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Asian shares rally after string of upbeat data
Source: Geo News | 02-08-2013

HONG KONG: Asian markets climbed for a second straight session on Friday following another record close on Wall Street and a string of positive economic data from China, Europe and the United States.

Buying sentiment was also helped by much welcome earnings results, while investor confidence helped the dollar push higher.

Tokyo jumped 1.82 percent, Hong Kong added 0.66 percent, Sydney rose 0.85 percent and Seoul was up 0.57 percent, while Shanghai gained 0.60 percent.

Regional shares rallied on Thursday as traders welcomed the prospect the US Federal Reserve will keep its stimulus in place as well as strong US growth data and better-than expected Chinese manufacturing.

And they were given another boost on Friday after a survey showed eurozone manufacturing activity last month was growing for the first time since July 2011.

Soon afterwards, the US Institute for Supply Management index of activity had also surged to its highest level since July two years ago, well above market estimates.

The news was a shot in the arm for Wall Street, where the S&P 500 surged 1.25 percent to a record close, while the Dow climbed 0.83 percent and the Nasdaq rallied 1.36 percent.

It also fuelled buying on currency markets, with the dollar jumping to 99.52 yen in New York on Thursday from 98.63 earlier in Tokyo.

On Friday in Tokyo forex trade the greenback climbed further, fetching 99.60 yen. The euro bought $1.3205 and 131.35 yen against $1.3208 and 131.45 yen.

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Source: The Nation | 21-02-2013
Auto industry dismayed over CCP report The Competition Commission of Pakistan’s report of January 2013, on automobile industry, has been termed as arbitrary, unfair and distressful for the automotive sector. This was stated in an official response to CCP by Abdul Waheed, Director General, Pakistan Automotive Manufacturers Association (PAMA). While preparing the report CCP did not realiz..... Read more
Source: The News | 04-01-2013
Oil down on fears over budget rows Oil prices were down in Asian trade Friday as looming budget battles in the United States weighed on sentiment, analysts said.   New York's main contract, light sweet crude for delivery in February dropped 64 cents to $92.28 a barrel and Brent North Sea crude for February delivery shed 75 cents to $111.39.   Oil prices hit an 11-week high a..... Read more
Source: The Nation | 26-03-2013
First private hydropower IPP starts production Pakistan’s first private hydropower IPP established by Hub Power Company (Hubco) has commenced commercial operations. An announcement here on Monday said that Pakistan and AJK’s first private Independent Power Producer (IPP) Laraib Energy Limited, the 84MW New Hydropower Project has commenced commercial operations on March 23. The project wi..... Read more
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