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Business News/ Market / Stock-market-news/  Asian shares mostly lower, eyes on Ukraine crisis
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Asian shares mostly lower, eyes on Ukraine crisis

Tokyo rises 0.17%, Seoul falls 1.34%, Hong Kong sinks 1.50%, Shanghai tumbles 1%

The euro maintained its momentum after a pick-up on Thursday fuelled by a healthy consumer confidence reading from Germany. Photo: Reuters Premium
The euro maintained its momentum after a pick-up on Thursday fuelled by a healthy consumer confidence reading from Germany. Photo: Reuters

Hong Kong: Asian markets were mostly lower on Friday, with another upbeat lead from Wall Street overshadowed by concerns about the Ukraine crisis.

The euro maintained its momentum after a pick-up on Thursday fuelled by a healthy consumer confidence reading from Germany.

Tokyo rose 0.17%, or 24.27 points, to 14,429.26 while Seoul tumbled 1.34%, or 26.68 points, to 1,971.66.

Hong Kong sank 1.50%, or 339.27 points, to 22,223.53 and Shanghai fell 1%, or 20.51 points, to 2,036.52.

Sydney and Wellington were closed for public holidays.

US shares ended mostly higher on Thursday following another round of impressive corporate results as well as a second strong month of durable goods orders in March.

The figures indicated the economy is rebounding from its winter slump.

The Nasdaq climbed 0.52%, boosted by a rally in Apple which rose more than eight% on better-than-expected earnings. The S&P 500 added 0.17% and the Dow was unchanged.

However, traders remain on edge over the situation in Eastern Europe. Russia on Thursday ordered new military exercises on the border of Ukraine and warned of “consequences" after Kiev launched a deadly assault against pro-Kremlin rebels occupying a flashpoint town.

Later US Secretary of State John Kerry accused Russia of a “full-throated effort to actively sabotage the democratic process through gross external intimidation" and described the military exercises as “threatening".

He also said Moscow had broken an agreement signed last week in Geneva aimed at easing tensions, adding that refusal to take any steps to end the crisis would “not just be a grave mistake, it will be an expensive mistake".

The veteran diplomat added “we are ready to act" as Washington tees up new economic sanctions against Moscow.

On currency markets the euro edged up to $1.3836 from $1.3830 in New York, boosted by news that the Ifo economic institute’s closely watched German business climate index rose in April following a dip in March.

It was at 141.50 yen from 141.53.

The dollar fetched 102.25 yen, against 102.32 yen in New York late Thursday.

Traders were largely unmoved by data showing Japanese inflation rose for a 10th straight month in March, with rising energy costs behind the increase.

Oil prices rose. US benchmark, West Texas Intermediate for June delivery, was down 40 cents at $101.54 a barrel in afternoon trade and Brent North Sea crude for June fell 38 cents to $109.95.

Gold fetched $1,300.55 an ounce at 1110 GMT compared with $1,271.96 on Thursday.

In other markets:

—Bangkok fell 1.02%, or 14.51 points, to 1,408.16.

Telecoms company True Corp. dropped 5.71% to 6.60 baht, while Siam Cement lost 3.14% to 432 baht.

—Jakarta rose 0.13%, or 6.56 points, to 4,897.64.

Paper producer Pabrik Kertas Tjiwi Kimia gained 2.24% to 1,600 rupiah, while palm oil firm Astra Agro Lestari fell 2.41% to 28,300 rupiah.

—Kuala Lumpur lost 0.23%, or 4.3 points, to 1,860.98.

AirAsia fell 0.4% to 2.25 ringgit, while Petronas Chemical Group dropped 1.8% to 6.73.

—Mumbai fell 0.82% to end at 22,688.07 points.

Mangalore Refinery and Petrochemicals Ltd fell 7.04% to 59.45, while tyre maker MRF Ltd slid 5.87% to 20,421.80.

—Singapore dropped 0.50%, or 16.36 points, to 3,267.57.

United Overseas Bank eased 0.62% to Sg$22.46 while real estate developer Capitaland dropped 0.92% to Sg$3.24.

—Taipei fell 1.92%, or 171.33 points, to 8,774.12.

Smartphone maker HTC shed 3.45% to Tw$154.0 while Taiwan Semiconductor Manufacturing Co. was 2.07% lower at Tw$118.5.

—Manila slipped 0.69%, or 46.23 points, to 6,685.10.

Metropolitan Bank fell 1.60% to 83.00 pesos, SM Investments eased 0.41% to 734.50 pesos and Manila Electric sank 1.67% to 270.40 pesos. AFP

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Published: 25 Apr 2014, 09:11 AM IST
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