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Most Asian shares rose on Wednesday as resources stocks cheered firmer commodity prices. But the dollar sagged after the biggest drop in U.S. consumer confidence in five years cast doubt on economic resilience in the face of a housing and credit slump. In Seoul, Daewoo Shipbuilding and Marine Engineering, the world's No. 3 shipbuilder, jumped as the government planned to sell a near 50 percent stake, worth 3.6 billion dollars. Manufacturers, including LG Display, were weaker in South Korea, although its benchmark index managed to notch a 0.3 percent gain. Gold extended a rise to 941 dollars an ounce as the falling greenback encouraged investors to shift money back into the precious metal, while oil also rose. Australian shares rose 1.2 percent to a three-week closing high on the bounce in metal prices. Japan's benchmark Nikkei dipped 0.3 percent (12706.63), paring losses before the close. Exporters like Canon fell close to 3 percent on concerns about weaker demand for its products, despite economic data showing Japanese exports growing more than expected in February, as shipments to Asia and Europe made up for a fall in U.S. demand. Kitty Bu reporting for Reuters. COMPANIES MENTIONED: SYMBOLS:
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Added: Mar 26, 2008 |
| Category: Business |
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