Asian markets rise following U.S. gains; China soars

Posted Jul 9th 2008 6:52AM by Brian White
Filed under: International Markets

After days of losses mirroring U.S. markets, China-related plays soared and other Asian markets also got a lift in Wednesday trading. Japan's Nikkei 225 Average rose 0.2% to 13,052 . China's Shanghai Composite jumped 3.8% and the Hang Seng China Enterprises Index saw a spike of 4.5% to 11,797. The word was that the rally in Shanghai was caused by speculation of a possible ban of pension fund managers from leaving their jobs less than a month before the Beijing Olympics begin.

Benjamin Collett with Daiwa Securities told MarketWatch, "What's (also) providing support to the (Shanghai) market is that valuations [are] at crisis levels and the Chinese economy isn't."

With the DJIA rallying 152 points yesterday, for, the streak is set to continue again today, taking some foreign markets along with it.

Tags: Asian bargains, Asian markets, AsianBargains, AsianMarkets, Nikkei, Shanghai, Shorters