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BANGKOK – Bargain-hunting helped Asian stock markets edge upward Monday, butgains were limited as investors remained unconvinced that theworld's major economies nailed a solution to the European debtcrisis following a summit in Washington. Markets posted only muted gains as traders were kept on edge byworries about the economic future of Greece and whether it wouldexit the 17-country euro currency union. A weekend summit in Washington among leaders of the world's mostpowerful nations provided little in the way of encouragement forinvestors already nervous about slowing growth in China and fearsthat turmoil in Europe could hit key export industries. Leaders of the G-8 countries issued a statement calling for bothpainful cutbacks and growth-promoting measures to deal with acrisis that threatens the global economy. But actual steps wereleft up to individual countries to take. "We saw a very weak statement out of the G-8," said AndrewSullivan, principal sales trader at Piper Jaffray in Hong Kong."They probably have gone as far as they can, but the market isn'tinterested in statements. It's interested in action." He said the next major market-moving event was likely to be on June17, when Greeks elect a new government. At stake is a multibillion euro bailout that Greece urgently needsto stay solvent. International lenders have threatened to cancelthe package if Greece fails to follow through on its austerityplans. But austerity has proven wildly unpopular among voters and led tothe downfall of the prior government. Any new government that failsto enact sharp spending cuts risks being cut off from financialhelp that could hurtle Greece into default and toward a messy exitfrom the euro. In any event, sharp selling among key Asian indexes last weekpresented bargain-hunting opportunities. Japan's Nikkei 225 indexcame off four-month lows to rise 0.3 percent at 8,636.89.Nishimatsu Construction Co. added 3.9 percent and Mitsubishi MotorsCorp. rose 1.4 percent. Camera and medical equipment maker OlympusCorp. rose 1.7 percent. Australia's S&P/ASX rose 0.2 percent to 4,055.90 as improvingcommodities prices helped its sizable resource sector. EnergyResources of Australia jumped 4.4 percent and BHP Billiton, theworld's largest mining company, added 2 percent. Mainland China's Shanghai Composite Index was 0.3 percent higher at2,351.06. Benchmarks in Taiwan and India also rose. Singapore wasmostly flat. But Hong Kong's Hang Seng was down 0.3 percent at 18,893.53.Indonesia, Thailand and New Zealand benchmarks also fell. Shares of Hong Kong-listed Alibaba.com Ltd. rose 0.2 percent a dayafter Yahoo Inc. announced it will sell back half of its 40 percentstake in the Chinese e-commerce group. Rising gold prices helpedboost Hong Kong-listed Zijin Mining Group 3.7 percent. Benchmark oil for June delivery was up 43 cents to $91.91 a barrelin electronic trading on the New York Mercantile Exchange. Thecontract fell $1.08 to settle at $91.48 in New York on Friday. In currency trading, the euro rose to $1.2782 from $1.2737 lateFriday in New York. The dollar rose to 79.21 yen from 79.08 yen. I am an expert from weldflange.com, while we provides the quality product, such as Thread Flange Manufacturer , SAE Split Flange Manufacturer, SAE Weld Flange,and more.
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