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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Egyptian for Tourism Resorts   0.69        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        Cairo Poultry   8.32        ARAB POLVARA SPINNING & WEAVIN   2.11        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


Money Markets - World

Amwal Al Ghad English - 2016-02-25 10:01:01
Asian shares slipped on Thursday as crude oil prices seesawed and Chinese shares dived, rekindling anxiety about the impact of high market volatility on the global economy on the eve of a G20 meeting in Shanghai. Still, spreadbetters expected overnight gains on Wall Street to bolster European shares in early trading. "A late rebound in U.S. trading saw U.S. markets reverse their losses as oil prices once again struggled to sustain a move below $30 a barrel. This rebound is likely to see European markets open strongly higher this morning," said Michael Hewson, chief market analyst at CMC Markets. Britain's FTSE 100 .FTSE was seen opening up by 1.3 percent. Germany's DAX .GDAXI was called 1.4 percent higher, while France's CAC .FCHI was seen up by as much as 1.5 percent. But MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 0.4 percent, with China's main benchmarks .SSEC.CSI300 tumbling more than 6 percent as investors took profits after a recent rebound. Japan's Nikkei stock index .N225 ended up 1.4 percent as bulls got the upper hand as the yen moved away from its recent highs against the dollar. Sharp Corp (6753.T) shares plunged 14.4 percent after initially jumping after its board decided to accept a takeover offer from Hon Hai Precision Industry Co (2317.TW), in what would be the largest acquisition by a foreign company in Japan's insular technology sector. Market players said investors have focused on the Feb 26-27 G20 meeting of finance ministers and central bankers in Shanghai as one potential catalyst for troubled, directionless markets. "The IMF has suggested that members of the G-20 summit use the meeting as a means of discussing a coordinated policy response for what could otherwise be a crisis," said Stefan Worrall, director of Japan equity sales at Credit Suisse in Tokyo. "I think investors are closely watching the G-20 for any signs of a coordinated fiscal response." CURRENCIES The dollar added about 0.1 percent against its Japanese counterpart to 112.25 yen JPY=, well off a two-week low of 111.04 yen plumbed overnight. The euro rose about 0.2 percent to $1.1035 EUR= after touching a three-week low of $1.0957 overnight. The British pound GBP= steadied, edging up to $1.3927 after dropping to a seven-year low of $1.3878 in the previous session on heightened fears that a June 23 referendum could lead to a British exit from the European Union. U.S. crude futures CLc1 dipped about 0.7 percent to $31.93 a barrel, after gaining nearly 1 percent overnight as government data showed a jump in gasoline demand. The sharp downturn in global oil prices has fed investor fears about slowing world growth, with broader concerns about China's cooling economy adding to heightened anxiety and financial market volatility. Brent crude for April delivery LCOc1 gave up 0.6 percent to $34.20 a barrel. A late recovery in crude oil prices on Wednesday helped drag Wall Street higher at the close, after lackluster economic data weighed on sentiment for much of the session. U.S. data showed the services sector contracted in early February for the first time since October 2013, suggesting a weakening of economic conditions beyond the troubled manufacturing and energy industries. Other data showed weakness in new U.S. single-family home sales, though the overall housing market recovery remains intact. Spot gold XAU= erased early losses and rose about 0.7 percent to $1,237.50 an ounce, within sight of a one-year high of $1,260.60 reached on Feb. 11. More»
Amwal Al Ghad English - 2016-02-24 09:53:32
Shares fell in Europe and Asia on Wednesday as oil prices dipped after Saudi Arabia effectively ruled out output cuts by major producers, lifting investor appetite for low-risk assets such as the Japanese yen and gold. Top-rated government bonds were also in demand as the prospect of persistently low oil prices, which have fallen some 70 percent since mid-2014, raised concerns about weak global economic growth. The yen JPY=, often sought by investors as a shelter when riskier assets are under pressure, hit an almost three-year high against the euro EURJPY= of 123.04 yen. Sterling, however, plumbed a seven-year low around $1.3961 in Asian trading, on concern Britons might vote to leave the European Union in a June referendum. It last traded at $1.3976 GBP, down 0.3 percent on the day and at 78.66 pence per euro EURGBP=. The pound has shed almost 3 percent against the dollar this week after several senior members of Prime Minister David Cameron's Conservative Party threw their support behind the campaign to leave the EU. The euro fell 0.2 percent to $1.0991. More»
Amwal Al Ghad English - 2016-02-24 09:31:12
Asian shares fell on Wednesday as oil prices skidded after Saudi Arabia effectively ruled out production cuts by major producers anytime soon, sending investors into safe-havens such as the yen and gold. European markets set to follow Asia's lead, with financial spreadbetters expecting Britain's FTSE 100 .FTSE and Germany's DAX .GDAXI to open about 0.5 percent lower each and France's CAC 40 .FCHI down about 0.7 percent. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS extended earlier losses to fall 1.4 percent as of 0623 GMT, slipping further from Monday's six-week high. Japan's Nikkei .N225 closed down 0.9 percent at its lowest level in a week on the drop in oil prices and as the stronger yen weighed on exporters.  Australian and South Korean shares .KS11 also closed lower, down 2.1 percent and 0.1 percent respectively. More»
Amwal Al Ghad English - 2016-02-23 09:28:47
China's new securities regulator Liu Shiyu, a former central banker, has a tough job on his hands - not least managing a huge weight of expectation from millions of small investors smarting from a recent stock market collapse. Liu, appointed at the weekend to replace Xiao Gang, the scapegoat of the piece, inherits the fallout from near 50 percent drops in China's major indexes from peaks in June, blamed on a confluence of mistakes made by multiple regulators. While Liu has no experience in the securities business and his curriculum vitae reads much like Xiao's - and other previous heads of the China Securities Regulatory Commission (CSRC) for that matter - some superstitious 'netizens' are pinning their faith on his birth sign. They note he was born under the Chinese zodiac sign of the Bull, and have made word plays rhyming his family name, which sounds like the Chinese word for ox. "The chairman's sign is the Bull; how could the A-share (mainland) market not become bullish?" Li Daxiao, chief economist of Yingda Securities, wrote on his microblog. On Monday, the first day's trading since his appointment, the blue-chip CSI300 index .CSI300 rose to its highest in almost a month. A Chinese microblog forum was flooded with pictures of people holding up their stock market wish-lists for Liu - from the technical, such as reviving the suppressed index futures market, to the direct: "Surpass 6,124", demanded one woman, referring to the record high the Shanghai Composite Index struck in 2007. "Let me make a load of money so I can find a good wife," urged another poster. Few analysts, however, expect much radical reform from Liu in the near term, nor does his appointment necessarily signal a dramatic change in approach from Beijing. Liu, a former deputy central bank governor and a top official at a state-controlled bank, has to walk the same policy tightrope on which Xiao tripped and fell, according to investors, who blame a series of policy missteps for overheating a market rally and aggravating the ensuing crash. It will also be difficult for a political appointee to overcome resistance from mid-level CSRC officials who fear their power will be diluted, analysts said. As in any government bureaucracy, many CSRC officials will be reluctant to give up their influence, such as over which companies get to conduct a stock market listing and when. "It's irrational to expect that changing the chairman would have an impact on the market," said Chen Long, analyst at Gavekal Dragonomics in Beijing. "The institution needs to be changed, not the chairman." The CSRC did not respond to requests by fax and telephone seeking comment. DIFFERENT REGULATOR, SAME MARKET "People always believe new officials are like a new broom," said Zhao Yayun, senior researcher at the Chongyang Institute for Financial Studies in Beijing. "To restore confidence, he (Liu) needs to roll out some exciting reform measures." On his 'To Do' list, Liu has to restart a stalled reform process, with commitments to liberalize rules on initial public offerings and revive derivatives markets to improve investors' ability to hedge against downside risks, investors say. Such hedging was set in reverse during the 2015 crash in the name of pursuing what the government referred to as "malicious" short sellers, which investors saw as a way for the government to apply pressure on them to buy and hold. Potentially the toughest job for Liu, known in banking circles for his quiet demeanor, will be to repair damaged trust between the CSRC and investors, both institutional and individual, analysts said. They estimate Chinese retail investors account for about 80 percent of daily trades and say many were caught out when they invested at the tail-end of the rally early last year only to see the market slump shortly afterwards. Many institutional investors were scarred by the purge-like atmosphere that took hold in China's financial industry during the crash. They include foreign fund managers who were blamed in Chinese media for sabotaging the market. More»
Amwal Al Ghad English - 2016-02-23 09:09:01
Asian shares retreated from a seven-week high on Tuesday as the oil price rally that had boosted global equity markets reversed, while the euro and sterling were hit by uncertainty over Britain's membership of the European Union. European stocks are also poised for a bleak start, with financial spreadbetters expecting Britain's FTSE 100 .FTSE and France's CAC 40 .FCHI to start the day about 0.6 percent lower, and Germany's DAX .GDAXI to open down about 0.5 percent. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.2 percent, after earlier rising 0.4 percent to its highest level since Jan. 8. Japan's Nikkei .N225 erased morning gains to close down 0.4 percent. Korea's Kospi .KS11, which started the day higher, and Australia's ASX 200 , which opened little changed from Monday's three-week high close, both ended the day with losses. Chinese stocks .CSI300 .SSEC, which opened little changed, were last trading down 1.7 percent. Oil markets jumped as much as 7 percent on Monday as speculation about falling U.S. shale output fed the notion that crude prices may be bottoming after their 20-month collapse. But they retreated on Tuesday on concern that any cuts to U.S. production may be countered by rising output from Iran. U.S. crude futures CLc1 fell 1.9 percent, and the international benchmark Brent LCOc1 slid 1.6 percent on Tuesday. Short-covering in oil began last week after Saudi Arabia and fellow OPEC members Qatar and Venezuela agreed with non-OPEC member Russia to freeze output at January's highs. "The oil market seems to have become firmer recently," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. More»
Amwal Al Ghad English - 2016-02-22 07:50:30
Asian share markets rose on Monday, extending last week's gains, as investors awaited a rush of February industry surveys to take the pulse of the global economy, while sterling stumbled on concerns the UK might yet vote to leave the European Union. Despite the fresh "Brexit" uncertainty, financial spreadbetters expected European stock markets to open higher also, with Britain's FTSE .FTSE seen up 0.50 percent, Germany's DAX .GDAXI 0.37 percent, and France's CAC 40 .FCHI 0.54 percent. E-Mini futures for the S&P 500 ESc1 were up 0.6 percent. But much of the day's action was in the currency markets, where sterling tumbled on worries that Britain may quit the European Union flared up after London Mayor Boris Johnson threw his weight behind the exit campaign. It slid as far as $1.4235 GBP=D4 from around $1.4405 late on Friday, before stabilizing around $1.4275, down 0.9 percent on the day. Against the yen, it slumped to as low as 160.40 yen GBPJPY=R, its lowest since November 2013, from 162.10 late on Friday before partially rebounding. "Political uncertainty generated by the UK referendum will weigh on GBP," said Elias Haddad, currency strategist at Commonwealth Bank. As dealers expect choppy trading in coming months towards the referendum, implied volatilities on sterling options rose to near highest levels in more than four years. Other major currencies were steadier. The dollar was a touch firmer at 112.90 yen JPY=, as was the euro at 125.45 EURJPY=R underpinned by recent data. Against the greenback, the common currency was also slightly weaker at $1.11120 EUR=. The dollar was underpinned by data last Friday that showed underlying U.S. consumer price inflation accelerated in January by the most in nearly 4-1/2 years, supporting the view the Fed could gradually raise interest rates this year as forecast. ASIA STOCKS UP, EYE G20, EARNINGS Stock markets across Asia rose, with MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS up 0.8 percent, having rebounded more than 4 percent last week. China's benchmark indexes rose 2 percent as investors welcomed Beijing's decision to replace the top securities regulator and on signs the government was stepping up its economic stimulus efforts. [.SS] The calmer mood was aided by oil as Brent crude LCOc1 added 1.6 percent to $33.54 and U.S. crude CLc1 rose slightly to $30.24. Japan's Nikkei .N225 recouped early losses to rise 1 percent, buoyed by a retreat in the yen even as an activity survey showed a drop in new export orders hurt manufacturing. The Markit/Nikkei Flash Japan PMI fell to 50.2 in February, from 52.3 in January, a potentially bleak omen for the rest of the region, but investors focused on the market's recent rebound instead. "Equity markets successfully stress-tested and bounced from key technical support last week," wrote analysts at RBC Capital Markets. "While we cannot definitively say the cycle/2016 lows are in place yet, the technical evidence continues to suggest a more durable bottom may be forming." A busy week for data will culminate with a Group of 20 finance ministers and central bankers meeting in Shanghai that will offer leaders a chance to soothe market concerns with talk of coordination. There has been some chatter about a possible grand currency agreement that would allow for a depreciation in the U.S. dollar, which might relieve pressure on commodity prices and on emerging markets. However, most analysts consider it very unlikely given so many of the G20 central banks are actively easing policy and need their own currencies to stay competitive. Asian investors also will be keeping an eye on corporate earnings which kicked off this week. Europe's biggest bank HSBC (HSBA.L) (0005.HK) said it saw a 'bumpier' financial environment ahead after delivering flat 2015 profit growth. Insurer AIA (1299.HK) and sports giant Anta Sports (2020.HK) declare results later this week. More»
Amwal Al Ghad English - 2016-02-20 08:55:48
China has removed the head of its securities regulator following a turbulent period in the country's stock markets, appointing a top state banking executive as his replacement, as leaders move to restore confidence in the economy. The announcement on the official Xinhua news agency on Saturday follows a string of assurances from senior leaders following the Lunar New Year holiday that China will underpin its slowing economy and steady its wobbly currency. Xinhua said Xiao Gang, chairman of the China Securities Regulatory Commission (CSRC) since 2013, had been succeeded by Liu Shiyu, chairman of the Agricultural Bank of China Ltd (AgBank) (601288.SS) (1288.HK) and a former deputy governor of the central bank. "Xiao's departure is not a surprise following the recent stock disaster. This is a role vulnerable to public criticism because most Chinese retail investors are destined to lose money in such a market," said Zhang Kaihua, a fund manager of Nanjing-based hedge fund Huyang Investment. Reuters could not immediately reach the CSRC or Agricultural Bank of China for comment. Xiao and the CSRC came under fire as China's Shanghai and Shenzhen stock markets slumped as much as 40 percent in just a few months last summer. In a further blow, a stock index "circuit breaker" introduced in January to limit stock market losses was deactivated after four days of use because it was blamed for exacerbating a sharp selloff. Online media nicknamed Xiao "Mr Circuit Breaker". Reuters reported in January that Xiao, 57, had offered to resign following the "circuit-breaker" failure. The CSRC said at the time the information did not conform to the facts. The gyrations in China's stock markets, an unexpected devaluation of the yuan in August and sharp falls in currency reserves rattled global markets, raising concerns about the health of the economy and Beijing's ability to steer the country through both a protracted slowdown in growth and a shift away from manufacturing toward services. Economic growth slipped last year to 6.9 percent, stellar by Western standards, but the weakest pace for China in more than two decades. Ahead of two high-profile events for China - a meeting in Shanghai next week of G20 financial leaders and the annual gathering of China's legislature in March - officials have announced various measures to support the economy, including funds for infrastructure projects and increased financial support to struggling industry. China's Commerce Minister Gao Hucheng said in an interview with state television on Friday that he was confident that the country's trade conditions would stabilize and improve in 2016. UNCERTAINTY AHEAD Investors and analysts said the new chief Liu, 54, a trained economist, would bring in new policies and strategies, but it remained to be seen what direction he would take. "Liu has a lot of experience in the financial sector, but there will be some policy uncertainty in the short term as it will take at least six months for the former banker to get used to his new role," fund manager Zhang said. Andrew Sullivan, managing director, sales trading at Haitong International Securities Group in Hong Kong, said that removing Xiao had been largely expected. "But by bringing in the AgBank chairman, they are really not bringing anybody with a fresh market perspective but a political insider," he said. Liu spent most of his career at the People's Bank of China (PBOC), rising to deputy governor and holding that post from 2006 until he left in late 2014 to head up AgBank. Xiao became the CSRC head in March 2013 and was charged with attracting investment into equities and away from speculative bubbles in sectors such as real estate, while defending against endemic insider trading. The Communist Party had described Xiao as "young, energetic, resolute". He was also self-effacing, once saying the only thing he'd done right in life was to marry his wife. Xiao was previously chairman of Bank of China Ltd (BoC) (601988.SS) (3988.HK), China's fourth-biggest lender, and had worked at China's central bank for over two decades. More»
Amwal Al Ghad English - 2016-02-18 08:14:38
Asian stocks rose across the board on Thursday as crude oil extended gains on hopes that big producers will cap output, improving investor sentiment for riskier assets. Spreadbetters expected a mixed open for European shares, with Britain's FTSE .FTSE seen dipping on some nervousness as British Prime Minister David Cameron holds "now or never" talks to keep his country in the European Union. Germany's DAX .GDAXI and France's CAC .FCHI were forecast to open a touch higher. Crude oil remained the main market driver. U.S. crude was up 2.1 percent at $31.34 a barrel following a 7 percent jump on Wednesday after Iran voiced support for a Russia-Saudi-led move to freeze production to deal with the market glut that had pushed prices to 12-year lows. "While there has been some confusion as to whether 'support' equals action, oil traders are simply relieved that the world's fourth-largest holder of oil reserves is willing to cooperate," wrote Kathy Lien, managing director of FX strategy at BK Asset Management. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.8 percent, pulling further away from a three-week low struck last week when a widespread chill in risk appetite amid concern about the euro zone banking sector depressed equities globally. Japan's Nikkei .N225 continued its recovery from last week's 16-month low and gained 3.0 percent, shrugging off the biggest drop in domestic exports since 2009. Shanghai stocks .SSEC rose 0.6 percent, in muted reaction to data showing China's January consumer inflation quickening to 1.8 percent from the previous year. More»
Amwal Al Ghad English - 2016-02-17 08:04:38
Asian shares slipped on Wednesday after two sessions of solid gains, while oil prices swung higher as the market reconsidered the chances of a meaningful deal to restrict supply later in the year. The mood was still skittish - when China set a slightly lower guidance rate for its yuan, the yen and safe-haven bonds got an instant boost. As investors realized this was not some message from Beijing on devaluation, the moves quickly reversed. European shares are expected to extend their rally, however, with spread betters calling for a rise of 0.6 percent in Britain's FTSE .FTSE and gains of 0.5 percent each in Germany's DAX .GDAXI and France's CAC 40 .FCHI. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS lost 0.6 percent, reversing early gains of 0.4 percent, as its bear market rally petering out after a 3 percent rise over the previous two sessions. The Shanghai Composite Index .SSEC slid 0.3 percent and South Korea .KS11 0.1 percent. Japan's Nikkei .N225 fell 1.7 percent, but is still up more than 5 percent on the week. "The rally itself has been extraordinary but very thin and the failure of the yen to continue on the fairly steady path of weakening we've seen in the past couple of days has been reflected as nervousness in the Nikkei," said Stefan Worrall, director of Japan equity sales at Credit Suisse. More»
Amwal Al Ghad English - 2016-02-16 08:12:53
Asian shares extended gains on Tuesday as a combination of stabilizing Chinese markets, rebounding oil prices and solid U.S. consumption data prompted investors to look for bargains after last week's rout. European shares were also expected to build on Monday's strong start, with spreadbetters seeing both Germany's and France's .FCHI rising up to 0.7 percent and Britain's FTSE .FTSE 0.4 percent. S&P futures ESc1 rose 1.7 percent, pointing to a firmer opening as well for U.S. markets, which were shut on Monday for a holiday. MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.1 percent, with mainland China shares advancing 2.7 percent to three-week highs, helped by a surge in China's bank lending to a record high.. "Before the start of the Lunar New Year, there were worries about Chinese shares and a possible further fall in the yuan. But since the resumption of trading on Monday, Chinese markets have been surprisingly steady," said Koichi Yoshikawa, executive director of financial markets at Standard Chartered Bank. More»