Asian markets mixed in Christmas lull
Friday, 26 December 2008
HONG KONG, Dec 24 (AFP): Asian stocks were mixed in reduced Christmas Eve trading today, with investors ducking out for the holidays and ever cautious over the grim outlook for the world economy, dealers said.
Japanese shares fell 2.37 per cent, after being closed for a public holiday Tuesday, on persistent worries about the auto sector after Toyota slashed forecasts and US carmakers' shares skidded on Wall Street.
Hong Kong stocks were 0.30 per cent lower while Sydney closed up 1.40 per cent, in shortened Christmas Eve sessions.
"We still do not see an earnings bottom," in Tokyo, Goldman Sachs analyst Kota Yuzawa told Dow Jones Newswires. "Negative catalysts may not yet be exhausted with this downward revision" by Toyota, he said.
Falling Asian markets tracked losses on Wall Street, which fell 1.18 per cent Tuesday in response to disappointing US home sales data.
Chinese shares closed down 1.76 per cent Wednesday amid worries over deteriorating corporate earnings, following sharp losses Tuesday when a mild interest rate cut overnight failed to boost market sentiment.
"Given how modest Beijing's latest round of interest rate cuts are, investors feel Beijing is not likely to launch measures to support the market in the near term," Haitong Securities' analyst Zhang Qi told Dow Jones Newswires.
China's top economic planner Zhang Ping warned Wednesday that the global economic crisis would pose great challenges for the Asian giant and urged the government to fine tune its large- scale stimulus plan.
"If we are unable to properly deal with the difficulties, we might be faced with grave risks in failing to realise our strategic goals in economic and social development," he told parliament.
Japanese shares fell 2.37 per cent, after being closed for a public holiday Tuesday, on persistent worries about the auto sector after Toyota slashed forecasts and US carmakers' shares skidded on Wall Street.
Hong Kong stocks were 0.30 per cent lower while Sydney closed up 1.40 per cent, in shortened Christmas Eve sessions.
"We still do not see an earnings bottom," in Tokyo, Goldman Sachs analyst Kota Yuzawa told Dow Jones Newswires. "Negative catalysts may not yet be exhausted with this downward revision" by Toyota, he said.
Falling Asian markets tracked losses on Wall Street, which fell 1.18 per cent Tuesday in response to disappointing US home sales data.
Chinese shares closed down 1.76 per cent Wednesday amid worries over deteriorating corporate earnings, following sharp losses Tuesday when a mild interest rate cut overnight failed to boost market sentiment.
"Given how modest Beijing's latest round of interest rate cuts are, investors feel Beijing is not likely to launch measures to support the market in the near term," Haitong Securities' analyst Zhang Qi told Dow Jones Newswires.
China's top economic planner Zhang Ping warned Wednesday that the global economic crisis would pose great challenges for the Asian giant and urged the government to fine tune its large- scale stimulus plan.
"If we are unable to properly deal with the difficulties, we might be faced with grave risks in failing to realise our strategic goals in economic and social development," he told parliament.