Canon Inc. (7751), the Japanese camera maker that gets a third of its sales from Europe, fell 1 percent in Tokyo. Reliance Industries (RIL) Ltd., India’s biggest company by market value, sank 2.9 percent in Mumbai after earnings dropped for the first time in two years. Olympus Corp. (7733), the world’s No. 1 maker of endoscopes, jumped 8.2 percent after it was allowed to keep its stock market listing following an accounting fraud that cut the company’s market value by about $4 billion.
“The market could come under short-term pressure as it’s had a strong run this year,” said Nader Naeimi, a Sydney-based senior strategist at AMP Capital Investors Ltd., which manages almost $100 billion. “Any weakness is a good buying opportunity given improving economic data out of the U.S. Greece can go hot and cold very quickly. Greece defaulting is still a possibility.”
The MSCI Asia Pacific Index (MXAP) rose 0.1 percent to 120.83 as as of 1:55 p.m. in Tokyo, having swung between gains and losses at least seven times. About the same number of shares rose and fell in the measure. The gauge completed its longest streak of weekly gains last week in a year as U.S. reports showed the world’s biggest economy is recovering and falling European borrowing costs signaled the debt crisis may be easing.
Japan’s Nikkei 225 Stock Average gained 0.1 percent, reversing losses of as much as 0.3 percent. India’s BSE Sensitive Index added 0.1 percent. Australia’s S&P/ASX 200 Index lost 0.3 percent. Markets in China, Hong Kong, Indonesia, Malaysia, Philippines, South Korea, Singapore and Taiwan are closed today for holidays.
No comments:
Post a Comment