Date: Friday 23 Jul 2010
Far East markets rose sharply Friday following another strong batch of US company earnings and easing concerns about the European bank stress test results, due later.
Short sellers also rushed to cover their positions ahead of the weekend, helping Japan’s Nikkei index end a five-day losing streak.
Chip firms were in demand following a bright display on Nasdaq. Chip-tester maker Advantest Corp and chip equipment maker Tokyo Electron improves.
But analysts aren’t getting too carried away. Many are still concerned about the strength of the yen and the possible consequences for exporters.
There were also reports late in the session that a number of Spanish savings banks had failed the stress tests, but the leading index still finished 210 points higher at 9,430.
In Hong Kong, oil giants PetroChina and CNOOC rallied as crude prices neared a one-month high, while banks found favour. HSBC was up over 1%.
That helped the Hang Seng add 144 points, or 0.7%, to 20,733.
Short sellers also rushed to cover their positions ahead of the weekend, helping Japan’s Nikkei index end a five-day losing streak.
Chip firms were in demand following a bright display on Nasdaq. Chip-tester maker Advantest Corp and chip equipment maker Tokyo Electron improves.
But analysts aren’t getting too carried away. Many are still concerned about the strength of the yen and the possible consequences for exporters.
There were also reports late in the session that a number of Spanish savings banks had failed the stress tests, but the leading index still finished 210 points higher at 9,430.
In Hong Kong, oil giants PetroChina and CNOOC rallied as crude prices neared a one-month high, while banks found favour. HSBC was up over 1%.
That helped the Hang Seng add 144 points, or 0.7%, to 20,733.
The Shanghai index also moved north, up for the fifth day in a row, thanks in part to news that Morgan Stanley has increased its stake in Agricultural Bank of China.
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