Monday saw markets in Hong Kong and South Korea closed. Hong Kong was closed to observe the fifth anniversary of the reversion to Chinese rule from the British colony. South Korea was closed in view of the World Cup finals. The Nikkei index in Tokyo fell, despite the Bank of Japan's quarterly tankan survey showing an increase in corporate confidence. The increase was the first one since September 2000 and gives promise for the future. The Straits Times in Singapore and Weighted Index in Taiwan moved lower, as the All Ordinaries in Australia and NZ Top 40 in New Zealand edged slightly higher.
Tuesday saw repercussions in the Far East, following the sharp falls in the US yesterday. Trading was volatile but the Nikkei in Japan managed a slight gain for the day, as did the Kospi index in South Korea, the Straits Times in Singapore and the Weighted index in Taiwan. The Hang Seng in Hong Kong was not so lucky and fell below its starting level, as did markets in Australia and New Zealand.
Wednesday saw the Nikkei in Tokyo beaten into the red, following more losses in the US. The dollar also fell against the yen which hit exporters. However, good news from the Bank of Japan who promised to help out banks with bad loans, using public funds. The Weighted Index in Taiwan ended higher, as did the Hang Seng in Hong Kong and the Straits Times in Singapore. Markets in Australia, New Zealand, Malaysia and Indonesia fell.
Thursday saw a bout of profit taking in Japan which took the majority of gains off the Nikkei from yesterday. In South Korea, a mix of the Bank of Korea leaving interest rates alone and positive growth prospects for the region, encouraged investors to buy, leaving the Kospi heavily in the black. The Hang Seng in Hong Kong and All Ordinaries in Australia joined the party with gains for the day, as did markets in Indonesia, Malaysia and Singapore. Not such good news in New Zealand as the NZ Top 40 fell into the red.
Friday was a great day for the markets with techs and blue chips all enjoying gains. All markets in the Far East rose, as did markets in Australia and New Zealand. A more positive end to an unsure week.