Global Biz
Asian stock markets open 2010 with modest gains
(Agencies)
Updated: 2010-01-04 13:52
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HONG KONG: Most Asian markets started off 2010 with moderate gains Monday as investors weighed mixed signs from the region's economies.
 Traders clad in kimonos work at their desk as they start the first business of 2010 at a foreign currency market in Tokyo January 4, 2010. [Agencies] |
Investors were encouraged by a report showing China's manufacturing expanded at its fastest rate in 20 months last month, the latest sign the world's third-largest economy was continuing to grow strongly, aided by government stimulus measures.
But the mood was offset by worries about another recession in Singapore after the government said the local economy shrank last quarter for the first time since early 2009.
In Japan, the Nikkei 225 stock average advanced 103.79 points, or 1 percent, to 10,649.81, with Japan Airlines surging more than 35 percent amid reports the Japanese government was readying additional financing to the troubled airline.
South Korea's Kospi added 0.5 percent to 1,691.48, Australia's main index was up 0.2 percent and India's benchmark gained 0.4 percent.
Other markets slipped, with Hong Kong's Hang Seng off 0.3 percent at 21,809.36 and Shanghai's index down 0.4 percent to 3,265.51. Singapore's market dropped 0.2 percent.
Last week in the US, the Dow Jones industrial average closed out the year shedding 120.46, or 1.1 percent, to 10,428.05. For the year, the Dow rose 1,651.66, or 18.8 percent.
The broader Standard & Poor's 500 index, considered to be the market's best barometer, fell 11.32, or 1 percent, to 1,115.10. The S&P ended the year with a gain of 211.85, or 23.5 percent.
Oil prices rose in Asia, with benchmark crude for February delivery up 64 cents at $80.
The dollar fell to 92.75 yen from 93 yen, and the euro was lower at $1.4287 from $1.4323.
