Asian Markets Gain
November 3rd, 2008 | by george |Asian markets have gained points this Monday morning, with Hong Kong’s benchmark Hang Seng rising 3 percent. The gains come as South Korea is the latest government to reveal a stimulus plan to boost the economy and trust in financial institutions. The South Korean measures are aimed at preventing the country from falling into a recession. Australia’s S&P/ASX 200 was up more than 5 percent despite concern that national manufacturing and retail sales are slowing.
India’s main stock index rose 4.6 percent after a central bank decision over the weekend to cut the nation’s key interest rate and release $8.1 billion into its financial system.
Hong Kong’s blue-chip Hang Seng Index was among the region’s top gainers, climbing 414, or 3 percent, to 14,382, Singapore’s key index also rose by about 4 percent.
“I don’t think it’s a massive change in direction, more a case of a little more confidence going forward in massively oversold stocks and … global organized attempts to deal with the issues,” said Miles Remington, head of Asian sales trading at BNP Paribas Securities in Hong Kong.
Tags: asian markets, asian stocks, hang seng
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