Asian stocks rebound from heavy losses

PTI Updated - August 29, 2013 at 04:18 PM.

Asian markets saw a mild bounce on Thursday after suffering heavy selling pressure this week, but traders remained on the edge ahead of a possible military strike on Syria.

The dollar also benefited as fears eased over the impact of an attack on the West Asian country, which is accused of using chemical weapons on its own people.

Tokyo rose 0.91 per cent or 121.25 points to 13,459.71, while Sydney added 0.1 per cent or 5.2 points to close at 5,092.4 and Seoul advanced 1.22 per cent or 23.02 points to 1,907.54.

Hong Kong climbed 0.84 per cent or 180.13 points to 21,704.78, but Shanghai fell 0.19 per cent or 4.07 points to 2,097.23.

Buying sentiment was given a boost by a rally on Wall Street, which ended three days of losses, as energy companies benefited from a surge in oil prices.

The Dow rose 0.34 per cent, the S&P 500 climbed 0.29 per cent and the Nasdaq added 0.41 per cent.

US President Barack Obama, who had warned the use of chemical weapons by Syria would cross a “red line”, said Washington had definitively concluded that the Assad regime was to blame for last week’s attack that killed hundreds of people.

However, he said on Wednesday that he had not yet decided whether to strike.

His comments, which were more cautious than recent statements, came as political uproar in London casting doubts on whether Britain would join any such action.

Published on August 29, 2013 10:00