Wednesday, Oct 29, 2008
Most European markets opened higher Wednesday, adding to gains made earlier in the week.
London and Paris were up 5 to 7 percent in early trading, while Frankfurt slumped more than 7 percent, for a time, as shares of Volkswagen went into reverse.
Eight of 10 major Asian and Pacific stock markets closed higher Wednesday, a day after Wall Street posted its second largest single-day point gain ever.
Tokyo’s Nikkei average soared 7.7 percent, while Australia’s All Ordinaries index climbed a more modest 1.2 percent.
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Hong Kong’s Hang Seng index closed up about three-quarters of a percent, while in India, Mumbai’s BSE SENSEX was up about a quarter percent.
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In Seoul, however, the KOSPI slipped 3 percent, giving up earlier gains. The Taiwan Weighted finished the day essentially even.
Singapore’s Straits Times index closed up a quarter percent.
Francis Lun, general manager at Fulbright Securities in Hong Kong, said he believed the Hang Seng hit bottom Monday, possibly signaling an end to the six-week run on the markets.
“I think investors have finally come to the conclusion that there has been panic selling for over a month and the market’s really oversold,” Lun told CNN. “They think the worst is over.”
Bargain hunters fueled Tuesday’s rally on Wall Street as investors snapped up stocks beaten down in value by recent selloffs.