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Asian stocks consolidate lower ahead of G7

Asian stocks consolidate lower ahead of G7
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First Published: Fri, Apr 13 2007. 08 29 PM IST
Updated: Fri, Apr 13 2007. 08 29 PM IST
AFP
Asian stocks closed mostly lower on 13 April with investors consolidating ahead of the G7 finance ministers meeting in Washington later in the day, and a slew of US economic data out due next week.
Investors had been holding out for CPI figures amid signs the US Federal Reserve was still prepared to hike interest rates to curb inflation resulting in a mixed performance in recent trading days.
That mood was expected to continue with inflation figures not due out of the US until next Tuesday while retail sales and residential construction figures would also provide further insights into the state of the US economy.
This coupled with anxiety over the G7 meeting in Washington, where Asian currencies and the cost of exports are expected to be discussed, weighed on sentiment and profit-taking persisted throughout the day.
As a result Tokyo was down 1.01%, Seoul shed 0.32%, Sydney fell 0.37%, Taipei was 0.90% lower and Manila shed 0.19%. Shanghai ended nine days of record gains and eased 0.36% as Hong Kong fell 0.19%.
Wellington, Singapore and Kuala Lumpur closed little changed while Jakarta bucked the trend and rose 0.56% to a record high and Mumbai surged 2.06%, both gaining on strong corporate earnings.
In tokyo share prices skidded lower as investors waited nervously to see whether world finance ministers would discuss the weakness of the yen at a weekend meeting.
Dealers said that the market had failed to draw support from gains seen overnight on Wall Street, with the upcoming Group of Seven meeting and the US and domestic corporate earnings seasons keeping a lid on sentiment.
The Nikkei-225 index fell 176.47 points or 1.01% to 17,363.95 on volume of 2.03 billion shares up from 1.81 billion on 12 April. Toyota dropped 220 yen to 7,150.
In Hong Kong Share prices closed 0.19% weaker as investors locked in profits in property stocks amid an uncertain outlook for interest rates. Dealers said trading was also cautious ahead of key inflation data in the US and a meeting of G7 finance ministers and central bankers this weekend.
The Hang Seng Index closed down 39.24 points at 20,340.97. Turnover was 57.19 billion Hong Kong dollars (7.3 billion US).
In Seoul Share prices closed 0.32% lower but well off their lows as foreign investors continued to build positions in Samsung Electronics.
Share prices closed 0.36% lower as investors booked profits to snap a nine day winning streak that lifted stocks to repeated record gains in Sahnghai.
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First Published: Fri, Apr 13 2007. 08 29 PM IST
More Topics: Money Matters | Global Markets |