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Most Asian markets recover from worldwide plunge set off by U.S. mortgage crisis
Published in Saudi Press Agency on 13 - 08 - 2007


Asian markets mostly rebounded Monday,
recovering tentatively from a worldwide plunge triggered
last week by fears that U.S. problems with subprime
mortgages could spread to the global banking and financial
system, according to AP.
The Nikkei 225 _ the benchmark for the Tokyo Stock
Exchange _ rose 0.2 percent to 16,800.05, recouping some of
Friday's drop as investors bought back into stocks with
strong earnings.
Monday's gains were limited, with most investors waiting
to see the U.S. markets later in the day, said Yutaka
Miura, manager at Shinko Securities.
«This was mainly a technical rebound from Friday,» he
said.
The Bank of Japan injected 600 billion yen (US$5 billion;
¤3.66 billion) into money markets Monday to try to bring
more stability to the markets. On Friday, the Bank of Japan
had injected 1 trillion yen (US$8.39 billion; ¤6.15
billion) to curb rises in a key overnight interest rate.
U.S., European and Australian central banks as well poured
funds into money markets last week as stocks dropped on
concerns over U.S. mortgages. And Monday, the European
Central Bank said it was injecting cash again into the
banking system in a bid to soothe rattled credit markets.
Winners in Tokyo included machinery makers Komatsu Ltd.,
up 3.0, and NSK Ltd., up 5.01 percent. Honda Motor Co.
added 0.5 percent, and electronics giant Toshiba Corp. rose
2.63 percent.
Toyota Motor Corp. fell 0.28 percent, and Matsushita
Electric Industrial Co. fell 0.46 percent. Mizuho Financial
Group fell 0.28 percent.
In Hong Kong, meanwhile, the blue chip Hang Seng Index
rose 0.45 percent to 21,891.10.
Analysts there said shares are likely to trade in a tight
range in the near term, though, as worries over defaults on
U.S. subprime mortgages still overhang the market.
«Aftershocks of the U.S. subprime mortgage woes are
likely to continue rippling through markets in the
Asia-Pacific region,» said Peter Lai, director of DBS
Vickers Securities Ltd.
Strong corporate earnings reports will provide support to
the local market, analysts said, with China Mobile (Hong
Kong) Ltd. kicking off the earnings season Thursday.


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