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Business News/ Market / Stock-market-news/  Asian shares mixed after Wall Street sell-off
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Asian shares mixed after Wall Street sell-off

Investors were given a lift by better-than expected data on the US retail sector, a key driver of the economy

Weaker yen lifts Japanese shares, although traders remain on edge over the Crimean crisis. Photo: AFPPremium
Weaker yen lifts Japanese shares, although traders remain on edge over the Crimean crisis. Photo: AFP

Hong Kong: Asia’s markets were mixed on Thursday, with Japanese shares boosted by a weaker yen, although traders remain on edge over the Crimean crisis.

Tokyo rallied 1.00%, or 145.73 points, to 14,622.89, Seoul climbed 0.70%, or 13.66 points, to 1,977.97 but Sydney eased 0.50%, or 26.7 points, to 5,350.1.

Hong Kong fell 0.24%, or 53.30 points, to finish at 21,834.45 and Shanghai slipped 0.83%, or 17.08 points, to 2,046.59.

With few leads for direction, investors were given a lift by better-than expected data on the US retail sector, a key driver of the economy.

The commerce department said durable goods orders rose 2.2% in February from the previous month, beating forecasts of a 1.0% decline.

However, on Wall Street the Dow fell 0.60%, the S&P 500 declined 0.70% and the Nasdaq sank 1.43%.

In Tokyo, the Nikkei bounced back from early losses and the yen dipped against the dollar.

The greenback bought 102.10 yen in afternoon trade, from 102.00 yen late in New York.

Analysts said the focus is moving to next week’s data release, including the Bank of Japan’s (BoJ’s) quarterly tankan business sentiment survey Tuesday and US non-farm payrolls on Friday.

Japan’s higher sales tax increase also kicks in, with many investors expecting a downturn in sentiment.

Credit Agricole’s executive director of foreign exchange Yuji Saito told Dow Jones Newswires that “such an outcome will increase investor expectations for additional BoJ easing, which is good for the dollar against the yen".

Prime Minister Shinzo Abe pushed through the controversial sales tax hike as part of a plan to reduce Japan’s yawning national debt but critics say it will knock the country’s nascent economic recovery off course.

In other forex deals the euro bought $1.3770 and 140.49 yen compared with $1.3788 and 140.57 yen.

The single currency is sharply down from $1.3818 and 141.34 yen in Tokyo Wednesday, as European and US dealers sold it following comments from the European Central Bank that hinted at a further loosening of monetary policy to avert deflation.

Investors are keeping an eye on events in Europe after Russia took control of Crimea from Ukraine this month.

In Washington, US defence secretary Chuck Hagel said Russia had moved more troops closer to Ukraine’s borders in recent days despite assurances it will not invade.

While tensions have eased, markets remain wary as President Barack Obama said Wednesday that the US and its allies needed to stand firm in opposing Moscow’s takeover of Crimea.

There are fears about the long-term ramifications of the stand-off, with Europe hugely reliant on Russia for its energy.

On oil markets New York’s main contract, West Texas Intermediate for May delivery, fell nine cents to $100.17 a barrel in afternoon trade and Brent North Sea crude for May eased 14 cents to $106.89.

Gold fetched $1,292.97 an ounce at 1105 GMT compared with $1,314.55 late Wednesday.

In other markets:

—Bangkok lost 0.33% or 4.49 points to 1,355.95.

Bangchak Petroleum gained 2.48% to 31.00 baht, while Thai Airways International dropped 3.57% to 13.50 baht.

—Mumbai rose 0.54% or 119.07 points to end at 22,214.37 points.

Housing Development and Infrastructure Ltd rose 8.35% to 53.85 per share while Jaypee Infratech Ltd rose 6.01% to 19.40 per share.

—Singapore rose 0.61%, or 19.14 points, to close at 3,162.46.

Farm commodities supplier Olam was up 0.45 cents to Sg$2.22 and real estate developer Capitaland was unchanged at Sg$2.78.

—Jakarta ended down 0.11%, or 5.18 points, at 4,723.06.

Retailer Hero Supermarket slipped 1.79% to 2,750 rupiah, while Indah Kiat Pulp & Paper rose 4.61% to 1,475 rupiah.

—Kuala Lumpur’s main stock index gained 0.42% or 7.73 points to 1,846.87.

AirAsia X added 6.0% to 0.79 ringgit, while SapuraKencana Petroleum rose 1.8% to 4.47. Malayan Banking fell 0.1% to 9.65 ringgit.

—Taipei rose 0.48%, or 42.30 points, to 8,779.57.

Taiwan Semiconductor Manufacturing Co was 0.43% higher at Tw$116.0 while Formosa Plastics climbed 2.57% to Tw$75.9.

—Wellington was flat, edging up 1.65 points to 5,126.53.

Telecom advanced 1.25% to NZ$2.42 and Fletcher Building gained 1.59% to NZ$9.57.

—Manila was 0.52% lower, shedding 32.81 points to 6,315.69.

Petron Corp. fell 12.69% to 11.70 pesos, Alliance Global Group slipped 0.52% to 28.80 pesos and Universal Robina was 0.59% lower at 135.60 pesos.

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Published: 27 Mar 2014, 08:42 AM IST
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