Hang Seng index extends losses on Wednesday

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Source: Dukascopy Bank
After returning from holidays in Hong Kong's markets Hang Seng index dropped 0.59% or 110.50 points to 18,518.67 led by resource stocks. Analysts explain decline in the index with dreary US data as home prices fell more than expected while consumer confidence surged. China Coal Energy Co lost 1.9% while Zijin Mining Group Co. traded down 2.3%. China Overseas Corp. tumbled 2.95% and China Resource Land Corp. edged down 2.73%. On the upside was Bank of East Asia adding 1.57%.

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Wed, 28 Dec 2011 13:45:56 GMT

Nikkei 225 slightly down in Asian trading session

Japan's Nikkei Stock Average traded almost flat on Wednesday giving up 0.2% or 16.94 points, finishing at 8,423.62 amid tedious US data. Tokyo Electric Power Co plunged 12% after Yukio Edano, minister of Japan's trade and industry suggested company to consider nationalizing as firm's shares have lost around 90% of value after nuclear catastrophe in its Fukushima plant. Among main gainers were Toyota Motor Corp. and

Wed, 28 Dec 2011 12:07:58 GMT

Saudi Arabia may replace Iran in oil supplies

Saudi Arabia may fill in the gap in oil supplies in case western economies impose sanctions on Iranian oil. Moreover, Iran will face difficulties in exporting its oil if it continues its nuclear programme. The country is most likely to turn to China to export oil while China will insist on price discounts hence Iran profit generated from oil will fall.

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