HONG KONG: Asian markets edged up on Tuesday as initial concerns about regional tensions after the death of North Korea's Kim Jong-Il subsided, although European woes continued to cast a pall.
With attention turning to the leadership succession in Pyongyang, markets were relieved that there seemed to be no internal turmoil in the nuclear-armed state, providing dealers an opportunity to pick up cheap stocks.
Seoul, which tumbled 3.4 percent on Monday, rebounded slightly in early trade to sit 0.72 percent higher.
Tokyo rose 0.65 percent by the break, Hong Kong was 0.61 percent higher, Sydney added 0.15 percent, Shanghai climbed 0.18 percent and Taiwan advanced 0.64 percent.
Regional markets tumbled Monday after news Kim had died, throwing into uncertainty the future of the hermit state, which for years has raised tensions in the region with its erratic behaviour and nuclear capability.
The euro stood at $1.2999, up slightly from $1.2996 in New York Monday, and at 101.42 yen, almost unchanged from 101.37 yen in New York.
The dollar was at 78.01 yen, slightly lower from 78.02.
The South Korean won, which slumped to almost 1,200 against the dollar following the news of Kim's death, sat at 1,168.10 early Tuesday.
On oil markets New York's main contract, light sweet crude for delivery in January, gained 40 cents to $94.28 a barrel, while Brent North Sea crude for February was up 43 cents to $104.07.
Gold was trading at $1,598.90 an ounce at 0200 GMT, against $1,594.85 an ounce late Monday.
AFP
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