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.
Taiwanese actress Barbie Hsu (徐熙媛) has died of pneumonia at the age of 48 while on a trip to Japan, where she contracted influenza during the Lunar New Year holiday, her sister confirmed today through an agent. "Our whole family came to Japan for a trip, and my dearest and most kindhearted sister Barbie Hsu died of influenza-induced pneumonia and unfortunately left us," Hsu's sister and talk show hostess Dee Hsu (徐熙娣) said. "I was grateful to be her sister in this life and that we got to care for and spend time with each other. I will always be grateful to
REMINDER: Of the 6.78 million doses of flu vaccine Taiwan purchased for this flu season, about 200,000 are still available, an official said, following Big S’ death As news broke of the death of Taiwanese actress and singer Barbie Hsu (徐熙媛), also known as Big S (大S), from severe flu complications, the Centers for Disease Control (CDC) and doctors yesterday urged people at high risk to get vaccinated and be alert to signs of severe illness. Hsu’s family yesterday confirmed that the actress died on a family holiday in Japan due to pneumonia during the Lunar New Year holiday. CDC Deputy Director-General Tseng Shu-hui (曾淑慧) told an impromptu news conference that hospital visits for flu-like illnesses from Jan. 19 to Jan. 25 reached 162,352 — the highest
COMBINING FORCES: The 66th Marine Brigade would support the 202nd Military Police Command in its defense of Taipei against ‘decapitation strikes,’ a source said The Marine Corps has deployed more than 100 soldiers and officers of the 66th Marine Brigade to Taipei International Airport (Songshan airport) as part of an effort to bolster defenses around the capital, a source with knowledge of the matter said yesterday. Two weeks ago, a military source said that the Ministry of National Defense ordered the Marine Corps to increase soldier deployments in the Taipei area. The 66th Marine Brigade has been tasked with protecting key areas in Taipei, with the 202nd Military Police Command also continuing to defend the capital. That came after a 2017 decision by the ministry to station
PETITIONS: A Democratic Progressive Party official quoted President William Lai as saying that civil society groups are organizing the recall drives at the grassroots level Some civil society groups yesterday announced that they have collected enough signatures to pass the first-stage threshold to initiate a recall vote against Chinese Nationalist Party (KMT) legislators in 18 constituencies nationwide, saying that they would submit the signatures to the Central Election Commission (CEC) today. They also said that they expected to pass the threshold in eight more constituencies in the coming days, meaning the number of KMT legislators facing a recall vote could reach 26. The groups set up stations to collect signatures at local marketplaces and busy commercial districts. The legislators their petition drives target include Fu
RSS