InfoAnda - Asian markets pick up on bargain-hunting

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Asian markets pick up on bargain-hunting AFP - Wednesday, June 9 Send IM Story Print Asian markets pick up on bargain-hunting HONG KONG (AFP) - – Asian markets staged a slight rebound on Tuesday as dealers picked up bargains from the previous session's heavy losses, while Japanese exporters benefited from a weaker yen. Traders ignored a second successive slump on Wall Street, where worse-than-expected jobs data on Friday continued to depress sentiment amid fears over recovery in the world's biggest economy. Tokyo's Nikkei rose 0.18 percent, or 17.14 points, to 9,537.94 and Sydney added 1.28 percent, or 55.3 points, to 4,381.2. Hong Kong added 0.56 percent, or 109.33 points, to close at 19,487.48. However, the markets were nowhere near making up for Monday's slumps, which saw key indexes hit lows not seen for several months after the United States said that 431,000 non-farm jobs were created in May. The figure was well below the 500,000 analysts had forecast, souring sentiment. Friday's news sent the Dow plummeting 3.15 percent and lingering worries saw the index lose a further 1.16 percent on Monday. The euro picked up on Tuesday -- giving some respite to Japan's exporters -- but remained subdued as concerns over European debt continued. The single currency changed hands at 1.1959 dollars in Tokyo morning trade, up from 1.1919 in New York on Monday. Against the yen, it fetched 109.58 against 109.00 in New York. On Monday, the European single currency had briefly plunged to 1.1876 dollars, its lowest level for more than four years. The dollar gained ground against the Japanese currency, to 91.65 yen from 91.37 in New York. "The market appears to have regained stability after a bout of sales of the euro ended," said Yosuke Hosokawa, head of the forex group at Chuo Mitsui Trust Bank. "But no one can deny another bout of sales anytime in the near future," Hosokawa said. "Players are likely to continue keeping away from risky trades. Trading will remain sensitive for the time being." The euro was rattled on Monday following comments by Hungarian officials that Budapest could be in the same boat as Greece, raising the spectre that already struggling European banks could be hurt by any exposure there. The International Monetary Fund has urged European leaders to take decisive action to overhaul rules governing the eurozone and called for Brussels to be given more say over national budgets. The IMF's call came as finance ministers of all 27 European Union nations meeting in Luxembourg on Monday put the finishing touches to a 440-billion-euro fund for emergency loans to debt-laden states. Greece, Spain, Portugal, Ireland and Spain have all taken steps to rein in their budgets as well as Germany, which on Monday announced 86 billion euros in cuts by 2014. Shanghai added 2.22 points to 2,513.95. Taipei ended down 5.84 points at 7,151.99, pulled by electronics giant Hon Hai Precision -- the parent of IT firm Foxconn -- which makes products for Apple and other global brands. Hon Hai tumbled 5.11 percent to 111.5 Taiwan dollars after Foxconn said Monday it would hike salaries at its plants in south China by nearly 70 percent following a series of suicides there. It tumbled 5.62 percent Monday. The two days of losses have slashed about 100 billion Taiwan dollars (3 billion US) off the company's capitalisation. Foxconn shares in Hong Kong were 3.2 percent down after tumbling 5.5 percent Monday prior to a trading halt for the wage announcement. Oil edged up in Asian trade. New York's main futures contract, light sweet crude for delivery in July, rose nine cents to 71.53 dollars a barrel while Brent North Sea crude for July delivery was up 31 cents to 72.43 dollars. Gold closed higher at 1,243.50-1,244.50 US dollars an ounce in Hong Kong, up from Monday's close of 1,214.00-1,215.00 dollars as investors looked for safer haven assets during uncertainty in the markets. In other markets: -- Singapore closed 0.19 percent, or 5.27 points, lower at 2,746.61. Banking group DBS shed 0.45 percent to 13.34 Singapore dollars, Singapore Telecom was unchanged at 2.88 dollars while Singapore Airlines gained 0.14 percent to 14.30 dollars. -- Kuala Lumpur shares closed 0.15 percent, or 1.91 points, higher at 1,288.18. Multinational Genting gained 1.5 percent to 6.91 ringgit and Maybank added 1.1 percent to 7.39. Gaming firm Berjaya Corp sank 6.2 percent to 1.37 ringgit. -- Seoul closed 0.83 percent, or 13.51 points, higher at 1,651.48. -- Manila closed 0.25 percent, or 8.15 points, higher at 3,274.26. Philippine Long Distance Telephone fell 0.41 percent to 2,420 pesos while Energy Development added 1.08 percent to 4.70 pesos. -- Jakarta rose 1.08 percent, or 29.75 points, to 2,779.98. Bumi Resources rose 2.3 percent to 1,790 rupiah, rival Indika Energy gained 5.5 percent to 2,900 while car maker Astra fell 1.3 percent to 43,250. -- Wellington closed 1.36 percent, or 41.16 points, lower at 2,988.98. The index hit its lowest close for 10 months as dealers played catch-up with regional losses Monday, a New Zealand public holiday. Telecom closed down 2.7 percent at a record low of 1.81 New Zealand dollars, while Contact Energy finished up 0.5 percent at 5.78. -- Bangkok edged down 0.32 percent, or 2.44 points, to 757.41. Coal producer Banpu lost 6.00 baht to 586.00 and PTT Plc dropped 3.00 baht to close at 243.00. Recommend Send IM Story Print Related Articles Foxconn parent suffers share slump, protests AFP - 39 minutes ago Mumbai plans world's tallest apartment block AFP - 1 hour 36 minutes ago Honda hit by new strike in China AFP - 1 hour 55 minutes ago Asian markets pick up on bargain-hunting AFP - Wednesday, June 9 Asia gaming market set to overtake US AFP - Wednesday, June 9 News Search Top Stories Obama 'would have fired BP chief' Iran says no talks on nuclear issue if sanctioned Barack's no mug: red-faced Aussies in spelling gaffe Aquino wins Philippine presidential election Spanish public workers strike against government cuts More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Obama 'would have fired BP chief' White House press legend quits amid Israel row Charlie Sheen plea deal hits snag Euro finance chiefs 'sign' deal for bailout fund Aquino wins Philippine presidential election More Most Viewed » Hubble catches planet being devoured by its star The point about pain: New study sheds light on acupuncture US team creates first 'synthetic life' Paris museum burglar grabs 120-million-dollar art haul Clashes as Israeli forces storm Gaza aid boat: Hamas TV More Most Recommended » Elsewhere on Yahoo! 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