Greater London, England -- (SBWire) -- 11/25/2010 -- City Index’s spread betting experts have extensive experience of the financial markets to share. Here, Michael McCarthy gives his Asia Pacific update for 18th November.

Michael McCarthy, Head of Dealing, Asia Pacific at spread betting provider City Index (http://www.cityindex.co.uk), on market activity for 18th November:

The Hong Kong stock market rose at midday on Thursday from multi-week lows as investors tried to bottom pick stocks. Investors sentiment remains low as fear mounted that China might take more measures to curb inflation.

Traders suggested today’s rebound is likely to be short lived. The Hang Seng index was up 1.4% at 23,530 at the morning close with resources and energy stocks the frontrunners. Jiang xi copper (0358.HK) and Gold producer Zijing Mining were up more than 4% and oil producer CNOOC (0883) gained 3.6%.

The Straits Time Index fell 0.41% to 3,199 after its national holiday on Wednesday. Genting Singapore, the operator of a casino resort in Singapore dropped 2.86% in the early trading session after its ranking was cut from neutral to underperform by Macquarie Group. Global Logistic properties gained 3.67% after JP Morgan upgraded its positioning to overweight.

The Australian market rebounded from its lows to finish 16 points higher at 4,640. Smaller resource stocks rallied hard as traders anticipated a bounce in metals markets tonight on the back of a weaker USD in Asian trading.

Global miners also rose and there appeared to be selective bargain hunting in across defensives and industrials. Finance stocks were dragged lower by weakness in the major banks, still under pressure due to political concerns. ANZ fell a further 24 cents to $22.58.

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