Thursday, February 23rd, 2012

Asian Stocks Continues To Rally Up For A 6th Day

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Asia’s benchmark stock index continues going up for a 6th day following a stalemate came out between Greek bondholders and Europe’s policy makers.

Nintendo Co. (7974), which is a Japanese video-game player’s manufacturer that generates 34% of its sales in Europe, added up 1.5%. . Elpida Memory Inc. (6665) shot up by 4.6% following a newspaper stated that the chipmaker is in talks of a merger with Nanya Technology Corp. (2408) and Micron Technology Inc. Mirabela Nickel Ltd. (MBN) dropped by 13% following analysts pared their advice on the stock.

The MSCI Asia Pacific Index (MXAP) advanced by 0.1% to settle at 121.11 at 3:17 p.m. in Tokyo’s time, after fluctuating from gains to losses a minimum of 8 times, whilst 7 of the ten industry groups on the gauge surged up.

Japanese Nikkei 225 Stock Average went up by 0.2% percent despite the Bank of Japan trimmed its growth prospect in 2012 beginning in April whilst maintaining its zero interest rate policy. Australian S&P/ASX 200 was somewhat untouched.

Standard & Poor’s 500 Index futures lost 0.3 % today. The index advanced by 0.1% in NY on Monday following France and Germany said talks among bondholders and Greece were stepping forward. The euro added up 0.6% to 100.25 yen on Monday. A strengthened euro improves the value of Asia’s exporters’ earnings abroad.

Nintendo advanced by 1.5% to 10,760 yen. Canon Inc. (7751), which is a Japanese camera manufacturer that gets about a 1/3rd of its earnings in Europe, added up 0.6% to 3,410 yen.

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