4017

Asian markets mostly down ahead of China data

Nikkei suffers a deep correction after storming almost 4% to its highest level since September 2008
Comment E-mail Print Share
First Published: Thu, Feb 07 2013. 08 15 AM IST
Traders opted out of big risks ahead of the latest numbers from China due to be released on Friday before the country shuts up shop for the Lunar New Year holiday. Photo: Reuters
Traders opted out of big risks ahead of the latest numbers from China due to be released on Friday before the country shuts up shop for the Lunar New Year holiday. Photo: Reuters
Updated: Thu, Feb 07 2013. 04 29 PM IST
Hong Kong: Asian markets were mostly down on Thursday with traders booking profits after another strong rally in the previous session, while they are also awaiting the release of Chinese economic indicators.
Tokyo’s Nikkei suffered a deep correction after storming almost 4% to its highest level since September 2008 as the yen reclaimed some of its losses in recent days.
Tokyo fell 0.93%, or 106.68 points, to 11,357.07 and Seoul slipped 0.23%, or 4.42 points, to 1,931.77.
Sydney rose 0.30%, or 14.7 points, to 4,935.7, Hong Kong fell 0.34%, or 79.93 points to 23,177.00, and Shanghai closed down 0.66% or 15.95 to 2,418.53.
Traders opted out of big risks ahead of the latest numbers from China due to be released on Friday before the country shuts up shop for the Lunar New Year holiday.
Beijing will unveil data on trade and inflation that will provide a clearer idea of the state of the world’s number two economy after a string up upbeat figures indicated it has emerged from a severe slowdown.
“After gyrating quite aggressively over the past couple of weeks, markets are taking pause ahead of the Chinese (inflation) data,” said Matthew Sherwood, head of investment market research at Perpetual Investments in Sydney.
“In essence, we are probably stuck in a bit of a trading zone after we had such a strong rally in January,” he told Dow Jones Newswires.
Eyes were also on a European Central Bank (ECB) meeting later Thursday that is expected to keep monetary policy on hold.
Analysts said ECB board members would not undertake any more loosening despite worries about slow growth and the strengthening euro.
In foreign exchange markets the yen edged up in Asia following its recent sharp decline but fell back in early European trade. The dollar fetched 93.78 yen in London, compared with 93.57 yen New York late Wednesday.
The euro bought 127.15 yen from 126.46 yen and $1.3560 from $1.3519.
Regional markets were given a soft lead from Wall Street mixed trading day.
The Dow ended 0.05% higher, the S&P 500 climbed 0.05% and the Nasdaq rose 0.10%.
On oil markets New York’s main contract, light sweet crude for delivery in March gained 16 cents to $96.78 a barrel in the afternoon and Brent North Sea crude for March delivery increased 12 cents to $116.85.
Gold was at $1,676.08 at 1030 GMT compared with $1,670.27 late Wednesday.
In other markets:
—Singapore slipped 0.45%, or 14.76 points, to 3,261.77.
Singapore Telecom rose 0.86% to Sg$3.54 and Singapore Airlines dropped 1.76% to Sg$11.15.
—Jakarta was flat, edging up 4.17 points to 4,503.15.
Asia Pacific Fibres rose 1.03% to 196 rupiah, Indofood Sukses Makmur climbed 3.15% to 6,550 rupiah and carmaker Astra International rose 1.32% to 7,650 rupiah.
—Manila closed 0.45% higher, or 28.64 points to 6,459.9.
Metropolitan Bank rose 0.09% to 110.50 pesos, and Manila Electric Co. rose 1.87% to 304.60 pesos.
—Wellington fell 0.40%, or 16.71 points, to 4,195.24.
Telecom Corp lost 2.12% to NZ$2.31, Fletcher Building was off 0.78% at NZ$8.90 and New Zealand Oil and Gas added 0.53% to NZ$0.95.
—Kuala Lumpur added 0.34%, or 5.43 points, to 1,619.57.
DiGi was up 3.4% to 4.82 ringgit while Genting Malaysia rose 1.7% to 3.70 ringgit and IOI Corp. eased 1.4% to end at 4.79 ringgit.
—Bangkok was barely changed, dipping 0.54 points to 1,499.81.
Airports of Thailand added 4.23% to 111 baht, while telecoms company Total Access Communication jumped 3.49% to 89 baht.
—Mumbai fell 0.30%, or 59.40 points, to 19,580.32, a sixth straight loss.
Sterlite Industries (India) Ltd, the local arm of global resources Vedanta Group, fell 2.92% to Rs.104.6 and mobile phone firm Bharti Airtel Ltd slid 2.82% to 319.1 rupees.
—Taipei was closed for a public holiday. AFP
Comment E-mail Print Share
First Published: Thu, Feb 07 2013. 08 15 AM IST
More Topics: Asian shares | ECB | Mario Draghi | Yen | Sinzo Abe |
blog comments powered by Disqus
  • Wed, Aug 27 2014. 05 55 PM
  • Wed, Aug 20 2014. 07 26 PM
ALSO READ close

Asian shares mixed after Wall Street sell-off

Subscribe |  Contact Us  |  mint Code  |  Privacy policy  |  Terms of Use  |  Advertising  |  Mint Apps  |  About HT Media  |  Jobs
Contact Us
Copyright © 2014 HT Media All Rights Reserved