Most Asian markets end lower
Sunday, 21 October 2007
BANGKOK, Oct 20 (AP): Most Asian markets lost ground Friday, as record oil prices raised worries about rising transport costs and a weak dollar raised concerns about overseas earnings.
Shares fell in Australia, China, Malaysia, Taiwan and South Korea.
Japanese stocks dropped as the yen's rise against the dollar sent exporters such as Canon and Sony sharply lower and record oil prices drove selling in shipping stocks.
The Nikkei 225 average fell 1.71 per cent to finish at 16,814.37 on the Tokyo Stock Exchange.
Exporters ended mostly lower as the dollar fell below the 115-yen level for the first time in three weeks. Canon Inc. lost 2.80 per cent. Honda Motor Company shed 1.30 per cent. Sony Corporation dropped 2.0 per cent.
A stronger yen versus the dollar often prompts traders in Tokyo to sell exporters, whose overseas earnings in the US-Japan's largest export market-are eroded by yen appreciation.
The US dollar dipped below 115 yen midafternoon, but recovered later in the day. Shipping firms also fell Friday on concerns about rising fuel costs after crude oil prices set another record overnight in New York.
Thursday evening in electronic trading on the New York Mercantile Exchange a front-month crude futures contract rose above US$90 a barrel for the first time.
Mitsui O.S.K. Lines Limited and Kawasaki Kisen Ltd. both sank 3.20 per cent.
MUMBAI: Indian shares cut losses from a sharp midday plunge, but still ended lower as investors remained jittery over a move by the stock market regulator to curb buying by foreign funds. The Bombay Stock Exchange's 30-share Sensex fell 2.40 per cent to close at 17,560 points. On the broader National Stock Exchange, the 50-company S&P Nifty index fell 2.50 per cent to 5,215 points.
BANGKOK: Thailand's main stock index fell 0.10 per cent to 875.83 in line with most regional markets. Gains in energy blue chips on the record oil prices helped to offset losses.
JAKARTA: Indonesia's main benchmark fell 2.0 per cent to 2,563.75 after US markets were mixed overnight.
KUALA LUMPUR: Malaysian shares fell on concerns about a stronger ringgit and the impact of record crude oil prices on earnings. The Kuala Lumpur Composite Index fell 0.40 per cent to 1,370.17.
MANILA: Philippine shares advanced amid solid third-quarter corporate earnings reports. The 30-company Philippine Stock Exchange Index rose 1.30 per cent to 3,819.75. After the market closed, a powerful explosion at a shopping mall in Manila's financial district killed at least eight people.
SEOUL: South Korean shares fell to a three-week low as Hyundai Heavy Industries and Posco declined on concerns about sustained demand from China. Surging oil prices were also a worry for investors, analysts said. The Korea Composite Stock Price Index, or Kospi, fell 1.80 per cent to 1,970.10, its lowest close since October 1.
SINGAPORE: Singapore shares fell as a spike in oil prices rattled the market. The Straits Times Index fell 1.60 per cent to close at 3,747.98.
SYDNEY: Australian stocks fell as the record oil prices and disappointing results from Bank of America contributed to global investor nervousness. The benchmark S&P/ASX 200 fell 0.90 per cent to 6,706.3 in light volume.
TAIPEI: Taiwan shares declined, weighed down by an unimpressive performance overnight on Wall Street. The Weighted Price Index of the Taiwan Stock Exchange lost 0.26 per cent to close at 9,611.72.
WELLINGTON: New Zealand stocks finished flat with some blue chip stocks edging higher amid a lack of local news and ahead of a holiday weekend. New Zealand markets will be closed Monday for the labour day holiday. The benchmark NZX-50 index rose 0.10 per cent Friday to 4,316.3.
Shares fell in Australia, China, Malaysia, Taiwan and South Korea.
Japanese stocks dropped as the yen's rise against the dollar sent exporters such as Canon and Sony sharply lower and record oil prices drove selling in shipping stocks.
The Nikkei 225 average fell 1.71 per cent to finish at 16,814.37 on the Tokyo Stock Exchange.
Exporters ended mostly lower as the dollar fell below the 115-yen level for the first time in three weeks. Canon Inc. lost 2.80 per cent. Honda Motor Company shed 1.30 per cent. Sony Corporation dropped 2.0 per cent.
A stronger yen versus the dollar often prompts traders in Tokyo to sell exporters, whose overseas earnings in the US-Japan's largest export market-are eroded by yen appreciation.
The US dollar dipped below 115 yen midafternoon, but recovered later in the day. Shipping firms also fell Friday on concerns about rising fuel costs after crude oil prices set another record overnight in New York.
Thursday evening in electronic trading on the New York Mercantile Exchange a front-month crude futures contract rose above US$90 a barrel for the first time.
Mitsui O.S.K. Lines Limited and Kawasaki Kisen Ltd. both sank 3.20 per cent.
MUMBAI: Indian shares cut losses from a sharp midday plunge, but still ended lower as investors remained jittery over a move by the stock market regulator to curb buying by foreign funds. The Bombay Stock Exchange's 30-share Sensex fell 2.40 per cent to close at 17,560 points. On the broader National Stock Exchange, the 50-company S&P Nifty index fell 2.50 per cent to 5,215 points.
BANGKOK: Thailand's main stock index fell 0.10 per cent to 875.83 in line with most regional markets. Gains in energy blue chips on the record oil prices helped to offset losses.
JAKARTA: Indonesia's main benchmark fell 2.0 per cent to 2,563.75 after US markets were mixed overnight.
KUALA LUMPUR: Malaysian shares fell on concerns about a stronger ringgit and the impact of record crude oil prices on earnings. The Kuala Lumpur Composite Index fell 0.40 per cent to 1,370.17.
MANILA: Philippine shares advanced amid solid third-quarter corporate earnings reports. The 30-company Philippine Stock Exchange Index rose 1.30 per cent to 3,819.75. After the market closed, a powerful explosion at a shopping mall in Manila's financial district killed at least eight people.
SEOUL: South Korean shares fell to a three-week low as Hyundai Heavy Industries and Posco declined on concerns about sustained demand from China. Surging oil prices were also a worry for investors, analysts said. The Korea Composite Stock Price Index, or Kospi, fell 1.80 per cent to 1,970.10, its lowest close since October 1.
SINGAPORE: Singapore shares fell as a spike in oil prices rattled the market. The Straits Times Index fell 1.60 per cent to close at 3,747.98.
SYDNEY: Australian stocks fell as the record oil prices and disappointing results from Bank of America contributed to global investor nervousness. The benchmark S&P/ASX 200 fell 0.90 per cent to 6,706.3 in light volume.
TAIPEI: Taiwan shares declined, weighed down by an unimpressive performance overnight on Wall Street. The Weighted Price Index of the Taiwan Stock Exchange lost 0.26 per cent to close at 9,611.72.
WELLINGTON: New Zealand stocks finished flat with some blue chip stocks edging higher amid a lack of local news and ahead of a holiday weekend. New Zealand markets will be closed Monday for the labour day holiday. The benchmark NZX-50 index rose 0.10 per cent Friday to 4,316.3.