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Asia: Nikkei at 7-week high
Tue, 07 Feb, 2012
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Asia: Nikkei at 7-week high
Fri, 12 Mar 2010, 09:18:00
Investors piled into Japanese stocks Friday, sending the leading index to its best close in seven weeks. Exporters stood out as talk of further monetary easing by the Bank of Japan depressed the yen. Honda Motor and Nissan did well. The leading index rose 86 points to 10,751, its highest finish since 21 January, despite yesterday's news of weaker than forecast fourth quarter growth in gross domestic product (GDP). Japan's economy grew 3.8% in the last three months of 2009, much less than the 4.6% initially estimated, although the new number still suggests the world's second-largest economy will avoid a double-dip recession, said analysts. But it was a different story in Hong Kong where banks tumbled on fears that the Chinese government may start hiking interest rates following a sharp rise in inflation last month. Industrial and Commercial Bank of China and HSBC both fell, although there were gains for property plays after Sun Hung Kai Properties reported a 44% rise in half-year underlying net profit. The leading Hang Seng index fell 18 to 21,209.
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