Asian stocks fell for a second week, led by exporters and financial firms on concern losses linked to US subprime mortgages will spread and damp growth in the region's biggest export market.
Toyota Motor Corp declined after US retail sales slumped and homebuilder confidence remained at a low. Mitsubishi UFJ Financial Group Inc and Commonwealth Bank of Australia dropped and Goldman Sachs Group Inc said it was "cautious" about the outlook for its own business.
"Slowing US demand will hurt Asian exporters as well as other industries because of the massiveness of the US economy," said Kevin Yang (
PHOTO: AFP
The MSCI Asia-Pacific Index declined 2.1 percent this week to 153.47. It lost 4.7 percent last week after a US interest-rate cut failed to ease concerns that the US may slide into a recession. For the year, the measure is up 9.2 percent, set for its smallest annual gain in five years.
Taiwan's TAIEX index fell 2.2 percent this week to end the week 19 percent lower than this year's closing high on Oct. 29, a decline widely regarded as signaling a bear market. The index's gain of 1.5 percent this year makes it Asia's fourth-worst performer, behind Japan, Sri Lanka and New Zealand.
"This is certainly a bear market," said Michael On (洪瑞泰), who oversees US$100 million as managing director at Beyond Asset Management Co in Taipei. "To many people it may feel like the world is crashing. Stocks have more to fall before the condition of the global economy becomes clear."
Jakarta and Mumbai were closed for public holidays.
TAIPEI
Taiwanese share prices closed 1.07 percent higher on Friday, with sentiment buoyed by Wall Street's firmer tone overnight. The weighted index closed up 84.36 points at 7,941.44, on turnover of NT$100.44 billion (US$3.09 billion).
While margin call pressure briefly dragged down the index in early trade, bargain hunters focusing on bellwether technology stocks pushed it to a firmer close, dealers said.
TOKYO
Japanese share prices rebounded 1.5 percent as bargain hunters waded into the market after the key NIKKEI index dipped briefly below the key 15,000 points level.
Dealers said sentiment was boosted by a report of a tie-up between electronics giants Toshiba and Sharp in liquid-crystal displays (LCDs).
The NIKKEI-225 index ended up 225.40 points at 15,257.00. Volume rose to 1.98 billion shares from 1.67 billion on Thursday.
HONG KONG
Hong Kong share prices closed 2.26 percent higher led by the property sector as housing sales are expected to remain strong next year.
The Hang Seng index closed up 609.83 points at 27,626.92, off a low of 27,192.80 and a high of 27,670.31.
SYDNEY
Australian share prices ended a seven-day losing streak to close up 1.1 percent, with major banks leading the way on speculation a Chinese government agency had bought stakes in them.
The S&P/ASX 200 closed up 70.1 points at 6,247.0.
SHANGHAI
Chinese share prices closed 1.15 percent higher, led by airlines and metal companies, with investors shrugging off the latest interest rate hike.
The Shanghai Composite Index closed up 58.24 points to 5,101.78.
SEOUL
South Korean share prices closed 1.8 percent higher after a volatile session, with banks leading the rebound on hopes that ownership restrictions will be eased under the new government.
The KOSPI index ended 33.95 points higher at 1,878.32.
SINGAPORE
Singapore share prices closed 1.21 percent higher as investors sought out bargains after a recent selloff.
The Straits Times Index closed up 40.76 points at 3,398.10.
MANILA
Philippine shares closed 1.2 percent higher a day after the central bank trimmed its key interest rates to slow the peso's rise against the US dollar.
The composite index rose 41.02 points to 3,532.98.
KUALA LUMPUR
Malaysian share prices closed up 1.2 percent due to gains in key blue chips, but trading volumes were thin ahead of the year-end holidays.
The composite index was up 16.35 points at 1,403.56. Volume was 636.24 million shares.
BANGKOK
Thai share prices closed 2.76 percent higher, lifted by steady gains across the region and a sharp rise in local energy-linked stocks.
The composite index rose 21.89 points to 813.60.
WELLINGTON
New Zealand share prices rose 1.16 percent, as investors welcomed gains in offshore markets.
The NZX-50 index rose 45.95 points to close at 3,993.51.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors