Asian shares mostly up as markets get over Brexit shock

AP News
Posted: Jun 29, 2016 10:09 PM
Asian shares mostly up as markets get over Brexit shock

TOKYO (AP) — Asian shares were mostly up Thursday as markets continued to gradually get over the shock set off by Britain's vote last week to leave the European Union.

KEEPING SCORE: Japan's benchmark Nikkei 225 edged up 0.9 percent in early trading to 15,711.98, while South Korea's Kospi rose 0.3 percent to 1,962.49. Australia's S&P/ASX 200 added 1.6 percent to 5,223.90. Hong Kong's Hang Seng index rose 1.1 percent to 20,668.01. The Shanghai Composite was little changed, inching down nearly 0.1 percent to 2,929.54.

BREXIT: Post-"Brexit" worries are easing in recent sessions. Last week, Britain voted in a referendum to leave the European Union, sending stocks reeling. But Britain's stock market has recouped its losses. The worries are shifting from short-term worries to long-term worries, analysts say.

THE QUOTE: "The Brexit is only four market-days old, and equities are right back where they've been all year — running sideways," according to a report by the Group Strategic Marketing & Communications of DBS Bank in Hong Kong.

WALL STREET: On Wall Street, the Dow gained 284.96 points, or 1.6 percent, to 17,694.68. The S&P 500 index rose 34.68 points, or 1.7 percent, to 2,070. The Nasdaq composite added 87.38 points, or 1.9 percent, to 4,779.25.

ENERGY: In energy trading, benchmark U.S. crude fell 42 cents to $49.46 a barrel in New York. It had added $2.03 to close at $49.88 a barrel Wednesday. Brent crude, used to price international oils, fell 49 cents to $50.83 a barrel in London.

CURRENCIES: The yen, seen as a safe haven, strengthened sharply after the British referendum, but the volatility has since settled. The dollar was trading at 102.75 yen, up from 102.30 yen. The euro rose to $1.1108 from $1.107.


AP Business Writer Alex Veiga contributed to this report.

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