Nikkei: 9,584.37 (–31.18) Hang Seng: 24,285.05 (+134.47) Shanghai Comp: 3,001.37 (–31.18): MANY ASIAN markets took a breather yesterday, after China's latest round of policy tightening to tackle inflation, although investors in Hong Kong and China shrugged off the move.
The Shanghai Composite ended 1.1 per cent higher at 3,001.4. Banks gained on expectations of higher earnings with Hua Xia Bank rising 4.3 per cent to Rmb13.50 and China Merchants Bank gaining 3.4 per cent to Rmb14.81.
Hong Kong’s Hang Seng was 0.6 per cent higher at 24,285.05, also led by financial shares.
Ping An, the insurer, rose 2 per cent to HK$86.25 on expectations that the latest rate rise would improve earnings. China Life Insurance rose 1.5 per cent to HK$30.30.
Tokyo Electric Power, operator of the crisis-stricken Fukushima nuclear power plant, shares fell 6.9 per cent to ¥337 on the rising insurance cost for its debt.
Newcrest Mining, Australia’s biggest gold producer, rose 2.9 per cent to A$41.71, but smaller rivals Oceana Gold and Alacer Gold were up 9.1 per cent to A$2.88 and 5.3 per cent to A$9.56 respectively.– (Copyright The Financial Times Limited 2011)
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