Asian markets edge up on bargain hunting

Most of the indices advance amid impressive intraday bounce

Asian markets recovered on bargain hunting today though the overwhelming worries on the Libyan turmoil continued to stir the broad market sentiments. The overnight cues were weak with the US stocks stumbling on soaring crude oil prices, which raised concerns about a further continuation of the current economic recovery. WTI Crude oil topped highs above $105 per barrel, continuing to grab headlines amid ongoing unrest in key oil suppliers in the Middle East and North Africa. The Dow dropped by fell by 79.85 points or 0.7% to close at 12,090.03.



The Asian stocks started on poor note following this but cut the losses as traders eyed steady global supplies despite the continuing turmoil in the Middle East. Media reports stated that Kuwait, the United Arab Emirates and Nigeria might join Saudi Arabia in increasing output to make up for a drop-off in Libyan oil. The investors were quick to switch on to the bargain-hunting mode following this.

In Japan, the markets turned around in the early moves only but the gains were capped on reports stating that Japanese corporate bankruptcies decreased for the 19th consecutive month in February. Bankruptcies were down 9.4% in February from a year ago period to 987 cases. The number of bankruptcy cases fell below 1,000 for the first time since September 2005. Total debt decreased 6.5% year-on-year in February. The benchmark Nikkei 225 index closed up 20.19 points or 0.19% at 10525.19 points.

In Australia, the markets launched a steady upward retreat from early lows as the business confidence in Australia went up at an impressive pace in February, as reported in survey results by National Australia Bank. NAB's Business Confidence Index rose to 14 in February from 4.0 last month. Business conditions also rose, registering a survey index reading of minus two in February from a minus six in January.

In China, the markets moved sideways but the strength in property developers ensured that the benchmark Shanghai Composite index ends in green after massive gains in the last session. The composite index closed up 4.36 points or 0.15% to end at 2,999.9 points.

In Mumbai, the key benchmark indices advanced to fresh intraday highs in late trade as global equities cheered a decline in crude oil prices from a 29-month high. The BSE 30-share Sensex was provisionally up 225.95 points or 1.24% to 18,448.62, up 182 points from the day's low and off 18.19 points from the day's high. The market recovered today after Monday's 1.43% slide as political worries eased after the Dravida Munnetra Kazhagam (DMK) on Monday, put on hold the resignation of its six ministers from the Congress-led UPA government at the Centre. DMK is a key ally of the UPA government.

In other markets, Straits Times index in Singapore closed up with a gain of 1.22%, Seoul Composite index added 0.81% while Taiwan Weighted index in Taiwan edged up 0.39%. In commodities, crude eased initially but returned back to its winning ways by bouncing from lows near $103 per barrel. The WTI Crude currently trades at $105.18, down 2