Stocks up in Tokyo and Hong Kong, stable in Shanghai
Tokyo (AsiaNews/Agencies) – Asian stocks rose, showing their biggest weekly gain since last November, after Japan announced new measures to bolster its economy.
In Tokyo the Nikkei closed up 5.15 per cent after Japanese Finance Minister Kaoru said that his government would inject new public funds; some sources suggested they might total 20 trillion yen (about US$ 200 billion) in a package to be outlined in April. He also announced help for three regional banks for a total of 121 billion yen (US$ 12.3 billion).
Hong Kong's Hang Seng Index is also up by almost 4 per cent, whilst Shanghai was down, slightly, by 0.24 per cent.
Chinese Prime Minister Wen Jiabao announced today new economic measures under review to boost the economy but did not provide any details. China’s exporters are concerned by the continuing drop in exports.
By the end of the day Taiwan stocks gained 1.95 per cent whilst the Korea Composite Stock Price Index was up 0.77 per cent.
South Korea plans to launch a 40 trillion won fund (around US$ 26.8 billion) to buy bad debt from financial institutions and distressed assets from troubled companies in an effort to replenish local banks grappling with rising bad loans.
Seoul also plans to set up a separate fund to inject more money into even relatively strong banks on top of the upcoming Won 20,000 billion bank recapitalisation fund.
This is fourth consecutive day in which Asian stocks rose.
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