Most Asian markets were edging higher in the afternoon session Tuesday following recent falls. Japan managed to finish slightly higher after spending most of the day in negative territory. But South Korea closed lower.
Shareholders of China Eastern Airlines on Tuesday rejected a deal to sell a 24 percent stake in the country's third-largest carrier to Singapore Airlines for $920 million.
Asian stocks continued the negative start to the year Monday as many indexes sank to two-week lows, but Chinese and Indian indexes managed robust gains. Taiwan's TIAEX closed over 4 percent lower and Singapore' Straits Times Index ended 2.5 percent down.
Air China's parent vowed on Sunday to pay at least 32 percent more for a coveted slice of China Eastern than rival suitor Singapore Airlines had agreed to, upping the ante in their contest for China's No.3 carrier.
Japanese stocks tumbled as much as 5 percent on Friday, the first trading day in a week, as growing worries about the U.S. economy battered Wall Street.
Asian stock indexes finished lower across the board Thursday, with the exception of the Shanghai Composite Index, as investors were spooked by the surprise contraction in U.S. manufacturing, and the impact of record oil prices on global growth.
China's No. 1 and No. 3 airlines nosedived on Thursday as doubts clouded China Eastern's increasingly troubled campaign to sell a US$920 million stake in itself to Singapore Airlines and Temasek Holdings.
Asian markets kicked off the new year under pressure on worries about a slowing global economy. But oil and gold prices continued to edge higher approaching record highs.
Air China's parent called on Tuesday a US$920 million investment by Singapore Airlines in rival carrier China Eastern unfair and too cheaply priced, suggesting the aviation firm will vote against the impending acquisition.
Singapore's trade-driven economy shrank for the first time since 2003 in the fourth quarter as weak manufacturing dragged on growth and momentum is expected to weaken further in 2008.
Asian stocks were mostly higher Monday in thin holiday trading, with most investors away to usher in the new year. But Pakistan's shares slid in its first reaction to the assassination of former prime minister Benazir Bhutto whose death last week plunged the country into one of its deepest crises.
Most Asian markets closed lower Friday as investors were rattled by the assassination of Pakistan opposition leader Benazir Bhutto, and data pointed to continuing economic weakness in the United States.
Asian closed mixed, with some boosted by resources companies such as BHP Billiton as oil and commodities prices firmed. But Tokyo closed down, staying on course to end the year as the world's worst performing major stock market.
Asian stocks were mostly higher in the afternoon session Wednesday. Trade was thin as many investors were away for Christmas holidays. Japan closed higher be South Korea declined. Other Asian markets including Australia and Hong Kong were shut, and many markets in Europe will also be closed.
Merrill Lynch shored up its capital base by as much as $7.5 billion after selling a stake to Singapore's government and an asset manager, and unloading much of a lending business, as it wrestles with huge subprime mortgage losses.
Japanese stocks closed at their highest in nearly two weeks Tuesday as investors picked up recently pressured shares such as Sony, encouraged by a softening yen and after news from Merrill Lynch prompted a rally on Wall Street.
Asian markets rallied on the Christmas Eve Monday, lifted by technology and bank stocks as stronger-than-expected U.S. consumer spending calmed fears the world's top economy was heading into a recession.
With losses mounting, Merrill Lynch, the nation's largest brokerage firm, is turning to Asia for financial help.
Asian markets closed higher across the board Friday, having got a lift from technology stocks and year-end program buying by funds. Most of the major indexes finished over 1 percent higher, while the Hang Seng gained 2.3 percent.
Asian markets closed mixed Thursday with Australia slipping into the red after initially rising in the morning and South Korea paring back gains to trade flat. But Chinese shares managed to move higher with property stocks on the advance.