Karthik007’s Blog

Asian and Pacific stock exchanges were mixed on the first trading day of the new year, with Hong Kong and South Korean markets showing gains Friday and Australia slumping.

The Hang Seng index in Hong Kong was up 2.22 percent at midday, while Seoul’s KOSPI climbed 1.69 percent. The All Ordinaries index in Sydney had dipped about 0.69 percent by mid-afternoon, however.Tokyo’s stock exchange remained closed for the holiday Friday. Japan’s benchmark Nikkei index closed Tuesday down 42.1 percent for the year.

Analysts expect 2009 to bring another bumpy ride for the global economy, with the world’s major economies — the United States, Japan and the European Union “Eurozone” countries — now officially in recession.