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Jun 30, 2016 11:21 PM

Asian shares rise as low interest rates fuel buying

The Associated Press

MANILA, Philippines (AP) — Asian shares mostly rose Friday with investors remaining in a buying mood amid low interest rates and after world markets recovered their losses from Britain's vote to leave the European Union a week ago.

KEEPING SCORE: Japan's Nikkei 225 rose 0.7 percent to 15,679.85. China's Shanghai Composite index was up 0.3 percent to 2,939.20. Australia's S&P ASX 200 index gained 0.5 percent to 5,261.80. South Korea's KOSPI jumped 0.9 percent to 1,988.51. Southeast Asian markets were mostly up. The Hong Kong market was closed for holiday.

ANALYST VIEWPOINT: "In a testimony to the influence of low interest rates, world share markets have recovered nearly all their Brexit losses," said Ric Spooner, chief market analyst at CMC Markets. "Investors are willing to park money in equities and take the odds to potential risks that which may not emerge for several months or even years."

WALL STREET GAINS: U.S. stocks finished higher for the third day in a row Thursday after the steep slump that followed Britain's vote. While the rally suggests that traders' anxiety over Britain's departure from the EU have eased, a surge in U.S. bond prices Thursday signaled many investors remain cautious about the possible long-term implications. The Dow Jones industrial average gained 235.31 points, or 1.3 percent, to 17,929.99. The Standard & Poor's 500 index rose 28.09 points, or 1.4 percent, to 2,098.86. The Nasdaq composite added 63.43 points, or 1.3 percent, to 4,842.67.

OIL: U.S. crude gained 30 cents at $48.63 a barrel in electronic trading in the New York. On Thursday it fell $1.55, closing at $48.33 a barrel. Brent crude, used to price international oils, was up 36 cents at $50.07, recovering from a 93 cents loss the previous day, when it closed at $49.68 a barrel in London.

CURRENCIES: The dollar fell to 102.92 yen after closing at 103.11 yen on Thursday. The euro slipped to $1.1102 from 1.1106 the previous day.


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