorrow Barack Obama's inauguration will be the focus of the week to boost some confidence in the market.
Yesterday the Australian shares ended flat as weaker Commonwealth Bank and energy stocks weighed on the market. The benchmark S&P/ASX200 index was up 10.6 points, or 0.3 per cent, at 3,581.2, while the broader All Ordinaries index gained 6.7 points, or 0.19 per cent, to 3,521.7. It could be fairly quiet during the pre-Christmas sessions. But the local market may be hit by the dropping commodities prices and the fears on US auto industry as US government has admitted that orderly bankruptcy can be one of the options for the troubled automakers.
The Australian market closed lower on Wednesday. The benchmark S&P/ASX200 index ended down 83.4 points, or 2.3 per cent, at 3540.0, while the broader All Ordinaries dropped 95.8 points, or 2.68 per cent, to 3479.6. Analysts expect the US rally sustain for a while as there are some good signs in the global financial markets.
Yesterday, benefited from the US government's bailout plan on Citigroup, the Australian market benchmark S&P/ASX200 share index had its best day in more than 11 years, jumping 5.8%, or 198.3 points, to 3623.4, while the broader All Ordinaries index was up 5.5%, or 186.6 points, to 3575.4. Analysts say the market sentiment remains fragile as fundamental problems have not changed, although world governments are taking action to stimulate economy.
