Asia:Markets mixed after Wall St record

Business Times

HONG KONG: Asian shares were mixed yesterday, following another record close on Wall Street, while the dollar faced some downward pressure after the United States Federal Reserve (Fed) indicated interest rates would stay ultra low into next year.

Oil prices were mixed after surging on the Iraq crisis on Thursday, while eyes now turn to the release next week of provisional manufacturing data from China, Europe and the United States.

Seoul shed 1.20 per cent, or 23.96 points, to 1,968.07, Sydney fell 0.89 per cent, or 48.7 points, to 5,419.5 while Tokyo finished flat, slipping 11.74 points to 15,349.42. Shanghai closed 0.15 per cent higher, adding 2.94 points, to 2,026.67.

Profit-taking hit some markets after mostly ticking up on Thursday in response to the Fed’s broadly upbeat outlook on the US economy and chief Janet Yellen’s dovish comments on inflation. Japan’s Nikkei index led the way in Asia despite the dollar sinking further against the yen. Japanese exporters are usually hit by a stronger yen as it hurts their competitiveness overseas.

In other markets:

q Wellington fell 0.91 per cent, or 47.12 points, to 5,145.03. Fletcher Building was off 1.89 per cent at NZ$8.82 and Telecom was down 0.74 per cent at NZ$2.68.

q Taipei slipped 0.46 per cent, or 43.02 points, to 9,273.79. Taiwan Semiconductor Manufacturing Co fell 1.19 per cent to T$124.5 while Hon Hai rose 0.43 per cent to T$94.3.

q Manila closed 0.47 per cent higher, or 31.57 points, to 6,730.96. BDO Unibank rose 0.34 per cent to 89.30 pesos while Metropolitan Bank and Trust gained 1.90 per cent to 86 pesos.

q Jakarta closed down 0.34 per cent, or 16.57 points, at 4,847.70. Palm oil firm Astra Agro Lestari gained 1.48 per cent to 27,400 rupiah, while tin firm Timah fell 3.40 per cent to 1,280 rupiah.

q Bangkok rose 0.37 per cent, or 5.38 points, to 1,467.29. Thailand’s largest Bangkok Bank gained 1.84 per cent, or 3.50 baht, to close at 193.50 baht, and energy giant PTT Plc added 0.34 per cent, or one baht, at 298 baht.

q Mumbai fell 0.38 per cent, or 96.29 points, to 25,105.51 points. United Breweries fell 4.67 per cent to 684.05 rupees while Union Bank slipped 4.18 per cent to 220.05 rupees. AFP

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