Asian stock markets turn mixed
Friday, 21 March 2008
HONG KONG, March 20 (Internet): Stock markets across Asia turned mixed in late trade Thursday, as bargain hunters stepped in after early losses triggered by a slump in commodity prices and Wall Street's decline overnight.
South Korea and Shanghai managed a late turnaround, helped by a technical rebound in select sectors. The Kospi ended up 1.16 points at 1,623.39, reversing early losses after technology and export stocks recovered.
The Shanghai Composite index also rebounded from heavy losses, closing up 42.45 points or 1.13 pct at 3,804.05, off an intraday low of 3,516.33. Airlines and steelmakers led the gains on the Shanghai market.
In Hong Kong, the Hang Seng index trimmed losses in late trade as investors bought back shares ahead of the long weekend. The Hong Kong market will be closed on Friday and Monday for the Easter holiday. The index was last down 2.4 per cent at 21,338.92.
The Australian market closed a shortened trading session lower, dragged down by a slump in the resources sector.
"We really had a dual negative lead overnight... the weaker US market that is weighing on the overall market today, and also the lower commodity prices (that) have placed a lot of pressure on the resource stocks," said David Land, an analyst at CMC Markets in Sydney.
"The amount of concerns in the market really promotes the kind of erratic sessions we are seeing," he said.
The S&P/ASX200 closed down 3.1 per cent at 5,127.50 and the All Ordinaries finished 3.1 per cent lower at 5,182.4. The Australian market is closed on Friday and Monday for the Easter holiday. Analysts expect the market to continue to be volatile when trading resumes next week.
In Singapore, the benchmark Straits Times index trimmed losses and was last down 0.2 per cent at 2,828.19.
Stock markets in the Philippines, Malaysia, Indonesia and Japan are closed today for public holidays.
The major US indexes fell overnight as investors digested the recent Fed rate cut alongside credit market worries. Investors also continued to worry that the banks remain vulnerable to further problems from soured debt.
The Dow fell 293.00 points or 2.36 per cent to 12,099.66. Broader stock indicators also declined. The S&P 500 index fell 32.32 points or 2.43 per cent to 1,298.42, while the Nasdaq composite index fell 58.30 points or 2.57 per cent to 2,209.96.
South Korea and Shanghai managed a late turnaround, helped by a technical rebound in select sectors. The Kospi ended up 1.16 points at 1,623.39, reversing early losses after technology and export stocks recovered.
The Shanghai Composite index also rebounded from heavy losses, closing up 42.45 points or 1.13 pct at 3,804.05, off an intraday low of 3,516.33. Airlines and steelmakers led the gains on the Shanghai market.
In Hong Kong, the Hang Seng index trimmed losses in late trade as investors bought back shares ahead of the long weekend. The Hong Kong market will be closed on Friday and Monday for the Easter holiday. The index was last down 2.4 per cent at 21,338.92.
The Australian market closed a shortened trading session lower, dragged down by a slump in the resources sector.
"We really had a dual negative lead overnight... the weaker US market that is weighing on the overall market today, and also the lower commodity prices (that) have placed a lot of pressure on the resource stocks," said David Land, an analyst at CMC Markets in Sydney.
"The amount of concerns in the market really promotes the kind of erratic sessions we are seeing," he said.
The S&P/ASX200 closed down 3.1 per cent at 5,127.50 and the All Ordinaries finished 3.1 per cent lower at 5,182.4. The Australian market is closed on Friday and Monday for the Easter holiday. Analysts expect the market to continue to be volatile when trading resumes next week.
In Singapore, the benchmark Straits Times index trimmed losses and was last down 0.2 per cent at 2,828.19.
Stock markets in the Philippines, Malaysia, Indonesia and Japan are closed today for public holidays.
The major US indexes fell overnight as investors digested the recent Fed rate cut alongside credit market worries. Investors also continued to worry that the banks remain vulnerable to further problems from soured debt.
The Dow fell 293.00 points or 2.36 per cent to 12,099.66. Broader stock indicators also declined. The S&P 500 index fell 32.32 points or 2.43 per cent to 1,298.42, while the Nasdaq composite index fell 58.30 points or 2.57 per cent to 2,209.96.