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Asian Stock Markets

Asian Stock Markets - For the second consecutive day today, Asian stock markets have shown an upward trends on the backdrop of increased oil and gold prices as MSCI Asia Pacific Index has reached its highest point in 2 ½ years due to demand for the stocks of commodity companies, after the strengthening of gold and oil prices.

Main gainers among commodity companies include Australian Gold major Newcrest Mining Ltd. (2.5%), Chinese oil company Cnooc Ltd.(2.6%) and PetroChina Co (2.3%) in Hong Kong Stock Exchange, reports Bloomberg.

Asian Stock Markets

The MSCI Asia Pacific Index on Wednesday gained 0.7 percent to 136.90 as of 5:02 p.m. in Tokyo, as most of the stocks have gained. Since the beginning of this year the index has rise thirteen percent as it closed Tuesday reaching its highest level since June 2008 upon expectations that Europe’s debt crisis is heading for a revival on the back of corporate profits, rebounding of US economy and measures taken by the Chinese government to fight inflation.

“Markets in the Asian region are probably in a holding pattern until the start of the new year,” said Tim Schroeders from Pengana Capital Ltd. “Continued concerns about sovereign debt in Europe and a further rate hike in China are likely to weigh on markets in January.”

Asian Stock Markets
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