Asia: Equities mixed after Wall St losses

Business Times

HONG KONG: Asian markets were mixed yesterday, after Wall Street retreated from record highs and US analysts warned that a recent equities rally could see a sharp reverse.

Investors are hoping to get a better handle on the state of the global economy with the release this week of Chinese economic data as well as minutes from the Federal Reserve’s most recent policy meeting.

Tokyo eased 0.42 per cent, or 65.03 points, to finish at 15,314.41, while Sydney fell 0.15 per cent, or eight points, to 5510.9 and Seoul was flat, nudging up 1.54 points to 2,006.66.

Shanghai added 0.20 per cent, or 4.09 points, to 2,064.02.

“Attention is now turning to US corporate earnings and the US Fed’s stance on monetary policy, especially the pace of stimulus tapering after last week’s strong jobs data,” said Rakuten Securities senior market analyst Masayuki Doshida.

Also today, China will announce inflation data for June, following that up with trade figures tomorrow. There are hopes for another upbeat set of results following a recent string of good news, including on manufacturing activity.

In other markets:

q Mumbai fell 1.98 per cent, or 517.97 points, to 25,582.11 points. Unitech dived 12.54 per cent to 28.25 rupees and Jaiprakash Associates fell 9.82 per cent to 66.15 rupees.

q Bangkok gained 0.29 per cent, or 4.37 points, to 1,507.58. Banpu lost 0.86 per cent to 28.75, while Bangkok Bank added 0.76 per cent to 198.50.

q Jakarta ended up 0.72 per cent, or 35.68 points, at 5,024.71. Telecommunications company Indosat gained 2.19 per cent at 3,735 rupiah, while Hero Supermarket fell 6.04 per cent to 2,800 rupiah.

q Taipei rose 0.11 per cent, or 10.78 points, to 9,530.98. Taiwan Semiconductor Manufacturing Co shed 1.10 per cent to T$134.5 while Hon Hai Precision was 0.97 per cent higher at T$104.5.

q Wellington sank 0.39 per cent, or 20.29 points, to 5,166.08. Air New Zealand was off 2.06 per cent at NZ$2.135 and Fletcher Building eased 0.66 per cent to NZ$9.

q Manila fell 0.72 per cent, dipping 50.58 points to 6,948.52. Ayala Land retreated 1.43 per cent to 30.95 pesos, Philippine Long Distance Telephone gave up 0.60 per cent to 3,002 pesos and Megaworld Corp eased 0.21 per cent to 4.72 pesos. AFP

View Comments (0)