adminHONG KONG. — Asian markets mostly rose last Friday following upbeat US economic growth data and easing concerns about an imminent strike on Syria although gains were capped by mild profit-taking following the previous day’s gains.The quiet trade brought an end to a torrid month for global shares and currencies dominated by fears over the end of the US Federal Reserve’s stimulus programme as well as the possibility of military action in the Middle East.
Tokyo eased 0,53 percent, giving up 70,85 points to end at 13 388,86 but Sydney added 0,84 percent, or 42,60 points, to 5 135,00, while Seoul was 0,99 percent higher, adding 18,82 points to 1 926,36.
Shanghai ended flat, edging up 1,16 points to 2 098,38, while Hong Kong closed up 0,12 percent, or 26,59 points at 21 731,37.
Manila ended up 2,20 percent, adding 130,96 points to 6 075,17 after strong economic growth figures last Thursday.
Wall Street provided a positive lead after the Commerce Department said the US economy grew at an annual rate of 2,5 percent in the April-June quarter, much better than the original estimate of 1,7 percent.
It said stronger consumer spending and exports underpinned the pick-up from the first quarter’s sluggish 1,1 percent pace, while exports were stronger and imports slower than originally estimated.
The Dow rose 0,11 percent, the S&P 500 added 0,20 percent and the Nasdaq increased 0,75 percent. Investors were a little more buoyant as the likelihood of a US-led attack on Syria looked less imminent after lawmakers in London voted against such a move.
And while the White House signalled it was ready to go it alone in punishing Syria for an alleged chemical attack on its civilians, analysts said they did not expect a strike this weekend, as was initially thought possible.
“There just seems to be less urgency about an attack any time soon,” said Alec Young, global equity strategist for S&P Capital IQ. “The stress level has come down a little”.
Expectations of a military strike against Syria sent shares diving this week as it fuelled concerns that a wider conflict was looming in the oil-rich region.
On forex markets, the dollar — which sank below 97 yen this week — was at 98,19 yen, compared with 98,32 yen late in New York.
Currency traders seemed unmoved by data out of Tokyo showing July consumer prices rose at their fastest pace in almost five years, giving cheer to the government’s easy-money policy. The rises were mostly attributed to the weaker yen making energy imports more expensive. The euro traded at US$1,3237, from US$1,3241, while fetching 130,00 yen from 130,18 yen.
Emerging-market currencies were also slightly up. The Indian rupee was at 66,71 to the dollar, well down from the record low of 68,80 on Wednesday, partly thanks to central bank moves to support the unit. — AFP.
Online Reporter