Quantcast

Asian markets lower as profit-taking offsets US data

By |

Workers of the Tokyo Stock Exchange react to the rise of the opening price at the first trading of the year on the Tokyo Stock Exchange on Jan. 4, 2013. Asian markets mostly fell on Monday, Jan. 7, 2013, as last week’s gains prompted profit-taking, overshadowing Friday’s Wall Street rally and upbeat US job-creation figures. AP PHOTO/KOJI SASAHARA

HONG KONG—Asian markets mostly fell on Monday as last week’s gains prompted profit-taking, overshadowing Friday’s Wall Street rally and upbeat US job-creation figures.

The yen rose slightly against the dollar and euro, although it remains under pressure on expectations the Japanese central bank will further loosen monetary policy.

Tokyo—which on Friday hit its highest level since before the quake and tsunami of March 2011—slipped 0.83 percent, giving up 89.10 points to 10,599.01. Sydney shed 0.14 percent, or 6.5 points to 4,717.3 and Seoul was flat, dipping 0.68 points to 2011.26.

Hong Kong finished flat, dipping 1.34 points to 23,329.75, but Shanghai closed up 0.37 percent, or 8.37 points, at 2,285.36, with traders optimistic about upcoming data, including inflation and trade figures, due out of Beijing soon.

“With the major indexes having run up so far so fast, alarm bells have sounded about technical overheating,” an equity trading director at a foreign brokerage told Dow Jones Newswires.

“Some players want to take some cash off the table… but demand remains strong overall, and this does not look like a tipping point in terms of a more profound sell-off.”

Traders cashed in after shares jumped last week in the wake of the deal in Washington to avert the fiscal cliff of tax hikes and spending cuts that economists had warned would tip the United States into recession.

Providing some buying support was news out of Washington on Friday showing the world’s biggest economy added 155,000 jobs in December. While the figure is not huge and was in line with expectations, it does show some confidence.

In addition the latest ISM index on the service sector showed unexpected growth in December, the fastest in 10 months, led by new orders and employment.

Wall Street closed higher on the news. The Dow finished up 0.33 percent and the Nasdaq was flat, while the S&P 500 advanced 0.49 percent to its highest close since December 31, 2007.

On currency markets the dollar eased against the yen after hitting its strongest point against the Japanese unit in more than two years last week. The greenback stood at 87.74 yen in early European trade compared with 88.15 yen in New York late Friday.

The euro was at 114.43 yen and $1.3038 from 115.19 yen and $1.3067.

Oil prices were lower with New York’s main contract, light sweet crude for delivery in February, shedding 41 cents to $92.68 a barrel. Brent North Sea crude for February lost 25 cents to $111.06.

Gold was at $1,654.50 at 1120 GMT compared with $1,628.82 late Friday.

In other markets:

— Singapore slipped 0.22 percent, or 6.96 points, to 3,218.26.

Property developer Keppel Land gained 0.24 percent to Sg$4.13 while United Overseas Bank dropped 0.81 percent to Sg$19.64.

— Taipei fell 0.65 percent, or 50.90 points, to 7,755.09.

Taiwan Semiconductor Manufacturing Co. was 0.99 percent lower at Tw$100.5 while leading integrated circuits design house MediaTek Inc dropped 1.31 percent to Tw$301.5.

— Manila surged 1.23 percent, or 73.46 points, to 6,044.91.

The index finished above the 6,000 for the first time thanks to growing confidence in the economy, with many expecting the Philippines will see its credit rating lifted to investment grade.

San Miguel rose 3.13 percent to 108.70 pesos and Megaworld jumped 8.8 percent to 3.33 pesos.

— Wellington closed 0.24 percent higher, adding 9.80 points to 4,084.84.

Ryman rose 2.4 percent to an all-time high of NZ$4.80, while Telecom was up 0.69 percent at NZ$2.195 and Air New Zealand was flat at NZ$1.31.

— Jakarta eased 0.40 percent, or 17.64 points, to 4,392.38.

Miner Aneka Tambang fell 0.74 percent to 1,340 rupiah and car maker Astra International slid 1.27 percent to 7,750 rupiah.

— Kuala Lumpur was flat, edging up 1.58 points to 1,694.16.

Genting rose 2.0 percent to 9.70 ringgit while UMW Holdings was up 2.0 percent to end at 12.46. British American Tobacco slipped 2.2 percent to 60.14 ringgit.

— Bangkok was also flat, nudging down 1.34 points to 1,415.32.

— Mumbai was down 0.47 percent, or 129.14 points, to 19,691.42.


Follow Us







Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement
Marketplace