Sun, Sep 14, 2008 page10

• ASIA: Asian stocks fall for second week

  • BLOOMBERG AND AFP
  • • 
    • 
    • 

  Asian stocks fell for a second week, led by commodity producers on concern that slowing global growth will curb demand, overshadowing a rally by financial companies after Fannie Mae and Freddie Mac were seized by the US government.

  CNOOC Ltd (中國海洋石油), China’s largest offshore oil producer, slumped 10 percent as crude extended its retreat. China Mobile Ltd (中國移動) dropped 7 percent after a report outlined measures by the government to reduce its dominance. Banks surged, led by Mitsubishi UFJ Financial Group Inc, after the US government took over the nation’s two largest mortgage companies, boosting confidence in financial markets.

  “This is not a good time to make new investments in risky assets like stocks,” said Hiroshi Morikawa, senior strategist at Japan’s MU Investments Co, which manages about US$14 billion. “I will keep my money in cash or bonds because of the uncertainties in the global economy.”

  The MSCI Asia-Pacific Index dropped 0.6 percent to 116.19, a second straight weekly decline. All but one of the 10 industry groups retreated, led by energy and utility companies. A measure of financial stocks gained 4 percent.

  TAIPEI

  Taiwanese share prices are expected to stage a rebound next week as institutional investors show interest in badly hit blue-chips after recent heavy losses, dealers said.

  The bellwether electronics sector may lead the gains as it enters its peak season, with buying likely to focus on notebook computer and related product makers, they said.

  However, a Wall Street performance still serves as a wild card as the US Federal Reserve Board is scheduled to meet next week, they said.

  Market upside during the trade may encounter strong technical resistance at around 6,700 points next week, while the market is expected to see a floor at around 6,200 points, dealers said.

  For the week to Friday, the weighted index rose 3.40 points or 0.05 percent to 6,310.68 after a 10.49 percent fall a week earlier.

  Average daily turnover stood at NT$88.98 billion (US$2.78 billion) a week earlier.

  Friday’s gains to reverse earlier losses have paved the path for additional upside on the technical ground after more than a 10 percent fall in the past two weeks, Grand Cathay Securities (大華證券) analyst Mars Hsu said.

  “Buying from institutional investors just started to pick up attractive stocks. I do not think the trend will fade right away,” Hsu said.

  TOKYO

  Japanese share prices edged up 0.93 percent, dealers said.

  The Tokyo Stock Exchange’s benchmark Nikkei-225 index closed up 112.26 points to 12,214.76 ahead of a three-day holiday weekend in Japan.

  The broader TOPIX index of all first-section shares gained 14.48 points or 1.25 percent to 1,177.20.

  HONG KONG

  Share prices closed down 0.2 percent, dealers said.

  The benchmark Hang Seng Index fell 35.82 points to 19,352.90.

  SYDNEY

  Australian share prices closed up 1.9 percent, dealers said.

  The benchmark SP/ASX200 gained 89.5 points to close at 4,903.8 while the broader All Ordinaries rose 85.6 points to 4,957.1.

  SHANGHAI

  Chinese shares ended flat, dealers said. But the market was limited by weakness in blue-chips on concerns over economic growth after the release of data showing lower-than-expected industrial output growth last month, they said.

  The benchmark Shanghai Composite Index, which covers both A and B shares, was up 0.69 points at 2,079.67.

  The Shanghai A-share index advanced 0.04 percent to 2,183.02 points, while the Shenzhen A-share index rose 0.64 percent to 606.62.

  SEOUL

  South Korean shares closed 2.4 percent higher, analysts said.

  The KOSPI index gained 34.68 points to 1,477.92.

  SINGAPORE

  Singapore shares closed 1.16 percent higher, dealers said.

  The blue-chip Straits Times Index rose 29.52 points to 2,570.67.

  KUALA LUMPUR

  Malaysian share prices ended 0.3 percent higher, dealers said.

  The Kuala Lumpur Composite Index rose 2.96 points to close at 1,044.03.

  BANGKOK

  Thai share prices closed 1.17 percent higher, dealers said.

  The Stock Exchange of Thailand (SET) composite index gained 7.54 points to close at 654.34 points.

  JAKARTA

  Indonesian shares slumped 3.5 percent, dealers said.

  The Jakarta Composite Index tumbled 66.07 points to 1,804.06, the lowest closing level since March 22 last year.

  MANILA

  Philippine share prices closed 0.99 percent lower, dealers said.

  The composite index fell 26.44 points to 2,646.12 points.

  WELLINGTON

  New Zealand share prices rose 0.84 percent, dealers said.

  The benchmark NZX-50 index gained 28.14 points to 3,361.688.

  MUMBAI

  Indian shares fell 2.26 percent, dealers said. The benchmark 30-share SENSEX index fell 323.48 points to 14,000.81, the fourth consecutive day of losses.
• Most Popular

  • 1

    Actress Barbie Hsu dies of pneumonia at 48

  • 2

    CDC advises people to get vaccinated against flu

  • 3

    Late derby drama keeps Inter in title race

  • 4

    Marines to protect Songshan airport

  • 5

    KMT lawmakers could face recall votes