AGL 37.94 Increased By ▲ 0.09 (0.24%)
AIRLINK 155.22 Increased By ▲ 12.75 (8.95%)
BOP 9.07 Increased By ▲ 0.06 (0.67%)
CNERGY 6.72 Increased By ▲ 1.00 (17.48%)
DCL 9.53 Increased By ▲ 0.29 (3.14%)
DFML 40.31 Increased By ▲ 0.87 (2.21%)
DGKC 92.95 Increased By ▲ 3.64 (4.08%)
FCCL 38.38 Decreased By ▼ -0.16 (-0.42%)
FFBL 78.58 Increased By ▲ 1.14 (1.47%)
FFL 13.60 Decreased By ▼ -0.02 (-0.15%)
HUBC 110.19 Increased By ▲ 0.90 (0.82%)
HUMNL 14.89 Decreased By ▼ -0.24 (-1.59%)
KEL 5.73 Decreased By ▼ -0.05 (-0.87%)
KOSM 8.47 Increased By ▲ 0.27 (3.29%)
MLCF 45.66 Increased By ▲ 1.13 (2.54%)
NBP 76.17 Increased By ▲ 2.55 (3.46%)
OGDC 191.87 Increased By ▲ 0.11 (0.06%)
PAEL 30.48 Increased By ▲ 2.77 (10%)
PIBTL 8.16 Increased By ▲ 0.17 (2.13%)
PPL 166.56 Decreased By ▼ -0.61 (-0.36%)
PRL 29.44 Increased By ▲ 2.61 (9.73%)
PTC 20.07 Decreased By ▼ -0.62 (-3%)
SEARL 96.62 Decreased By ▼ -0.91 (-0.93%)
TELE 8.27 Increased By ▲ 0.06 (0.73%)
TOMCL 34.26 Decreased By ▼ -0.74 (-2.11%)
TPLP 10.22 Increased By ▲ 0.32 (3.23%)
TREET 17.66 Increased By ▲ 0.31 (1.79%)
TRG 61.25 Increased By ▲ 0.25 (0.41%)
UNITY 31.97 Increased By ▲ 0.33 (1.04%)
WTL 1.47 Increased By ▲ 0.01 (0.68%)
BR100 11,216 Increased By 119.9 (1.08%)
BR30 33,650 Increased By 395.8 (1.19%)
KSE100 104,559 Increased By 1284.1 (1.24%)
KSE30 32,366 Increased By 396.5 (1.24%)

asian market1 400HONG KONG: Asian markets mostly rose Tuesday, taking a lead from Wall Street as dealers grow confident US lawmakers will reach an agreement to avert the fiscal cliff.

 

Continued weakness of the yen helped send Japanese shares surging for a second straight session as Shinzo Abe prepares to take over as prime minister, vowing to press a more aggressive policy of monetary easing.

 

Tokyo rose 1.02 percent, Sydney climbed 0.78 percent, Hong Kong added 0.19 percent, Seoul was up 0.17 percent and Shanghai was flat.

 

Traders were reacting to news progress was finally being made in talks on a new deficit-cutting budget to replace the tax hikes and spending cuts due to come into effect at the start of January and which would likely tip the US economy into recession.

 

President Barack Obama hosted top Republican lawmaker John Boehner in the White House for 45 minutes Monday in the latest effort to avert going over the so-called fiscal cliff.

 

The meeting follows news that Boehner had changed his position on not allowing any more taxes, saying at the weekend that he would agree to some hikes for people earning more than $1 million.

 

Although Obama has said he would only agree to rises on people earning more than $250,000, analysts say the development shows the outline of a tentative deal is being formed.

 

Wall Street ended on a high, with the Dow closing up 0.76 percent, the S&P 500 gaining 1.19 percent and the Nasdaq adding 1.32 percent.

 

Japanese shares continued to be supported by the falling yen, which helps the country's exporters, as dealers bet on fresh central bank moves to boost the economy.

 

The election of Abe and his Liberal Democratic Party on Sunday was widely expected and investors now expect the Band of Japan to unveil a further loosening of monetary policy at the end of its two-day meeting on Thursday.

 

In early Tokyo trade, the dollar bought 83.86 yen, compared with 83.88 yen in New York late Monday. The dollar has risen about 5 percent against the yen since Abe made his vow to press for more BoJ measures last month.

 

The euro edged up to $1.3171 and 110.60 yen, compared with $1.3161 and 110.40 yen.

 

Oil prices rose, with New York's main contract, light sweet crude for delivery in January rising 35 cents to $87.57 a barrel and Brent North Sea crude for February delivery advancing 51 cents to $108.15.

 

Gold was at $1,698.40 at 0200 GMT compared with $1,690.10 late Monday.

Copyright AFP (Agence France-Presse), 2012

Comments

Comments are closed.