adminHong Kong — Asian markets were mixed yesterday, with Japanese shares hit by a pick-up in the yen, while Hong Kong and Shanghai saw healthy buying despite worse-than-expected trade data out of China.Traders were also awaiting a speech by US Federal Reserve chief Ben Bernanke and the release of minutes from the bank’s latest meeting for an idea about the future of its stimulus programme.
Tokyo’s Nikkei index was down 0,39%, or 56,30 points, at 14 416,60 and Seoul ended 0,34% lower, giving up 6,19 points to 1 824,16.
However, Shanghai jumped 2,17%, or 42,68 points to 2 008,13, while Hong Kong added 1,07%, or 221,55 points, to 20,904,56. Sydney ended 0,40 percent, or 19,7 points, higher at 4 901,4.
Beijing released figures Wednesday showing exports fell 3,1% in June from the previous year, while imports slipped 0,7%.
The data adds to recent figures showing the Asian economic giant is losing strength. A manufacturing report last week showed activity at the country’s factories was shrinking.
However, the news was met with rallies in Shanghai and Hong Kong, with analysts pointing out that tighter rules preventing fraudulent trade reporting probably contributed to the drop.
Regulators introduced the new rules in May after finding widespread over-invoicing by exporters looking for tax rebates and trying to avoid currency controls. — AFP.
Online Reporter