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Business News/ Market / Stock-market-news/  Asian shares mixed after Wall St rally
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Asian shares mixed after Wall St rally

An early rally in response to the US gains fizzled towards the end of the day as profit-takers moved in

The mood remained largely buoyant after China said on Wednesday that the world’s number two economy and key driver of global growth expanded more than expected in the second quarter of the year. Photo: AFP Premium
The mood remained largely buoyant after China said on Wednesday that the world’s number two economy and key driver of global growth expanded more than expected in the second quarter of the year. Photo: AFP

Hong Kong: Asian shares were mixed on Thursday after the Dow on Wall Street ticked up another record high in response to strong earnings and a positive outlook on the US economy by the Federal Reserve.

An early rally in response to the US gains fizzled towards the end of the day as profit-takers moved in.

Tokyo ended flat, edging down 9.04 points to finish at 15,370.26 as the yen strengthened against the dollar, while Sydney was marginally higher, adding 3.54 points to 5,522.4 and Seoul gained 0.37%, or 7.42 points, to 2,020.90.

Shanghai lost 0.57%, or 11.69 points, to 2,055.59 while Hong Kong was a touch lower, dipping 2.41 points to 23,520.87.

The mood remained largely buoyant after China said on Wednesday that the world’s number two economy and key driver of global growth expanded more than expected in the second quarter of the year.

US shares resumed their uptrend on Wednesday as traders welcomed a report from the Fed that said all 12 economic regions of the country continued to expand in the six weeks to 7 July.

Pointing to generally higher consumer spending, with strong auto sales outperforming other retail segments, the bank’s Beige Book report is the latest to indicate the world’s top economy is getting back on track.

It also comes weeks after the labour department said far more jobs were created in June than forecast while unemployment slipped.

On Wall Street the Dow jumped 0.45% to a new record, while the S&P 500 gained 0.42% and the Nasdaq added 0.22%.

The US market was also cheering better-than-expected earnings from chip giant Intel and a “landmark" IBM partnership with Apple.

On currency markets the dollar dipped to 101.49 yen in Asian trade from 101.69 yen in New York Wednesday.

The greenback had enjoyed a rally on Wednesday after Fed chief Janet Yellen told lawmakers on Capitol Hill that interest rates could rise “sooner and be more rapid than currently envisioned" if the jobs market strengthens further.

The euro bought $1.3530 and 137.33 yen in Tokyo, against $1.3524 and 137.55 yen in US trade.

Oil prices extended gains after a bullish US supply report indicated robust demand in the world’s top crude consumer.

US benchmark West Texas Intermediate for August delivery rose 83 cents to $102.03 while Brent crude for September gained 39 cents to $107.56 in late trade.

Gold was at $1,302.90 by 1040 GMT compared with $1,298.75 late Wednesday.

In other markets:

—Taipei fell 0.81%, or 76.49 points, to 9,408.24.

Hon Hai shed 0.93% to Tw$106.5 while smartphone maker HTC was 0.73% lower at Tw$136.0.

—Wellington was almost unchanged, dipping 1.86 points to 5,112.39.

Contact Energy eased 0.19% to NZ$5.34 and Freightways lost 0.59% to end at NZ$5.02.

—Manila closed 0.49% higher, adding 33.32 points to 6,867.36.

Philippine Long Distance Telephone rose 0.80% at 3,030 pesos and Ayala Land added 0.16% to 30.85 pesos.

—Bangkok rose 0.34%, or 5.24 points, to 1,535.66.

TMB Bank soared 7.41% to 2.90 baht, while Bangchak Petroleum gained 4.17% to 31.25 baht.

—Singapore was flat, edging up 2.46 points to 3,306.89.

Oil rig maker Keppel Corp eased 0.09% to Sg$10.85 while DBS Bank gained 0.76% to Sg$17.33

—Kuala Lumpur slipped 3.57 points, or 0.19%, to end at 1,883.14.

British American Tobacco rose 2.79% to 70 ringgit, and AirAsia gained 2.14% to close at 2.39 ringgit, while Astro Malaysia Holdings lost 2.69% to end at 3.26 ringgit.

—Jakarta fell 0.84%, or 42.73 points, to 5,071.20.

Telecommunications services company Indosat gained 0.13% to 3,800 rupiah while state miner Aneka Tambang lost 1.32% to 1,125 rupiah.

—Mumbai was flat, closing up 11.44 points at 25,561.16.

Crompton Greaves Ltd surged 13.45% to 210.85, while TTK Prestige Ltd rose 9.11% to 3,812.85.

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Published: 17 Jul 2014, 09:19 AM IST
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