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Asian stocks rise as selloffs create bargains
PAMELA SAMPSON
(The Associated Press)



05:57:28AM (DST) Wednesday,August 31,2011.

BANGKOK (AP) — Asian shares were mostly higher Wednesday as investors put aside concerns over flagging consumer and business confidence in developed economies to hunt for bargains after gains on Wall Street.

Oil prices edged lower toward $88 a barrel after the drop in sentiment suggested growth was likely to slow further in coming months.

After four days of gains, Japan's benchmark Nikkei 225 swung between positive and negative territory. It was up less than 0.1 percent to 8,958.52. Australia's S&P/ASX 200 rose 0.1 percent at 4,275.20.

Hong Kong's Hang Seng added 0.4 percent to 20,274.34 and South Korea's Kospi index was 1.4 percent higher at 1,870.16.

Benchmarks in the Philippines, Taiwan and Singapore also rose. Shares were lower in mainland China and New Zealand.

Share prices have been pummeled in recent months, but that has presented an opportunity for investors interested in bargains, analysts said.

"The market has been down for quite some time this summer, ever since middle of April," said Hong Kong-based analyst Francis Lun. "The market is poised for a rebound."

Sentiment in Japan was dampened after growth in industrial production fell far short of forecasts in July. The Ministry of Economy, Trade and Industry said industrial production edged up 0.6 percent from the previous month — falling short of its projected 2.2 percent rise.


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All eyes are on Wall Street this week. Asian markets are having a good time.

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