Asian Markets End Mixed on Concerns of Global Economic Issues
By Prasanth Aby Thomas | November 7, 2012 8:49 PM EST
Asian markets have reversed earlier losses after Barack Obama's victory eliminated the uncertainty over US leadership but trading remained muted on concerns of global economic issues that lay in front of the re-elected President.
Japan's Nikkei average eased moderately, to end 0.03 percent or 2.26 points lower to 8972.89. South Korea's KOSPI gained 0.49 percent or 9.38 points to 1937.55.
Hong Kong's Hang Seng index gained 0.63 percent or 137.80 points to 22082.23 while China's Shanghai Composite index was down 0.01 percent or 0.27 points to 2105.73.
Markets started the day in the red and investors remained wary of the US Presidential elections, as reports suggested that the battle between Barack Obama and Mitt Romney would be a close contest.
The indices came off the lows following reports that the Democratic candidate secured a second term in office. But the momentum refused to pick up as concerns remained on a number of global and domestic economic issues that lay in front of Obama, the 'fiscal cliff' being the prominent among them.
But the focus may now shift to China where a once-in-a-decade leadership change is set to take place on 8 November. Although there is no uncertainty on who will lead the world's second largest economy, investors are expected to keep a close watch on the new regime's policy decisions to boost the country's slowing economy.
Electronics firm Yokogawa Electric Corp and Industrial plants manufacturer Chiyoda Corporation were the major losers in Tokyo, dropping 10.67 and 4.76 percent respectively.
Shares of automobile firm Suzuki Motor Corp were down 0.92 percent, following earlier reports that the company plans to exit the US car market. Nissan Motor Company extended gains, ending 4.14 percent higher, after the car-maker reported better than expected results.
Sam Whan Camus Company and Mirae Corp were the major gainers in Seoul, up 14.99 and 14.87 percent.
Property stocks gained in Hong Kong. Shares of New World Development Company gained 3.24 percent while those of Sino Land Company were up 2.55 percent. Shares of Hang Lung Properties ended 1.81 percent higher.
Shenyang Jinbei Automotive Company and Tianjin Global magnetic were the major losers in Shanghai, down 9.32 and 8.20 percent respectively.
To contact the editor, e-mail:
Most Popular Slideshows
- 2014 MTV Video Music Awards: Full List Of Winners, Miley Cyrus ‘Wrecking Ball’ Bags Video Of The Year [PHOTOS]
- Manny Pacquiao Vs. Chris Algieri World Tour Kick Off Press Conference In Macau [PHOTOS]
- Top 5 Richest Tennis Athletes
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
Join the Conversation
- Sept 19 iPhone 6 Release Date Confirmed as Apple Sets Sept 9 iWatch, 2 iPhones Intro - Report
- Why Moto X is Not the Best Smartphone to Purchase Now?
- Nexus 6 Release Date Will Intro Android 5.0 aka Lemon Meringue Pie with Killer Specs & Features
- Hundreds of Men Rape Teen for Three Years
- Samsung Galaxy S5 Mini vs. LG G3 S (aka LG G3 Beat, LG G3 Mini) – Specs, Features And Price Showdown
- iPhone 6 Release Date Update: 4.7-Inch Model Scores 65.8% In Screen-To-Size Ratio; A Surprise Entry Scales Top Spot [List Attached]
- Product Recall Alert: Hewlett-Packard Pulls Out 6M Power Cords from US, Canada Over Fire Hazard Concerns, Australia Also Affected