Asian stock markets and the dollar held firm today and oil prices were stuck in a tight range after sharp falls amid cautious hopes for a short, sharp US-led war in Iraq.
Asia's major stock market in Tokyo consolidated the previous day's gains as late bargain-hunting offset early losses. The key Nikkei-225 average closed up 1.21 per cent or 96.58 points at 8,051.04 after hovering around 20-year lows in intraday trading.
The Japanese market ended higher amid hopes for fresh policy action by the government to halt the slide in the local equity market.
The Australian sharemarket's key SP/ASX 200 index closed up 0.41 per cent at 2,846.7 and Seoul's composite index ended up 0.83 per cent at 541.78, both in line with gains on Wall Street.
US stocks ended modestly higher yesterday, extending gains from the spectacular rally the day before.
The Dow Jones industrials gained 0.64 per cent to end at 8,194.23 while the Nasdaq composite rose 0.59 per cent to 1,400.53.
But Taiwan's weighted index closed down 0.54 per cent at 4,515.07 on profit-taking amid caution ahead of the Iraq deadline.
Hong Kong stocks were also lower by the end of morning trading. The key Hang Seng index lost 0.64 per cent to 8,983.70 and Singapore's Straits Times index closed the early session up a marginal 1.15 points at 1,275.27.
Oil prices moved in a tight range in early Asian trading today following a sharp drop in the US after Washington declared its timetable for an attack on Iraq.
The benchmark New York light sweet crude contract for April delivery was trading at $31.99 a barrel in after-hours trade after closing Tuesday in New York at $31.67, a 9.3 per cent drop from its previous close.
AFP