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Asia recovers following worldwide pounding

Oct 12, 2018 (Baystreet.ca via COMTEX) --

Asia stocks saw a broad recovery on Friday following another tumble on Wall Street overnight, with the Dow Jones Industrial Average dropping by more than 500 points.

In Japan, the Nikkei 225 recovered 103.8 points, or 0.5%, to 22,694.66. The Japanese yen, often viewed as a safe haven currency, was at 112.34 against the U.S. dollar.

In Hong Kong, the Hang Seng index restored 535.12 points, or 2.1%, to 25,801.49

Korean markets saw gains, with shares of chipmaker SK Hynix advancing 5.1%

Australian markets joined in the positive chorus. The energy sector, however, was lower by 1.5%, while the heavily weighted financial sub-index was largely flat.

Shares of major banks Down Under saw a recovery though some still ended the trading day lower, with Australia and New Zealand Banking Group down by 0.4% while Commonwealth Bank of Australia was largely flat. The move in ANZ's stock came following an announcement by its chief executive that the bank had fired over 200 staff for wrongdoing.

Australian dollar was at $0.7122 U.S. after seeing gains yesterday.

In other markets

The CSI 300 regained 46.62 points, or 1.5%, to 3,170.73

In Singapore, the Straits Times STI index moved up 21.78 points, or 0.7%, to 3,069.17

In Taiwan, the Taiex index hiked 239.7 points, or 2.4%, to 10,045.81

In Korea, the Kospi index re-strengthened 32.18 points, or 1.5%, to 2,161.85

In New Zealand, the NZX 50 regained 122.05 points, or 1.4%, to 8,843.24

In Australia, the ASX 200 surged 11.91 points, or 0.2%, to 5,895.67

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