Asian stocks rise on last trading day of 2011
Asian stock markets strengthened Friday on the last day of trading for 2011, following a brisk session on Wall Street, but the uptick could not blunt the effects of a grueling year in which investors booked sharp losses.
Benchmark oil rose to near $100 per barrel and the dollar weakened against the yen and the euro.Japan's Nikkei 225 index, after three straight days of losses, rose 0.4 percent to 8,429.45. Hong Kong's Hang Seng Index gained 0.4 percent to 18,466.57. Benchmarks in mainland China, Malaysia, Indonesia and New Zealand were also higher.Australia's benchmark S&P ASX 200 ended the year at 4,140.4 - down 0.4 percent on the day and 14.5 percent lower for 2011. A day earlier, South Korea's benchmark Kospi closed at 1,825.74 on Thursday - 11 percent down on its last trading session of the year Thursday.Analysts said global stocks tumbled in lockstep, suffering from the effects of natural disasters, a wobbly recovery in the U.S. - and an escalating European debt crisis that remains resistant to the endless measures taken by the region's governments and financial institutions.
