Asian stocks dropped for the first week in four amid concern global economic prospects have weakened and financial market losses will continue.
Samsung Electronics Co and National Australia Bank Ltd dropped after the G7 released a statement saying that the world’s economy faces “downside” risks, according to an April 11 statement. China Minsheng Banking Corp (中國民生銀行) led declines among China’s stocks after the central bank said there’s room to raise borrowing costs.
China National Offshore Oil Corp Ltd (CNOOC, 中國海洋石油) climbed after crude advanced higher than US$115 a barrel.
The MSCI Asia-Pacific Index dropped 0.9 percent to 144.36, snapping a three-week, 7.2 percent rally. The MSCI gauge has lost 8.5 percent this year amid speculation the US economy will fall into a recession as losses at financial companies related to investments in subprime mortgages increased.
Markets in Mumbai were closed.
TAIPEI
Taiwanese share prices closed 0.18 percent lower, dealers said.
The weighted TAIEX index closed down 16.09 points at 9,074.34 on turnover of NT$180.61 billion (US$5.96 billion).
Grand Cathay Investment Services Corp (大華投顧) chairman Tu Jin-lung (杜金龍) attributed the market’s dip to profit-taking amid a lack of fresh leads.
But Tu said liquidity was still healthy on hopes of better ties with China.
TOKYO
Japanese share prices closed up 0.58 percent, extending a rebound to a fourth day on easing worries about the outlook for corporate earnings, dealers said.
The benchmark Nikkei-225 index climbed 78.15 points to end at 13,476.45. The broader TOPIX index of all first-section shares climbed 10.74 points or 0.82 percent to 1,304.06.
HONG KONG
Hong Kong share prices closed down 0.25 percent, dealers said.
The Hang Seng index closed down 61.18 points at 24,197.78.
“The continued weakness in the Shanghai market and PetroChina’s fall there below its IPO price were the major factors which pulled down our market,” said Patrick Yiu, associate director at CASH Asset Management.
SYDNEY
Australian shares closed 1.6 percent lower, dealers said.
The benchmark S&P/ASX 200 fell 89.3 points to 5,429.7 while the broader All Ordinaries shed 83.2 points to 5,504.1.
“It’s a case of a steady selling-down from the open,” said Andrew Knight, a corporate dealer at CMC Markets.
SHANGHAI
Chinese share prices closed down 3.97 percent, dealers said.
The benchmark Shanghai Composite index, which covers A and B shares, closed down 128.07 points at 3,094.67.
Friday’s close put the key index nearly 50 percent below its peak on Oct. 16 last year.
“Investors are pessimistic about the future profitability of oil refiners as the government is unwilling to withdraw price caps on oil products due to high inflation,” said Zhu Zhiyong, an analyst at Golden Sun Securities.
The Shanghai A-share index lost 3.97 percent to 3,247.44. The Shenzhen A-share index fell 4.25 percent to 976.19.
The Shanghai B-share index shed 4.94 percent to 216.65. The Shenzhen B-share index lost 2.98 percent to 506.13.
SEOUL
South Korean shares closed 0.2 percent higher, dealers said.
The KOSPI closed 3.23 points higher at 1,771.90.
SINGAPORE
Singapore share prices closed little changed, dealers said.
The blue-chip Straits Times Index slipped 1.43 points to 3,124.87.
“Overall, I see bargain hunting whenever the market softens,” DBS Vickers Securities retail market strategist Yeo Kee-yan said.
KUALA LUMPUR
Malaysian share prices closed 0.9 percent higher, dealers said.
The Kuala Lumpur Composite Index closed up 11.11 points at 1,267.65.
BANGKOK
Thai share prices closed little changed, dealers said.
They said the Thai bourse fell slightly, in line with other regional markets. The Stock Exchange of Thailand (SET) composite index slipped 0.03 points to 845.40, and the bluechip SET 50 index slipped 0.67 points to 609.38.
JAKARTA
Indonesian share prices closed 0.3 percent higher, dealers said.
The Jakarta composite index closed up 7.49 points at 2,349.27.
MANILA
Philippine share prices closed 0.8 percent lower, dealers said.
The composite index gave up 24.81 points to 2,915.67. The all-share index was 12.17 points or 0.7 percent lower at 1,790.06.
WELLINGTON
New Zealand share prices closed 0.32 percent lower, dealers said.
The NZX-50 gross index fell 11.46 points to 3,557.47.
DISCONTENT: The CCP finds positive content about the lives of the Chinese living in Taiwan threatening, as such video could upset people in China, an expert said Chinese spouses of Taiwanese who make videos about their lives in Taiwan have been facing online threats from people in China, a source said yesterday. Some young Chinese spouses of Taiwanese make videos about their lives in Taiwan, often speaking favorably about their living conditions in the nation compared with those in China, the source said. However, the videos have caught the attention of Chinese officials, causing the spouses to come under attack by Beijing’s cyberarmy, they said. “People have been messing with the YouTube channels of these Chinese spouses and have been harassing their family members back in China,”
The Central Weather Administration (CWA) yesterday said there are four weather systems in the western Pacific, with one likely to strengthen into a tropical storm and pose a threat to Taiwan. The nascent tropical storm would be named Usagi and would be the fourth storm in the western Pacific at the moment, along with Typhoon Yinxing and tropical storms Toraji and Manyi, the CWA said. It would be the first time that four tropical cyclones exist simultaneously in November, it added. Records from the meteorology agency showed that three tropical cyclones existed concurrently in January in 1968, 1991 and 1992.
GEOPOLITICAL CONCERNS: Foreign companies such as Nissan, Volkswagen and Konica Minolta have pulled back their operations in China this year Foreign companies pulled more money from China last quarter, a sign that some investors are still pessimistic even as Beijing rolls out stimulus measures aimed at stabilizing growth. China’s direct investment liabilities in its balance of payments dropped US$8.1 billion in the third quarter, data released by the Chinese State Administration of Foreign Exchange showed on Friday. The gauge, which measures foreign direct investment (FDI) in China, was down almost US$13 billion for the first nine months of the year. Foreign investment into China has slumped in the past three years after hitting a record in 2021, a casualty of geopolitical tensions,
‘SOMETHING SPECIAL’: Donald Trump vowed to reward his supporters, while President William Lai said he was confident the Taiwan-US partnership would continue Donald Trump was elected the 47th president of the US early yesterday morning, an extraordinary comeback for a former president who was convicted of felony charges and survived two assassination attempts. With a win in Wisconsin, Trump cleared the 270 electoral votes needed to clinch the presidency. As of press time last night, The Associated Press had Trump on 277 electoral college votes to 224 for US Vice President Kamala Harris, the Democratic Party’s nominee, with Alaska, Arizona, Maine, Michigan and Nevada yet to finalize results. He had 71,289,216 votes nationwide, or 51 percent, while Harris had 66,360,324 (47.5 percent). “We’ve been through so
RSS