Shanghai sinks again while Asia markets climb on Greece hopes

Source: AFP | July 2, 2015, Thursday |

Online Edition

ASIAN markets tracked global stocks higher Thursday on hopes for a deal to keep Greece in the eurozone as the country prepares for a crucial weekend referendum, but Shanghai tumbled again despite authorities relaxing trading rules to temper recent volatility.

Regional traders were broadly upbeat on the prospects for Greece despite Tuesday's default as the government offered fresh concessions to reach a compromise.

Buying was also supported by a healthy pick-up on Wall Street that came after another strong batch of US data suggesting the world's top economy is on the recovery path.

Tokyo rose 1.22 percent, helped by a weaker yen, while Hong Kong gained 0.80 percent, Sydney put on 0.70 percent and Seoul added 0.34 percent.

Shanghai sank 3.00 percent, extending a more than five percent plunge Wednesday as investors brushed off the latest measures to temper a sell-off that has put the index into bear territory.

While European leaders dismissed Wednesday an offer from Greece for a new bailout -- which had been presented just before it defaulted -- traders are confident the crisis will eventually be resolved.

Frustrated eurozone finance ministers agreed to wait until after Sunday's bailout referendum before holding any more talks, saying there were "no grounds" for further discussions.

The poll has been cast by Europe's leaders as effectively an in/out vote on the country's future on the euro.

"Markets seem to be of the opinion that post referendum, some agreement will be reached," Con Williams, an agricultural economist in Wellington at ANZ Bank New Zealand Ltd., wrote in a client note, according to Bloomberg News.

US and European shares advanced Wednesday. On Wall Street the Dow rose 0.79 percent, the S&P 500 was up 0.69 percent and the Nasdaq put on 0.53 percent.

Paris, Frankfurt and Milan each advanced more than two percent, while Madrid and London clocked up more than one percent. Athens is closed until next week owing to capital controls imposed last weekend.

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