Market Report – Asia, Toyota Up
In today’s market report… Asian shares edged higher on regional bargain-hunting, while the euro eased on growing worries about Greece and European debt.
The Nikkei rose, sparked by investor bargain-hunting in Toyota, which had fallen over 20 percent in the last month, down $30 billion in value.
Rival Nissan Motor, though, declined after announcing a recall of about 76,000 cars due to a defect that may cause engine failure.
Seoul’s KOSPI benchmark held steady, despite weakness in Hynix Semiconductor on news its top shareholders would sell up 13 percent of the world No. 2.
In Hong Kong, shares of China Unicom jumped after an analyst upgrade to „buy“ of the Mainland’s No.2 mobile carrier.
Worries about sovereign debt problems in Greece pressured the euro to near one-year lows against the yen, which is expected to rally as Japanese exporters repatriate overseas profits by the end of March.