Asia shares mostly up on Greece deal

08:45 • 14.07.15
Economy
Asian shares were mostly higher after a breakthrough deal in Greece for a bailout package from creditors provided some resolution in the debt crisis, BBC News reported.


Eurozone leaders came out from talks on Monday in Brussels with a deal to keep Greece afloat and part of the euro currency union after months of negotiations.

But the euro fell from earlier gains to $1.0986, from $1.1004 in New York.

In Japan, the benchmark Nikkei 225 was up 1.6% at 20,411.40 in morning trade.

The euro also eased against the yen to 135.74, compared with 135.84 in US trade, as investors digested news of the long-awaited deal.

Evan Lucas, market strategist at trading firm IG said that although the deal reduces the risk of a Greek exit from the eurozone right now, the bloc still faces significant issues in the medium term.

"Greek politics could collapse under the strain of this new deal and the subsequent elections that may transpire," he said in a note.

"The viability of the program is also a large risk if the 'reform' process is disjointed or feeble or straight out rejected by new governments."

Shares of Sony were down 2% after the electronics company announced its first new share offering in 26 years.

The move is intended to raise the capital for a larger restructuring program to push the business towards image sensors and video games.

Chinese shares opened lower on Tuesday after rallying for the last three sessions to recover losses from its recent plunge.

The Shanghai Composite was down 0.4% to 3,956.47, while Hong Kong's Hang Seng index was lower by 0.5% to 25,088.68 in early trade.
 

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