Quantcast
Latest Stories

Asian markets mixed, Nikkei dips on profit-taking

By

In this Friday, Jan. 18, 2013, file photo, a woman walks by an electric stock index display of a securities firm in Tokyo. Asian markets began the week on a mixed note Monday, Jan. 28, 2013, with the Nikkei sinking on profit-taking after breaking 11,000 in early trade, while a rally on Wall Street boosted a buying incentive. AP PHOTO/ITSUO INOUYE

HONG KONG—Asian markets began the week on a mixed note Monday, with the Nikkei sinking on profit-taking after breaking 11,000 in early trade, while a rally on Wall Street boosted a buying incentive.

The euro and dollar eased slightly against the yen after climbing in New York trade, while traders took heart from upbeat news from Europe, with indications that the troubled eurozone is slowly emerging from years of crisis.

Tokyo surged above the 11,000 mark for the first time since April 2010 in the morning as the yen extended its recent downward trend but profit-taking soon took hold and the index ended down 0.94 percent, or 102.34 points, at 10,824.31.

Seoul dipped 0.36 percent, or 6.98 points, to 1,939.71, while Hong Kong added 0.39 percent, or 91.45 points, to end at 23,671.88.

Shanghai surged 2.41 percent, or 55.21 points, to 2,346.51 after authorities said they would expand the number of securities for margin trading, boosting liquidity hopes.

Sydney and Kuala Lumpur were closed for public holidays.

On currency markets the dollar bought 90.81 yen in Asian trade, from 90.87 yen in New York late Friday, while the euro was at 122.10 yen from 122.28 yen. The euro also bought $1.3440 from $1.3457 in New York.

Apart from a short-lived rally last week, the yen has seen a continued downtrend since November, when as Japan’s opposition leader Shinzo Abe promised to push for a more aggressive easing of monetary policy.

Abe won a general election last month on that promise and after becoming prime minister has pressured the central bank to follow his government’s policy lead, a move that has been welcomed by markets.

Last week the Bank of Japan adopted a two-percent inflation target and set out plans for indefinite monetary easing.

The euro was also lifted by data Friday showing banks rushing to repay part of emergency funding totaling $1.3 trillion provided by the European Central Bank a year ago to get them through a credit crunch.

ECB chief Mario Draghi told the World Economic Forum in Davos that he saw a new-found tranquillity in financial markets and said “all the indices point to a substantial improvement of financial conditions.”

A survey of investor confidence hit its highest level since the start of the eurozone debt crisis in 2010, while another study of business sentiment was at a seven-month high.

In the United States another set of strong corporate results Friday—particularly Procter and Gamble and Halliburton—sent the Dow and S&P 500 surging.

The Dow rose 0.51 percent to its best level since October 2007 and the S&P 500 climbed 0.54 percent to finish above 1,500 points for the first time since December 2007, while the Nasdaq added 0.62 percent.

The advances came despite data showing a surprise fall in US new home sales in December and a bigger-than-expected contraction in British economic growth.

Oil prices rose in Asia, with New York’s main contract, light sweet crude for delivery in March, gaining 20 cents to $96.08 a barrel in the afternoon and Brent North Sea crude for March up two cents to $113.30.

Gold was at $1,655.09 at 1055 GMT compared with $1,669.20 late Friday.

In other markets:

– Taipei added 0.55 percent, or 42.09 points, to 7,714.67.

Leading integrated circuits design house MediaTek gained 0.93 percent at Tw$325.0 while Taiwan Semiconductor Manufacturing Co. was 0.30 percent higher at Tw$99.3.

– Manila closed 0.40 percent higher, adding 24.78 points to 6,192.42.

Energy Development Corp. gained 2.43 percent to 7.15 pesos while Manila Electric Co. rose 3.37 percent to 294.20 pesos but Ayala Corp. fell 0.27 percent to 550 pesos.

– Wellington rose 0.11 percent, or 4.62 points, to 4,204.44.

Fletcher Building gained 0.11 percent to NZ$9.21, Trade Me added 0.24 percent to NZ$4.15 and Telecom put on 0.21 percent to NZ$2.39.

– Singapore gained 0.14 percent, or 4.60 points, to 3,273.91.

United Overseas Bank slid 0.32 percent to Sg$18.80 and Jardine Cycle and Carriage shed 0.80 percent to Sg$51.83.

– Jakarta lost 0.47 percent, or 20.66 points, to 4,416.94.

Tin miner Timah slipped 2.44 percent to 1,600 rupiah, while food manufacturer Indofood Sukses Makmur rose 0.83 percent to 6,050 rupiah.

– Bangkok rose 0.73 percent, or 10.64 points, to close at 1,472.05.

Communications giant True Corp. leapt 9.32 percent to 6.45 baht while Bangkok Bank climbed 4.95 percent to 212 baht.

– Mumbai ended flat, edging down 0.18 points to 20,103.35.

Oil and Natural Gas Corp. fell 1.76 percent to 335 rupees while Reliance Industries fell 1.56 percent to 897.65 rupees.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


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.

Tags: Asia , Finance , Forex , gold price , oil prices , Stock Activity , stocks



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

News

  • Napoles tags over 100 officials in pork scam – Lacson
  • Vitangcol to sue Czech envoy
  • Senator’s kickback from pork bigger than those of Enrile, Estrada, Revilla – Lacson
  • 43 out of 414 Etihad passengers yet to be found, tested for MERS-CoV – Palace
  • Sandigan junks Marcos family claim to Paoay property
  • Sports

  • Caguioa blasts ‘no heart, soft’ Ginebra on Twitter
  • San Mig Coffee grinds out win over Alaska to force decider
  • UP nips St. Benilde; Adamson blasts RTU in Filoil women’s caging
  • Kevin Garnett responds to Raptors’ GM F word
  • Albert Pujols hits 500th HR of major league career
  • Lifestyle

  • Entering the monkhood a rite of passage
  • Haneda International Airport: A destination on its own
  • Wanted: Beauty queen with a heart that beats for the environment
  • Kim Atienza: At home with art and design
  • Life lessons I want to teach my son
  • Entertainment

  • Bollywood Oscars, film stars come to Florida
  • Ex-Fox exec denies allegations in sex abuse suit
  • Kris Aquino backtracks, says Herbert Bautista and her are ‘best friends’
  • Summer preview: Chris Pratt enters a new ‘Galaxy’
  • Bon Jovi helps open low-income housing in US
  • Business

  • SM to rebuild Tacloban hospital
  • PSEi slips after 4-day rally
  • Toyota sells 2.58 million vehicles, outselling GM
  • McDonald’s 1Q profit slips as US sales decline
  • SEC approves SM’s P15B retail bond offer
  • Technology

  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Opinion

  • One-dimensional diplomacy: A cost-benefit analysis of Manila’s security deal with Washington
  • No ordinary illness
  • Reforest mountains with fire trees and their kind
  • Day of the Earth
  • When will Chinese firm deliver new coaches?
  • Global Nation

  • 19 Ukrainians, Russians, Filipinas rescued in bar raid
  • Filipinos coming home from Mideast must obtain MERS clearance – DOH
  • US Secret Service in Manila ahead of Obama visit
  • Palace thanks Estrada for successful HK mission
  • Hong Kong accepts PH apology; sanctions also lifted
  • Marketplace