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Asian shares rise
Published in Saudi Press Agency on 17 - 04 - 2008


Japan's Nikkei share
average rose nearly 2 percent on Thursday, buoyed by confidence
on Wall Street after reassuring earnings eclipsed weak data on
the U.S. economy, which pinned the dollar near record lows
against the euro, Reuters reported.
Oil hit a new record high above $115 a barrel as the
dollar's weakness and a fall in U.S. crude and gasoline
inventories ahead of the summer driving season drew fund
buying.
European stock index futures pointed to a stronger start.
By 0602 GMT, futures for the Eurostoxx 50 Germany's DAX and the
French CAC 40 were up between 0.5 and 0.7 percent.
Asian shares were bouyed by encouraging results from Intel
Corp, IBM and JPMorgan Chase & Co, which overshadowed mostly
gloomy news on the world's largest economy.
A fall in U.S. housing starts to a 17-year low in data on
Wednesday reinforced expectations the Federal Reserve would cut
interest rates again to cushion an economy threatened by
recession.
Japanese stocks were led by high-tech shares such as TDK
Corp and Canon Inc, as the U.S. earnings reports soothed
investors concerned about corporate profitability.
"Some shares rose in tandem with earnings from their U.S.
peers such as high-tech exporters, which got a boost from IBM's
results," said Soichiro Monji, chief strategist of the equity
management department at Daiwa SB Investments.
The benchmark Nikkei average ended 1.9 percent higher,
while MSCI's measure of other Asia Pacific stocks outside Japan
rose 1 percent, trimming year-to-date losses to below 10
percent.
Markets in Seoul, Sydney and Taiwan were up between 0.3 and
0.9 percent, and Singapore and Hong Kong posted gains of around
2 percent.
The exception was China, where the main stock index fell
3.2 percent after the central bank announced a rise in
commercial banks' reserve ratios to help curb inflation.
International Business Machines Corp reported unexpectedly
strong quarterly results on Wednesday and raised its 2008
outlook, lifting the outlook for technology companies.
Financial stocks also benefitted after solid results from
JPMorgan and Wells Fargo & Co heartened investors who had been
counting on the big banks to fare better than rivals in coping
with the U.S. mortgage meltdown and global credit crunch.


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