Asian stocks switch from gains to losses and back again

Published:  23 Jan at 3 PM

Asian stocks oscillated wildly between gains and losses during today's morning session while upbeat home sales data across the US overshadowed ever-present uncertainties over Greece's continuing debt negotiations in Greece, as reported by City Wire.

Across most of Asia, activity was subdued because of the Chinese Lunar New Year holiday. The MSCI Asia Pacific Index increased 0.1 per cent to 121 at 11:06 AM in the Japanese capital Tokyo, after having swung between both gains and losses seven times at the least. The Nikkei 225 Stock Average gained 0.2 per cent and Australia’s S&P/ASX 200 Index ended up losing 0.3 per cent.

Many Asian markets, which includes those of China, South Korea, Hong Kong, and Singapore are, as mentioned, closed while the Chinese Lunar New Year holiday;s first day is being observed. Exporters to America advanced while sales of previously owned homes in the US increased for a third month last month December to what are the highest levels since January 2011, which has been taken as a sign that the housing market finished with momentum last year.

Companies that receive revenue from Europe attended an EU meeting today that aimed to hammer out a plan to tackle a debt crisis that threatens the very existence of the organisation. Both banking and government negotiators are trying to strike a deal that can lighten Greece’s debt burden. In the meantime, mixed US corporate earnings did much to revive concerns on global growth prospects as well as dampen investor risk appetite.

BHP Billiton, the world’s largest mining company and also Australia’s largest oil producer, dropped 0.9 per cent in Sydney after both crude and metal futures experienced a decline. Canon, the camera manufacturer that gets at least a third of its sales from Europe, dipped 0.7 per cent in Tokyo.