Active Stocks
Tue Mar 19 2024 15:50:19
  1. Tata Consultancy Services share price
  2. 3,977.55 -4.03%
  1. Tata Steel share price
  2. 148.65 -0.64%
  1. Bharti Airtel share price
  2. 1,227.85 0.23%
  1. Power Grid Corporation Of India share price
  2. 258.95 -2.28%
  1. ITC share price
  2. 409.50 -1.89%
Business News/ Market / Stock-market-news/  Asian markets fall as profit-taking offsets US data
BackBack

Asian markets fall as profit-taking offsets US data

Tokyo slips 0.83%, Sydney falls 0.14%, Seoul flat, Shanghai closes higher 0.37%

Traders cashed in after shares jumped last week in the wake of the deal in Washington to avert the fiscal cliff of tax hikes and spending cuts that economists had warned would tip the United States into recession. Photo: AFP (AFP )Premium
Traders cashed in after shares jumped last week in the wake of the deal in Washington to avert the fiscal cliff of tax hikes and spending cuts that economists had warned would tip the United States into recession. Photo: AFP
(AFP )

Hong Kong: Asian markets mostly fell on Monday as last week’s gains prompted profit-taking, overshadowing Friday’s Wall Street rally and upbeat US job creation figures.

The yen rose slightly against the dollar and euro, although it remains under pressure on expectations the Japanese central bank will further loosen monetary policy.

Tokyo—which on Friday hit its highest level since before the quake and tsunami of March 2011—slipped 0.83%, giving up 89.10 points to 10,599.01. Sydney shed 0.14%, or 6.5 points to 4,717.3 and Seoul was flat, dipping 0.68 points to 2011.26.

Hong Kong finished flat, dipping 1.34 points to 23,329.75, but Shanghai closed up 0.37%, or 8.37 points, at 2,285.36, with traders optimistic about upcoming data, including inflation and trade figures, due out of Beijing soon.

“With the major indexes having run up so far so fast, alarm bells have sounded about technical overheating," an equity trading director at a foreign brokerage told Dow Jones Newswires.

“Some players want to take some cash off the table... but demand remains strong overall, and this does not look like a tipping point in terms of a more profound sell-off."

Traders cashed in after shares jumped last week in the wake of the deal in Washington to avert the fiscal cliff of tax hikes and spending cuts that economists had warned would tip the United States into recession.

Providing some buying support was news out of Washington on Friday showing the world’s biggest economy added 155,000 jobs in December. While the figure is not huge and was in line with expectations, it does show some confidence.

In addition the latest ISM index on the service sector showed unexpected growth in December, the fastest in 10 months, led by new orders and employment.

Wall Street closed higher on the news. The Dow finished up 0.33% and the Nasdaq was flat, while the S&P 500 advanced 0.49% to its highest close since 31 December 2007.

On currency markets the dollar eased against the yen after hitting its strongest point against the Japanese unit in more than two years last week. The greenback stood at 87.74 yen in early European trade compared with 88.15 yen in New York late Friday.

The euro was at 114.43 yen and $1.3038 from 115.19 yen and $1.3067.

Oil prices were lower with New York’s main contract, light sweet crude for delivery in February, shedding 41 cents to $92.68 a barrel. Brent North Sea crude for February lost 25 cents to $111.06.

Gold was at $1,654.50 at 1120 GMT compared with $1,628.82 late Friday.

Other markets:

Singapore slipped 0.22%, or 6.96 points, to 3,218.26. Property developer Keppel Land gained 0.24% to Sg$4.13 while United Overseas Bank dropped 0.81% to Sg$19.64.

Taipei fell 0.65%, or 50.90 points, to 7,755.09. Taiwan Semiconductor Manufacturing Co was 0.99% lower at Tw$100.5 while leading integrated circuits design house MediaTek Inc dropped 1.31% to Tw$301.5.

Manila surged 1.23%, or 73.46 points, to 6,044.91. The index finished above the 6,000 for the first time thanks to growing confident in the economy, with many expecting the Philippines will see its credit rating lifted to investment grade.

San Miguel rose 3.13% to 108.70 pesos and Megaworld jumped 8.8% to 3.33 pesos.

Wellington closed 0.24% higher, adding 9.80 points to 4,084.84. Ryman rose 2.4% to an all-time high of NZ$4.80, while Telecom was up 0.69% at NZ$2.195 and Air New Zealand was flat at NZ$1.31.

Jakarta eased 0.40%, or 17.64 points, to 4,392.38. Miner Aneka Tambang fell 0.74% to 1,340 rupiah and car maker Astra International slid 1.27% to 7,750 rupiah.

Kuala Lumpur was flat, edging up 1.58 points to 1,694.16. Genting rose 2.0% to 9.70 ringgit while UMW Holdings was up 2.0% to end at 12.46. British American Tobacco slipped 2.2% to 60.14 ringgit.

Bangkok was also flat, nudging down 1.34 points to 1,415.32.

Mumbai was down 0.47%, or 129.14 points, to 19,691.42.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 07 Jan 2013, 08:06 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App