Asian Stock Markets Up – Gains In India China New Zealand – US Treasury Secretary Paulson Asks China To Open Capital Markets

Asian Stock Markets Up – Gains In India China New Zealand – US Treasury Secretary Paulson Asks China To Open Capital Markets

Secretary Paulson

(Best Syndication) The New York Stock Exchange bounced back a little Tuesday as stocks finished broadly higher. This follows a correction last week that prompted some investors to seek bargains. The Dow Jones Industrials closed 1.30% up. The NASDQ and Standard and Poors also saw gains closing 1.9 and 1.55 percent higher respectively.

The biggest gainers were The Warnaco Group, up 11.39%, Intl Power plc (ADR) up 10.31% and Opnext, Inc., up 10.06%. The biggest losers were Frontline Ltd. (USA) down -5.25%, hanarotelecom down -4.98%, and Telekom Austria AG down -3.85%.

The economy may be in good shape still but we may not be out of the woods yet, according to a report from Marc Hogan of Business Week. "There is insufficient evidence to declare the market has entered a bear phase," says Richard Dickson, senior market strategist at Lowry's Reports. "The best chance for a clarification of the market's status could be in a rebound rally and test of the current lows."

The Asian markets showed mixed results. Chris Oliver of MarketWatch said that Japanese stocks ended lower after a volatile session that saw the 225-issue Nikkei Average swing in and out of positive territory. Oliver said that stocks faced selling pressure “as the benchmark approached psychological resistance near the 17,000-point level.”

Things were looking better in China. The Hong Kong Hang Seng China Enterprises Index (the shares listed in Chinese companies) ended 0.5% higher at 8,876.05. The Hang Seng Index reversed early gains to end 0.8% lower at 18,918.64, according to Oliver.

Things were looking good from India to New Zealand. The China's Shanghai Composite ended 2% higher, and the New Zealand's NZSX-50 rose 0.7% while Singapore's Straits Times Index added 1.2%. India's Bombay Sensex rose 0.6%.

The office of the South Korean President said that U.S. Treasury Secretary Henry Paulson on Wednesday said that China needed to make some changes. While meeting with President Roh Moo-hyun, Secretary Paulson said “it is important for China to open capital markets and expand competition in sustaining growth." Paulson will be visiting China on his trip to north Asian countries. He has already traveled to Japan.

By Best Syndication Staff

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