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Asia: Japan puts HK in the shade
Wed, 08 Feb, 2012
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Asia: Japan puts HK in the shade
Fri, 27 Aug 2010, 08:59:00
Far East markets ended the week in mixed fashion, with Japan up on hopes authorities will intervene to cool down the rampant yen, while Hong Kong fell on weak earnings. Traders said the Nikkei was helped by short-covering as investors proved reluctant to hold positions over the weekend. The leading index ended the session with an 84-point gain to 8,991. Caution ahead of US GDP data out later capped gains though. Ben Bernanke is also due to make a speech at a conference of central bankers at Jackson Hole, USA. In Hong Kong, Henderson Land Development posted a bigger than expected drop in first-half underlying earnings, while fruit and veg producer China Green Holdings slumped by almost a half after postponing a board meeting to approve audited results. The world's largest lender Industrial & Commercial Bank of China did better though following forecast-beating second-quarter profit, but HSBC posted losses. The Hang Seng fell 14 points to 20,597.
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