Asian stocks fell for a second week, led by commodities producers after oil fell from a record and prices of metals declined.
BHP Billiton Ltd., the world’s largest mining company, and Mitsubishi Corp led declines as oil tumbled from a record and copper fell for a second week. China Mobile Ltd (中國移動通信) had its biggest weekly decline since March on concern a government plan to reorganize China’s telecommunications industry may reduce its dominance.
Vietnam’s stock market, the world’s biggest decliner, resumed its retreat after a computer glitch that halted trading for three days was fixed.
The MSCI Asia-Pacific Index fell 0.4 percent to 150.00 this week, its second-straight weekly loss. Raw-materials producers and energy-related stocks led declines among the index’s 10 industry groups.
TAIPEI
Taiwanese share prices are expected to move within a narrow range in the week ahead as investors tend toward the sidelines after recent losses over cross-strait uncertainties, dealers said on Friday.
Investors were cautious as Taiwan and China are ready to resume top-level talks this month to discuss plans on launching weekend charter flights across the Strait and allow more Chinese tourists to Taiwan, they said.
High crude oil prices remain a concern as investors fear rising energy costs will boost inflation, undermine confidence and hurt the economy, they added.
The market is likely to stage a technical rebound as the index falls closer to 8,400-8,500 points during the week, while the upside may encounter resistance at around 8,800 points.
For the week to Friday, the weighted index closed down 215.65 points or 2.44 percent at 8,619.08 after a 3.94 percent fall a week earlier.
Average daily turnover stood at NT$121.14 billion (US$3.98 billion), compared with NT$151.24 billion the previous week.
The TAIEX on Friday closed 0.76 percent lower from Thursday, dealers said.
“Following recent declines, the market has turned technically weak. The bourse needs some time to consolidate before another takeoff,” Taiwan International Securities Corp (金鼎證券) analyst Arch Shih (施博元) said.
Shih said while Taiwan and China have agreed to work out details for the weekend air service and tourist liberialization in the talks from June 11 to June 14, “investors want to see real numbers in how these measures will help the local economy.”
TOKYO
Japanese share prices closed up 1.52 percent as investors cheered gains on Wall Street and a weaker yen, which is good for exporters, market watchers said.
The benchmark Nikkei-225 index gained 214.07 points to end at 14,338.54, the best finish since January 10. The broader TOPIX index of all first-section shares added 27.51 points or 1.99 percent to 1,408.14.
HONG KONG
Hong Kong share prices closed up 0.6 percent, dealers said.
The Hang Seng Index closed up 149.13 points at 24,533.12.
“We lagged behind other markets this week and it appears that we played catch-up, especially to the Japanese bourse,” said Howard Gorges, vice chairman at South China Securities.
SYDNEY
Australian shares closed 1.0 percent lower, dealers said.
The benchmark S&P/ASX 200 closed down 54.7 points at 5,654.7, while the broader All Ordinaries index dropped 43.3 points to 5,773.9.
SHANGHAI
Chinese share prices edged up 0.94 percent, dealers said.
The benchmark Shanghai Composite Index, which covers A and B shares, closed up 31.92 points at 3,433.35.
The Shanghai A-share Index rose 0.95 percent at 3,602.66. The Shenzhen A-share Index was up 0.32 percent at 1,088.59.
The Shanghai B-share Index lost 0.77 percent to 242.86. The Shenzhen B-share Index was up 0.42 percent at 544.52.
SEOUL
South Korean shares closed 0.6 percent higher, dealers said.
The KOSPI index closed up 10.80 points at 1,852.02.
SINGAPORE
Singapore share prices closed 1.01 percent higher, dealers said.
The blue-chip Straits Times Index closed up 31.84 points at 3,192.62.
KUALA LUMPUR
Malaysian share prices closed 1.1 percent higher, dealers said.
The Kuala Lumpur Composite Index was up 14.28 points to 1,276.10.
BANGKOK
Thai share prices closed 0.37 percent higher, dealers said.
The Stock Exchange of Thailand (SET) composite index rose 3.04 points to close at 833.65 while the blue-chip SET 50 index gained 0.21 points to 597.82.
JAKARTA
Indonesian shares closed little changed, dealers said.
The Jakarta Composite Index closed down 2.61 points at 2,444.35.
MANILA
Philippine share prices closed 0.9 percent higher, dealers said.
The composite index rose 25.22 points to 2,827.44. The all-share index was up 0.6 percent at 1,741.79.
Dealers said the Philippine government announced disappointing economic growth figures for the first quarter earlier in the week.
MUMBAI
Indian share prices closed 0.61 percent higher, dealers said.
The benchmark Mumbai 30-share SENSEX rose 99.31 points to 16,415.57.
BACK IN THE NEIGHBORHOOD: The planned transit by the ‘Baden-Wuerttemberg’ and the ‘Frankfurt am Main’ would be the German Navy’s first passage since 2002 Two German warships are set to pass through the Taiwan Strait in the middle of this month, becoming the first German naval vessels to do so in 22 years, Der Spiegel reported on Saturday. Reuters last month reported that the warships, the frigate Baden-Wuerttemberg and the replenishment ship Frankfurt am Main, were awaiting orders from Berlin to sail the Strait, prompting a rebuke to Germany from Beijing. Der Spiegel cited unspecified sources as saying Beijing would not be formally notified of the German ships’ passage to emphasize that Berlin views the trip as normal. The German Federal Ministry of Defense declined to comment. While
‘UPHOLDING PEACE’: Taiwan’s foreign minister thanked the US Congress for using a ‘creative and effective way’ to deter Chinese military aggression toward the nation The US House of Representatives on Monday passed the Taiwan Conflict Deterrence Act, aimed at deterring Chinese aggression toward Taiwan by threatening to publish information about Chinese Communist Party (CCP) officials’ “illicit” financial assets if Beijing were to attack. The act would also “restrict financial services for certain immediate family of such officials,” the text of the legislation says. The bill was introduced in January last year by US representatives French Hill and Brad Sherman. After remarks from several members, it passed unanimously. “If China chooses to attack the free people of Taiwan, [the bill] requires the Treasury secretary to publish the illicit
A senior US military official yesterday warned his Chinese counterpart against Beijing’s “dangerous” moves in the South China Sea during the first talks of their kind between the commanders. Washington and Beijing remain at odds on issues from trade to the status of Taiwan and China’s increasingly assertive approach in disputed maritime regions, but they have sought to re-establish regular military-to-military talks in a bid to prevent flashpoint disputes from spinning out of control. Samuel Paparo, commander of the US Indo-Pacific Command, and Wu Yanan (吳亞男), head of the People’s Liberation Army (PLA) Southern Theater Command, talked via videoconference. Paparo “underscored the importance
CHINA POLICY: At the seventh US-EU Dialogue on China, the two sides issued strong support for Taiwan and condemned China’s actions in the South China Sea The US and EU issued a joint statement on Wednesday supporting Taiwan’s international participation, notably omitting the “one China” policy in a departure from previous similar statements, following high-level talks on China and the Indo-Pacific region. The statement also urged China to show restraint in the Taiwan Strait. US Deputy Secretary of State Kurt Campbell and European External Action Service Secretary-General Stefano Sannino cochaired the seventh US-EU Dialogue on China and the sixth US-EU Indo-Pacific Consultations from Monday to Tuesday. Since the Indo-Pacific consultations were launched in 2021, references to the “one China” policy have appeared in every statement apart from the