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Asian markets higher on China rebound

This article was posted on Jul 6, 2010 and is filed under Market News

BANGKOK (AP) — A jump in Chinese shares led Asian markets higher Tuesday as investors scooped up stocks that had been pummeled to multi-month lows but some analysts doubted the rebound would last.

Weaker data from major economies over the past few weeks has diminished confidence in a strong rebound from last year’s global recession and unnerved markets, many of which are in the red so far this year. But after days of selling, some investors felt stocks had become cheap, making it a ripe time to buy.

China led the region’s gains with the Shanghai Composite Index climbing off a 15-month low. The index was up 45.48 points, or 1.9 percent, to 2,409.42.

Japan’s Nikkei 225 stock index, which earlier fell to a seven-year low, added 71.26 points, or 0.8 percent, to 9,338.04 and South Korea’s Kospi was up 0.6 percent at 1,684.94.

Elswhere, Hong Kong’s Hang Seng rose 0.7 percent to 19,978.30 and markets in Singapore, India, Taiwan, and Indonesia were also higher. Only benchmarks in Malaysia and Sri Lanka fell.

Despite the gains, analysts pointed to signs of stuttering growth in Europe, U.S. and even China as a reason to not wade too deeply into stocks.

“This was merely a technical recovery, and we see no convincing evidence of any positive changes in economic fundamentals,” said Zhang Gang, an analyst for Central China Securities in Shanghai.

In currencies, the dollar rose to 87.79 yen from 87.75 yen late Monday. The euro gained to $1.2583 from $1.2537.

Benchmark crude for August delivery was up 32 cents at $72.46 a barrel in electronic trading on the New York Mercantile Exchange.

AP Researcher Bonnie Cao in Beijing contributed to this report.

source: Yahoo finance

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