Asia-Pacific equities see substantial gains

| August 20, 2007
Asia-Pacific equities see substantial gains

Equities markets in the Asia and the Pacific were much higher on Monday, following significant losses last week.

The Sensex was 2.02 percent higher to 14,427.25 in India.

In Australia, the Sydney Ordinaries added 4.25 percent to 5,926.5 and the S&P/ASX200 gained 4.61 percent to 5,932.6.

Taiwan’s Taiex index was 5.26 percent higher to 8,515.6, while the Shanghai Composite gained 5.33 percent to 4,904.86.

In South Korea, the Kospi index was 5.69 percent higher to 1,731.27. The Hang Seng index jumped 5.93 percent to 21,595.63 in Hong Kong, while in Singapore the Straits Times index added 6.12 percent to 3,322.38. The biggest winner of the day was the Jakarta Composite with a gain of 6.97 percent to 2,041.58.

In Tokyo, the Nikkei 225 was 3 percent higher to 15,732.48, while the Topix index added 2.9 percent to 1,523.57 and the Mothers market was up 0.98 percent to 695.18.

European equities markets also saw gains, but the advances were much more subdued than those seen in the Asia-Pacific region. The FTSE Eurofirst 300 was 0.54 percent higher to 1,481.43, with Madrid’s IBEX adding 0.22 percent to 14,269.1, the Dax up 0.4 percent to 7,407.53 in Frankfurt, and the Paris CAC-40 gaining 0.67 percent to 5,399.38. In London, the FTSE 100 added 0.24 percent to 6,078.7 while the FTSE 250 was 0.16 percent higher to 10,703.8.

Wall Street was lower in early afternoon trade. The Dow Jones Industrial Average was back down below the 13,000 level to trade at 12,993.32, a decline of 0.66 percent, just before 1:30 pm in New York, while the Nasdaq Composite had dropped 0.64 percent to 2,489.1 and the S&P 500 was 0.99 percent lower to 1,431.6.

Crude oil prices were lower after it appeared that Hurricane Dean would miss Gulf of Mexico oil production facilities. Some metals prices were higher, while agricultural commodities were mixed with soybeans and corn prices lower but orange juice futures saw gains.

The yen was down early but then gained back losses versus the US dollar after Wall Street equities markets declined.

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