Mostly up after US growth data

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HONG KONG: Asian markets mostly rose yesterday following upbeat United States 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 per cent, giving up 70.85 points to end at 13,388.86 but Sydney added 0.84 per cent, or 42.60 points, to 5,135.00, while Seoul was 0.99 per cent higher, adding 18.82 points to 1,926.36.

Shanghai ended flat, edging up 1.16 points to 2,098.38, while Manila ended up 2.20 per cent, adding 130.96 points to 6,075.17 after strong economic growth figures on Thursday.

Wall Street provided a positive lead after the Commerce Department said the US economy grew at an annual rate of 2.5 per cent in the April-June quarter, much better than the original estimate of 1.7 per cent.

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.

“There just seems to be less urgency about an attack any time soon,” said Alec Young, global equity strategist for SandP Capital IQ.

In other markets:

* Taipei climbed 1.32 per cent, or 104.23 points, to 8,021.89. Taiwan Semiconductor Manufacturing Co rose 1.82 per cent to T$ 100.5 while Hon Hai gained 1.75 per cent to T$ 81.2.

* Jakarta ended up 2.23 per cent, or 91.50 points, at 4,195.90. Cement maker Indocement Tunggal Prakarsa jumped 8.84 per cent to 19,700 rupiah while lender Bank Permata fell 7.19 per cent to 1,290 rupiah.

* Bangkok added 0.14 per cent, or 1.77 points, to 1,294.30. Grocery store operator Siam Makro fell 4.52 per cent to 592.00 baht, while Airports of Thailand gained 4.14 per cent to 163.50 baht.

* Mumbai closed up 1.19 per cent, or 218.68 points, at 18,619.72. AFP

Business Times : marketwatch

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