Asian markets edge down
Sunday, 24 May 2009
HONG KONG, May 22 (AFP): Asian shares fell for a second straight day Friday as investors followed a tumble on Wall Street and took another opportunity to cash in on recent gains.
Hong Kong lost 0.80 per cent, Tokyo 0.41 per cent and Sydney 1.37 per cent, while Seoul dropped 1.26 per cent.
The falls represented another correction following a rally that has lasted since the beginning of March and has led indexes to highs not seen for several months.
The markets mirrored Wall Street, which gave up 1.54 per cent Thursday as weaker-than-expected unemployment data and public debt worries clouded the outlook for recovery from the prolonged recession.
The fall on the Nikkei also came on the day that the central bank said Japan's recession appeared to be easing, upgrading its assessment of the world's number two economy for the first time in almost three years.
TOKYO: Down 0.41 per cent. The Nikkei-225 lost 38.34 points to 9,225.81.
HONG KONG: Down 0.80 per cent. The Hang Seng Index ended 136.97 points down at 17,062.52.
Following the market's rally, investors are stepping back to re-assess fundamentals and unload overpriced stocks, Fulbright Securities general manager Francis Lun told Dow Jones Newswires.
SYDNEY: Down 1.37 per cent. The S&P/ASX 200 shed 52.3 points to 3,761.6.
"We managed to outperform Wall Street in the past couple of sessions, but today, not so much," said CommSec analyst Juliette Saly.
SHANGHAI: Down 0.50 per cent. The Shanghai Composite Index, which covers A and B shares, lost 13.02 points to 2,597.60.
Metals stocks led the losses as investors continued to take profits, dealers said.
TAIPEI: Up 0.28 per cent. The weighted index rose 18.48 points to 6,737.29.
The market opened down 1.02 per cent as sentiment was affected by the island's record 10.2 per cent economic contraction for the first quarter, dealers said.
SEOUL: Down 1.26 per cent. The KOSPI ended slipped 17.90 points to 1,403.75.
A threat by Standard and Poor's to downgrade Britain's credit rating caused concerns that the US may face the same fate, said Kwak Joong-Bo, an analyst at Hana Daetoo Securities.
SINGAPORE: Up 1.55 per cent. The blue chip Straits Times Index gained 34.30 points to 2,245.27.
Banking shares closed higher, with DBS adding 20 cents to 11.80 and Oversea-Chinese Banking Corp inching up eight cents to 7.18.
KUALA LUMPUR: Up 0.94 per cent. The Kuala Lumpur Composite Index gained 9.70 points to 1,045.26.
Among advancers, UEM Land jumped 17.4 per cent to 1.62 ringgit and Resorts World was 6.6 per cent stronger at 2.58 ringgit.
BANGKOK: Up 0.96 per cent. The Stock Exchange of Thailand composite index rose 5.25 points to 554.02.
"Today the market was better than expected although there was some selling pressure during the morning session triggered by concerns over the US economy," said Rakpong Chaisuparakul of KGI Securities (Thailand).
JAKARTA: Down 0.21 per cent. The Jakarta Composite Index lost 4.01 points to 1,881.71.
Bank Rakyat slipped 4.0 per cent to 6,050 rupiah, Bank Mandiri was 0.9 per cent weaker at 2,800 and coal miner Bumi shed 2.4 per cent to 2,000 on profit-taking.
MANILA: Down 0.72 per cent. The composite index fell 16.90 points to 2,316.89.
"It's just a correction," said Nisha Alicer, analyst at DA Market Securities.
WELLINGTON: Down 0.57 per cent. The NZX-50 fell 15.77 points to 2,760.54.
Dealers said the rising New Zealand dollar was also hurting exporter stocks.
Hong Kong lost 0.80 per cent, Tokyo 0.41 per cent and Sydney 1.37 per cent, while Seoul dropped 1.26 per cent.
The falls represented another correction following a rally that has lasted since the beginning of March and has led indexes to highs not seen for several months.
The markets mirrored Wall Street, which gave up 1.54 per cent Thursday as weaker-than-expected unemployment data and public debt worries clouded the outlook for recovery from the prolonged recession.
The fall on the Nikkei also came on the day that the central bank said Japan's recession appeared to be easing, upgrading its assessment of the world's number two economy for the first time in almost three years.
TOKYO: Down 0.41 per cent. The Nikkei-225 lost 38.34 points to 9,225.81.
HONG KONG: Down 0.80 per cent. The Hang Seng Index ended 136.97 points down at 17,062.52.
Following the market's rally, investors are stepping back to re-assess fundamentals and unload overpriced stocks, Fulbright Securities general manager Francis Lun told Dow Jones Newswires.
SYDNEY: Down 1.37 per cent. The S&P/ASX 200 shed 52.3 points to 3,761.6.
"We managed to outperform Wall Street in the past couple of sessions, but today, not so much," said CommSec analyst Juliette Saly.
SHANGHAI: Down 0.50 per cent. The Shanghai Composite Index, which covers A and B shares, lost 13.02 points to 2,597.60.
Metals stocks led the losses as investors continued to take profits, dealers said.
TAIPEI: Up 0.28 per cent. The weighted index rose 18.48 points to 6,737.29.
The market opened down 1.02 per cent as sentiment was affected by the island's record 10.2 per cent economic contraction for the first quarter, dealers said.
SEOUL: Down 1.26 per cent. The KOSPI ended slipped 17.90 points to 1,403.75.
A threat by Standard and Poor's to downgrade Britain's credit rating caused concerns that the US may face the same fate, said Kwak Joong-Bo, an analyst at Hana Daetoo Securities.
SINGAPORE: Up 1.55 per cent. The blue chip Straits Times Index gained 34.30 points to 2,245.27.
Banking shares closed higher, with DBS adding 20 cents to 11.80 and Oversea-Chinese Banking Corp inching up eight cents to 7.18.
KUALA LUMPUR: Up 0.94 per cent. The Kuala Lumpur Composite Index gained 9.70 points to 1,045.26.
Among advancers, UEM Land jumped 17.4 per cent to 1.62 ringgit and Resorts World was 6.6 per cent stronger at 2.58 ringgit.
BANGKOK: Up 0.96 per cent. The Stock Exchange of Thailand composite index rose 5.25 points to 554.02.
"Today the market was better than expected although there was some selling pressure during the morning session triggered by concerns over the US economy," said Rakpong Chaisuparakul of KGI Securities (Thailand).
JAKARTA: Down 0.21 per cent. The Jakarta Composite Index lost 4.01 points to 1,881.71.
Bank Rakyat slipped 4.0 per cent to 6,050 rupiah, Bank Mandiri was 0.9 per cent weaker at 2,800 and coal miner Bumi shed 2.4 per cent to 2,000 on profit-taking.
MANILA: Down 0.72 per cent. The composite index fell 16.90 points to 2,316.89.
"It's just a correction," said Nisha Alicer, analyst at DA Market Securities.
WELLINGTON: Down 0.57 per cent. The NZX-50 fell 15.77 points to 2,760.54.
Dealers said the rising New Zealand dollar was also hurting exporter stocks.