Asian markets mostly lower
Thursday, 11 November 2010
HONG KONG, Nov 10 (AFP): Asian stocks were mostly lower Wednesday as fears over European sovereign debt weighed on sentiment, but Tokyo rallied as a strong dollar gave Japanese exporters a much-needed boost.
Sydney ended 0.86 per cent, or 40.9 points, lower at 4,699.8 and Hong Kong slipped 0.85 per cent, or 209.99 points, to 24,500.61.
Shanghai was 0.63 per cent, or 19.64 points, off at 3,115.36.
The losses follow weeks of strong gains built up in anticipation of an economic stimulus announcement by the US Federal Reserve last week.
The central bank's 600-billion-dollar deal last Wednesday sent global markets soaring on hopes that it will kickstart recovery in the world's biggest economy.
However, with the Fed's move out of the way traders cashed in profits on lingering eurozone debt woes, while attention has also been turned to the Group of 20 summit set to begin in Seoul on Thursday.
There are also jitters over Greece's ability to sell government bonds to help pay off its huge debts.
The Nikkei rose 1.40 per cent, or 136.03 points, to end at a four-month high of 9,830.52.
The Japanese index was also given a boost by a Financial Times report that said financial regulatory guidelines to be proposed by the G20 will focus primarily on large banks with global businesses.
Such a plan effectively means most big banks in Japan will benefit as they have relatively small overseas operations.
Shanghai shares slipped as traders become wary that Beijing may come under fresh pressure to let its yuan appreciate further after trade data showed the country's surplus rising.
In other markets:
Mumbai closed down 0.27 per cent, or 56.77 poinst, at 20,875.71.
Singapore closed 0.74 per cent, or 24.37 points, lower at 3,289.24.
Singapore Airlines fell 1.23 per cent to 16.12 Singapore dollars and commodities firm Olam International was 1.78 per cent weaker at 3.32 dollars.
Seoul gained 1.05 per cent, or 20.39 points, to close at 1,967.85.
Taipei was flat, edging up 5.0 points to 8,450.63.
Taiwan Semiconductor Manufacturing Co was 0.31 per cent higher at 64.2 Taiwan dollars while leading IC design house MediaTek 0.39 per cent lower at 381.0
Manila tumbled 1.62 per cent, or 68.88 points, to 4,197.57.
Top-traded Alliance Global plunged 5.43 per cent to 10.80 pesos but Philippine Long Distance Telephone gained 0.17 per cent to 2,418 pesos.
Kuala Lumpur gained 0.10 per cent, or 1.48 points, to 1,528.01.
Property developer YTL Corp rose 4.2 per cent to 8.39 ringgit while logistics firm Malaysian Resources climbed 3.7 per cent to 2.25 and gaming giant Genting slid 1.1 per cent to 10.68.
Jakarta rose 0.52 per cent, or 19.48 points, to 3,756.96.
Steelmaker Krakatau Steel jumped 49 per cent to 1,270 rupiah on its debut, while Telkom gained 3.7 per cent to 8,450 rupiah.
Bangkok fell 0.50 per cent, or 5.27 points, to 1,042.28.
Banpu lost 8.00 baht to 804.00, while Siam Cement lost 6.00 to 344.00 baht.
Sydney ended 0.86 per cent, or 40.9 points, lower at 4,699.8 and Hong Kong slipped 0.85 per cent, or 209.99 points, to 24,500.61.
Shanghai was 0.63 per cent, or 19.64 points, off at 3,115.36.
The losses follow weeks of strong gains built up in anticipation of an economic stimulus announcement by the US Federal Reserve last week.
The central bank's 600-billion-dollar deal last Wednesday sent global markets soaring on hopes that it will kickstart recovery in the world's biggest economy.
However, with the Fed's move out of the way traders cashed in profits on lingering eurozone debt woes, while attention has also been turned to the Group of 20 summit set to begin in Seoul on Thursday.
There are also jitters over Greece's ability to sell government bonds to help pay off its huge debts.
The Nikkei rose 1.40 per cent, or 136.03 points, to end at a four-month high of 9,830.52.
The Japanese index was also given a boost by a Financial Times report that said financial regulatory guidelines to be proposed by the G20 will focus primarily on large banks with global businesses.
Such a plan effectively means most big banks in Japan will benefit as they have relatively small overseas operations.
Shanghai shares slipped as traders become wary that Beijing may come under fresh pressure to let its yuan appreciate further after trade data showed the country's surplus rising.
In other markets:
Mumbai closed down 0.27 per cent, or 56.77 poinst, at 20,875.71.
Singapore closed 0.74 per cent, or 24.37 points, lower at 3,289.24.
Singapore Airlines fell 1.23 per cent to 16.12 Singapore dollars and commodities firm Olam International was 1.78 per cent weaker at 3.32 dollars.
Seoul gained 1.05 per cent, or 20.39 points, to close at 1,967.85.
Taipei was flat, edging up 5.0 points to 8,450.63.
Taiwan Semiconductor Manufacturing Co was 0.31 per cent higher at 64.2 Taiwan dollars while leading IC design house MediaTek 0.39 per cent lower at 381.0
Manila tumbled 1.62 per cent, or 68.88 points, to 4,197.57.
Top-traded Alliance Global plunged 5.43 per cent to 10.80 pesos but Philippine Long Distance Telephone gained 0.17 per cent to 2,418 pesos.
Kuala Lumpur gained 0.10 per cent, or 1.48 points, to 1,528.01.
Property developer YTL Corp rose 4.2 per cent to 8.39 ringgit while logistics firm Malaysian Resources climbed 3.7 per cent to 2.25 and gaming giant Genting slid 1.1 per cent to 10.68.
Jakarta rose 0.52 per cent, or 19.48 points, to 3,756.96.
Steelmaker Krakatau Steel jumped 49 per cent to 1,270 rupiah on its debut, while Telkom gained 3.7 per cent to 8,450 rupiah.
Bangkok fell 0.50 per cent, or 5.27 points, to 1,042.28.
Banpu lost 8.00 baht to 804.00, while Siam Cement lost 6.00 to 344.00 baht.