| GEO Business | | Asian markets rally as Greek bailout nears | Updated at: 0905 PST, Friday, April 30, 2010
HONG KONG: Asian stocks rallied on Friday at the end of a tough week, with sentiment boosted by hopes that a bailout for debt-laden Greece is in sight. The news also lifted the euro from its one-year lows, sending the yen down to the benefit of Japanese exporters.
Tokyo shares were 1.35 percent higher by the break, Hong Kong up 1.30 percent and Singapore advanced 0.68 percent. Investors followed a rally on Wall Street, where the Dow rose 1.10 percent on the news out of Europe. Athens has called on the EU and IMF to activate a three-year rescue package worth 45 billion euros this year as it faces a May 19 deadline to repay nine billion euros in old debts.
The euro, which had hit a year low of 1.3202 dollars on Wednesday, bought 1.3242 dollars in quiet Tokyo morning trade, compared with 1.3244 dollars in New York late Thursday. It was also trading at 124.59 yen against 124.46. The dollar was trading at 94.07 yen in line with New York levels.
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