Asian Stocks End Positive Amid Eurozone Concerns
By Prasanth Aby Thomas | November 21, 2012 8:22 PM EST
Asian markets have ended mostly in the green amid lingering eurozone concerns after Greece failed to receive bailout funds and Yen's extended weakness as Japanese exports slumped.
Japan's Nikkei ended 0.87 percent or 79.88 points higher to 9222.52 while South Korea's KOSPI slipped 0.32 percent or 6.14 points to 1884.04.
China's Shanghai Composite index gained 1.07 percent or 21.40 points to 2030.32. Hong Kong's Hang Seng rose 1.35 percent or 287.29 points to 21515.57.
Markets had started the day on a positive note as investors remained relatively optimistic of the global economy. Reports from US overnight had showed that the housing starts in the world's largest economy hit a four-year high in October.
Japanese traders remained upbeat as the Yen dropped to an eight-month low against the Dollar after official data showed that the country's exports fell for the fifth straight month in October.
But sentiments were dampened after eurozone finance ministers failed to take a decision on the bailout funds to Greece, saying that more time was needed to sort out some technicalities. The unexpected delay in the aid funds pushed the Euro down further against the Dollar.
The eurogroup is expected to meet again on 26 November to continue talks. The bailout funds are critical to Athens to avoid bankruptcy and a potential exit from the eurozone.
Exporters extended gains in Tokyo. Mazda gained 5.88 percent while Toyota was up 2.23 percent. Honda Motor Company ended 3.18 percent higher.
Electronics major Pioneer rose 2.16 percent while shares of Nikon and Canon were up 1.11 percent and 0.97 percent respectively.
Metal related stocks ended lower in Seoul. Yeong Hwa Metal Company fell 12.02 percent. Daiyang Metal Company and Young Heung Iron & Steel Company slipped 9.47 and 6.57 percent respectively.
Financial firms gained in Hong Kong. China Construction Bank gained 3.36 percent. Bank of Communications and China Overseas Land & Investment rose 2.97 and 2.66 percent respectively.
Pharmaceutical firms traded higher in India. Shares of Cipla gained 1.83 percent while those of Sun Pharma traded 1.82 percent higher.
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