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Asian markets mixed
August, 11th 2009

Asian markets have opened mixed in the opening trades, the insurance stocks were in demand on better than expected earnings. On the other hand, the mining stocks fell after metal prices declined.

Aioi rose 3.5%, Mitsui Sumitomo gained 2%, Nippon Sheet advanced 8%, Rio Tinto fell 2.3%. The MSCI Asia Pacific Index was little changed at 111.80 as of 11:48 a.m. in Tokyo.

The Nikkei index was up 0.2% at 10,542 and Hang Seng index was up 0.2% at 20,972. While, Shanghai Composite was up 0.3% at 3,258.

The Kospi Index was up flat at 1,577 and the S&P/ASX 200 index in Australia was down 0.2% at 4,292.

Chinas exports declined for 9th straight month. Overseas sales dropped 23% in July from a year earlier which was inline with market expectations. Exports fell 21.4% in June.

The Bank of Japan announced that it kept interest rates unchanged and refrained from unveiling any new measures. Governor Masaaki Shirakawa held the key overnight lending rate at 0.1% by a unanimous vote.

Chinas industrial output and retail sales grew as exports slumped. Industrial production climbed 10.8% in the month of July from a year earlier after a 10.7% advance in the month of June. Retail sales rose 15.2%, while, exports fell 23%.

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