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Asian shares mixed after China central bank move

Asian shares mixed after China central bank move
AP
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First Published: Mon, Jan 17 2011. 08 06 AM IST
Updated: Mon, Jan 17 2011. 08 06 AM IST
Tokyo: Asian shares were mixed on Monday as investors digested the latest move by China to control interest rates.
China’s central bank on Friday raised the amount of money banks must keep on reserve for the seventh time in a year. It ordered state-owned banks to set aside an additional 0.5% of deposits as reserves, effective 20 January.
Hong Kong’s Hang Seng index slipped 0.3% to 24,214.97, the Shanghai Composite index lost 1.3% to 2,753.79, and Australia’s S&P/ASX 200 fell 0.5% to 4,779.20.
Benchmarks in New Zealand and Taiwan also retreated.
Meanwhile, Japan’s Nikkei 225 stock average rose 0.4% to 10,536.74 as banks benefited from a strong showing by US financials before the weekend.
Mitsubishi UFJ Financial Group Inc., Japan’s biggest bank, rose 0.7%.
The optimism was triggered by JPMorgan Chase & Co., which reported that its income soared 47% in the fourth quarter. The bank set aside less money to cover bad loans and said it expected to get permission from the Federal Reserve to raise its dividend.
South Korea’s Kospi added 0.2% to 2,111.27 on strength in high-tech shares.
The Dow Jones industrial average gained 55.48 points, or 0.5%, to 11,787.38.
The broader Standard & Poor’s 500 index rose 9.48, or 0.7%, to 1,293.24. The Nasdaq rose 20.01, or 0.7%, to 2,755.30.
US financial markets will be closed Monday to observe the Martin Luther King Jr. Day holiday.
In currencies, the dollar rose to ¥82.90 from ¥82.80 late Friday. The euro stood at $1.3344 from $1.3385.
Benchmark oil for February delivery fell 9 cents $91.45 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 14 cents to settle at $91.54 a barrel Friday.
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First Published: Mon, Jan 17 2011. 08 06 AM IST