Nikkei: 9,206.75 (+244.08) Hang Seng: 22,300.23 (+15.80) Shanghai Comp: 2,909.40 (+12.10):ASIAN STOCKS fell to their worst weekly losses in 10 months but traumatic and volatile days for markets ended on a more upbeat note yesterday after some progress in containing Japan's nuclear crisis was made and intervention to weaken the yen.
The Nikkei 225 Average rallied as the Group of Seven leading industrial nations acted together to weaken the yen.
Tokyo Electric Power (Tepco), which is in the spotlight for its leading role in Japan’s nuclear crisis, gained yesterday for the first time since the earthquake struck.
Tepco’s stock soared 19 per cent above 29-year lows to ¥948, its biggest one-day gain in 37 years.
Japan’s oil explorers had the largest gains. Inpex, an energy exploration company, leapt 6.8 per cent to ¥580,000, while rival Japan Petroleum Exploration soared 7.4 per cent to ¥3,825.
Insurers under performed with Tokio Marine Holdings losing 13.8 per cent over the week to ¥2,165.
Sydney’s SP/ASX 200 index fell 0.4 per cent over the five days to 4,626.44. Rio Tinto rose 2.2 per cent to A80.50. – (Copyright The Financial Times Limited 2011)
