Asian shares mostly up after G8 meeting
A woman looks at an electronic stock indicator in Tokyo Monday, May 21, 2012. Bargain-hunting helped Asian stock markets edge upward Monday, but gains were limited as investors remained unconvinced that the world's major economies nailed a solution to the European debt crisis following a summit in Washington. Japan's Nikkei 225 index came off four-month lows to rise 0.26 percent at 8,633.89. AP PHOTO/SHIZUO KAMBAYASHI
HONG KONG—Asian markets were mostly higher on Monday after huge losses last week, with traders taking some heart from a statement by Group of Eight leaders saying they wanted Greece to remain in the eurozone.
The euro bounced back from four-month lows against the dollar after the G8 summit. But Hong Kong stocks fell, with the market’s largest constituent HSBC down on to its exposure to the eurozone crisis.
Tokyo gained 0.26 percent, or 22.58 points, to end at 8,633.89, Sydney rose 0.67 percent, or 27.1 points, to 4,073.6 and Seoul closed 0.94 percent higher, adding 16.67 points to 1,799.13.
Shanghai added 0.16 percent, or 3.78 points, to 2,348.30 but Hong Kong slipped 0.16 percent, or 29.53 points, to 18,922.32.
The G8 leaders, meeting at the US president’s retreat at Camp David on Saturday, said they wanted Athens to stay part of the currency union and urged it to stick to bailout terms.
However, the talks highlighted differences on whether to pursue more belt-tightening or pro-growth measures, meaning they could not come up with an agreement on how to deal with the growing eurozone crisis.
Global markets have been sent into a spin since May 6 polls in Greece and France that saw voters overwhelmingly back anti-austerity parties.
Another election has been called for next month in Greece after several attempts to form a coalition government failed.
German Finance Minister Wolfgang Schaeuble said the June 17 poll will see Greeks not only electing lawmakers but voting on whether their country stays in the eurozone.
“Europe is ready to help the Greek people… But Europeans can’t do the work that Greece must do, that depends on the Greeks,” he told the Sunday edition of Greek daily Kathimerini.
On currency markets the euro strengthened to $1.2779 in early European trade, from $1.2773 in New York late Friday.
The unit on Friday hit a four-month low of $1.2642 on deepening worries about the eurozone.
On Monday, the euro also rose to 101.40 yen from 100.94 yen, while the dollar advanced to 79.40 yen from 78.95 yen.
Hong Kong’s fall came despite comments Sunday from Chinese Premier Wen Jiabao hinting at more monetary easing in the world’s No. 2 economy, following a string of weak data pointing to a sharper slowdown.
HSBC led the Hang Seng index lower, falling 1 percent, while Internet blue-chip Tencent lost 3.4 percent after Facebook’s lackluster stock market debut on Friday.
Oil prices advanced. New York’s main contract, West Texas Intermediate crude for delivery in June, was up 71 cents at $92.19 per barrel while Brent North Sea crude for July gained 91 cents to $108.05 in the late afternoon.
Gold was worth $1,596.40 an ounce at 1020 GMT, compared with $1,589.90 late Friday.
In other markets:
— Singapore closed up 0.40 percent, or 11.06 points, at 2,790.16.
Oversea-Chinese Banking gained 0.71 percent to Sg$8.48 while Singapore Airlines was down 0.58 percent at Sg$10.30.
— Taipei added 0.57 percent, or 41.04 points, to end at 7,192.23.
Taiwan Semiconductor Manufacturing was 0.86 percent higher at Tw$82.5 while leading smartphone maker HTC added 1.62 percent at Tw$407.0.
— Manila closed 1.53 percent, or 74.58 points, up at 4,954.00.
DMCI Holdings fell 1.72 percent to 57 pesos, while Universal Robina dropped 0.24 percent to 61.10 pesos. But Philippine Long Distance Telephone rose 1.01 percent to 2,394 pesos.
— Wellington eased 0.23 percent, or 8.05 points, to 3,493.39.
Fletcher Building was off 0.32 percent at NZ$6.27 and Air New Zealand fell 0.54 percent to NZ$0.915.
— Jakarta slipped 1.01 percent, or 40.39 points, to 3,940.11.
Car maker Astra International fell 2.3 percent to 66,850 rupiah, Bank Mandiri was down 2.1 percent at 6,950 rupiah, and instant noodles maker Indofood Sukses Makmur closed 2.1 percent lower at 4,725 rupiah.
— Kuala Lumpur rose 0.42 percent, or 6.45 points, to 1,538.91.
YTL Power added 4.6 percent to 1.61 ringgit, Sime Darby rose 1.7 percent to 9.40 ringgit and PPB Group gained 1.7 percent to 15.60 ringgit.
British American Tobacco shed 1.2 percent to 51.40 ringgit and Hong Leong Bank lost 0.7 percent to 12.02 ringgit.
— Bangkok closed 1.67 percent lower, giving up 19.28 points to 1,135.16.
Banpu fell 2.81 percent to 484 baht, while PTT dropped 1.83 percent to 322 baht.
— Mumbai closed 0.19 percent, or 30.51 points, higher at 16,183.26.
State Bank of India rose 3.37 percent to 2,007.4 rupees, after last week reporting a 200 percent rise in fourth-quarter profit.
