Monday saw the Nikkei index in Tokyo close at a seven month high, despite a rush of profit taking. The rises show increased confidence in a US recovery. Another record was set in Taiwan with its Weighted Index closing at a seventeen month high. Technology stocks were to be thanked. The Hang Seng in Hong Kong also rose on the back of renewed hopes for economic recovery, as did the Kospi index in South Korea and the NZ Top 40 in New Zealand. Australia's All Ordinaries Index seemed the only index in the red.
Tuesday saw the Nikkei index stumble after yesterday's euphoria, losing over 2.5% by close of play. A spate of technology and telecommunication stock selling appeared the culprits. Markets in South Korea continued to rise but Taiwan came off its highs by over 1%. The Hang Seng also lost ground, as did markets in Australia. The NZ Top 40 in New Zealand managed a gain of almost 1%.
Wednesday saw no let up for the Nikkei, sending it even lower for the second day running after poor earnings news was released by Japan's largest fibre optic maker. Markets in Hong Kong and Taiwan were also lower after a bout of profit taking by investors. The Kospi index in South Korea managed a gain, ending higher for another day. Both Australia and New Zealand closed lower for the day.
Thursday saw the Nikkei index break its losing streak to end higher for the day, after a spending spree on technology stocks. Again the Kospi continued its upward trend and Australia broke its losing streak to end the day higher. Markets in Taiwan and Singapore fell on the back of worse than expected retail sales news but markets in South Korea and Australia rose, possibly due to the release of lower US unemployment.
Friday saw the Nikkei back on the upward trend after the Japanese Government news yesterday. They said that the economy is starting to show signs of recovery and have a more positive economic assessment. Markets in South Korea and Hong Kong fell, as did Singapore, Australia and New Zealand.