Asia Market Close: January 11, 2011
Most major Asian markets gained Tuesday, getting a boost from energy shares on back of higher crude prices and as investors scooped up discounted Chinese property stocks. China’s Shanghai Composite rose 0.4% and Hong Kong’s Hang Seng Index rose 1% and . In Tokyo, the Nikkei Stock Average dropped 0.3% though the broader Topix edged up 0.1% as trading resumed after Monday’s closure for a holiday. Among property stocks, Gemdale rose 7.8% and Poly Real Estate Group jumped nearly 6%. Worries about euro-zone debt weighed on sentiment, though the market came off its early lows, helped by the euro’s gains against the Japanese yen. The euro rose to a high of about 107.86 yen, compared with 107.10 yen in late New York trade Monday, spurred by comments from Japanese Finance Minister Yoshihiko Noda that Japan planned to buy European debt. Meanwhile, Australia’s S&P/ASX 200 finished little changed. South Korea’s Kospi each added 0.4% and Taiwan’s Taiex climbed 1.3%.