Asian stock markets end week mixed
Monday, 18 August 2008
HONG KONG, Aug 17 (AP): Asian markets were mixed Friday as falling commodity prices hurt resource stocks across the region, while a strengthening dollar helped lift Japanese shares.
In Tokyo, the benchmark Nikkei 225 index added 0.50 per cent to 13,019.41 after flitting in and out of negative territory on thin trading.
Hong Kong's blue-chip Hang Seng Index shed 1.10 per cent to close at 21,160.58 after giving up early gains; it finished the week more than 3.0 per cent lower. Meanwhile, a mild rebound in refiners and financials buoyed the key Shanghai index.
Raw material prices have been falling lately amid concerns that a slumping world economy will lower demand, with gold slipping below US$800 an ounce and crude futures trading under $114 a barrel Friday. Worries deepened this week with data showing that growth in China's industrial output slowed in July from the year before.
Among the worst hit companies Friday was upstream oil producer CNOOC Limited, which lost more than 4.80 per cent. In Australia, mining heavyweight Rio Tinto Group was off 2.40 per cent.
"Commodities are having trouble finding support in the near term," said Castor Pang, an analyst at Sun Hung Kai Financial in Hong Kong. "The demand is getting worse, so we're going to see some more selling."
Chinese commodity producers took a beating in Hong Kong, with Angang Steel dropping 6.0 per cent and Aluminum Corporation of China, or Chalco, falling 2.90 per cent. Zijin Mining Group Company tumbled 6.90 per cent on weaker gold prices.
In Tokyo, the benchmark Nikkei 225 index added 0.50 per cent to 13,019.41 after flitting in and out of negative territory on thin trading.
Hong Kong's blue-chip Hang Seng Index shed 1.10 per cent to close at 21,160.58 after giving up early gains; it finished the week more than 3.0 per cent lower. Meanwhile, a mild rebound in refiners and financials buoyed the key Shanghai index.
Raw material prices have been falling lately amid concerns that a slumping world economy will lower demand, with gold slipping below US$800 an ounce and crude futures trading under $114 a barrel Friday. Worries deepened this week with data showing that growth in China's industrial output slowed in July from the year before.
Among the worst hit companies Friday was upstream oil producer CNOOC Limited, which lost more than 4.80 per cent. In Australia, mining heavyweight Rio Tinto Group was off 2.40 per cent.
"Commodities are having trouble finding support in the near term," said Castor Pang, an analyst at Sun Hung Kai Financial in Hong Kong. "The demand is getting worse, so we're going to see some more selling."
Chinese commodity producers took a beating in Hong Kong, with Angang Steel dropping 6.0 per cent and Aluminum Corporation of China, or Chalco, falling 2.90 per cent. Zijin Mining Group Company tumbled 6.90 per cent on weaker gold prices.