Asian shares higher after Greek bailout deal

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Báo Tuổi Trẻ English - 28 month(s) ago 1 readings

Asian shares higher after Greek bailout deal

Asian shares were mostly higher on Wednesday as investors focused on domestic issues despite US and European markets giving Greece's crucial bailout only a lukewarm welcome.

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Asian shares were mostly higher on Wednesday as investors focused on domestic issues despite US and European markets giving Greece's crucial bailout only a lukewarm welcome.

Tokyo was up almost one percent, closing at its highest level in more than six months as exporters were boosted by a sliding yen, with the Japanese unit breaking through the psychological 80 yen level against the dollar.

The Nikkei 225 index at the Tokyo Stock Exchange rose 0.96 percent or 90.98 points to 9,554.00, its strongest finish since August 4, while the Topix index of all first-section issues was up 1.12 percent, or 9.11 points, at 825.40.

Chinese shares rose almost as much, with the Shanghai Composite Index, which covers both A and B shares, ending up 0.93 percent, or 22.16 points, at 2,403.59.

Property firms led the gains on hopes commercial hub Shanghai may roll back some government limits on the real estate market, dealers said.

Hong Kong rose 0.33 percent, with the benchmark Hang Seng Index gaining 70.56 points to 21,549.28 on turnover of HK$70.41 billion ($9.08 billion).

Internet shopping portal Alibaba.com rocketed 42 percent on an offer by its Chinese parent company, itself part-owned by US giant Yahoo!, to take it private for the same price it floated at in 2007.

The rises came despite New York and European bourses giving only a limited response on Tuesday to a new 237-billion-euro ($310 billion) bailout package eurozone finance ministers agreed for Greece.

The measures are designed to keep the country in the single currency in return for tough budget cuts and close oversight of its government, and analysts expressed concern about the durability of the package.

But Asian markets shrugged off the doubts.

"It's getting to the point where people are feeling that developments in Europe are becoming largely irrelevant to Asia," Andrew Sullivan, principal sales trader at Piper Jaffray, told Dow Jones Newswires.

European stock markets fell in early cautious trade on Wednesday amid lingering eurozone debt concerns.

In morning deals, London's FTSE 100 eased 0.11 percent to 5,921.72 points, Frankfurt's DAX 30 slipped 0.40 percent to 6,880.33 points and in Paris the CAC 40 dipped 0.02 percent to 3,464.47.

In Asian trade the euro was mixed, buying $1.3220 and 105.94 yen from $1.3238 and 105.50 yen in New York late Tuesday.

The dollar rose to 80.15 yen from 79.69 yen, going above the 80 yen level for the first time in six months.

New York's main oil contract, West Texas Intermediate crude for delivery in April, slipped 57 cents to $105.68 per barrel and Brent North Sea crude for April was up 39 cents at $121.05.
Gold was at $1,753.60 an ounce at 1050 GMT, from $1,737.10 on Tuesday.

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