Quantcast
Latest Stories

Asian markets mostly up, yen falls on BoJ chief reports

By

People look at an electronic stock board of a securities firm in Tokyo, Monday, Feb. 25, 2013. Asian markets mostly rose Monday, with Tokyo surging after the yen hit a near three-year low against the dollar, while concerns eased that the US Federal Reserve could soon end its loose monetary policy. AP PHOTO/KOJI SASAHARA

HONG KONG—Asian markets mostly rose Monday, with Tokyo surging after the yen hit a near three-year low against the dollar, while concerns eased that the US Federal Reserve could soon end its loose monetary policy.

Investors in Japan cheered reports that the likely next central bank chief was in favor of aggressive monetary easing.

In other developments, the pound slumped after Britain lost its AAA credit rating. Also, China’s manufacturing growth hit a four-month low in February but remained positive, British banking giant HSBC said.

Tokyo surged 2.43 percent, or 276.58 points, to 11,662.52 and Sydney climbed 0.75 percent, or 37.7 points, to 5,055.8. But Seoul lost 0.46 percent, or 9.37 points, to 2,009.52.

Shanghai ended up 0.50 percent, or 11.66 points, at 2,325.82, while Hong Kong added 0.17 percent, or 37.64 points, to 22,820.08.

Japanese media said Prime Minister Shinzo Abe was set to nominate Asian Development Bank president Haruhiko Kuroda as next governor of the Bank of Japan.

Kuroda “backs Prime Minister Shinzo Abe’s bold monetary easing policies while maintaining good links with the international financial industry,” the Nikkei business daily said.

“There was a little euphoria because we have some clarity over the Bank of Japan and that caused the yen to sharply weaken after the opening,” Tim Waterer, senior trader at CMC Markets in Sydney, told Dow Jones Newswires.

The dollar surged to 94.77 yen in early Tokyo trade, its highest since May 2010, before easing to 93.90 yen later in the day, still up from 93.37 yen in New York late Friday.

The euro changed hands at 124.16 yen compared with 123.18 yen on Friday, while it was at $1.3230 from $1.3189.

Regional sentiment was also boosted by easing concerns over the Fed’s bond-buying scheme.

Speculation it would end its quantitative easing program in 2013 had driven markets lower last week.

But on Friday US investors began to conclude that the market had “misinterpreted” minutes of the bank’s meeting that discussed such a move, said Peter Cardillo of Rockwell Global Capital.

Cardillo expected Fed chief Ben Bernanke to reaffirm the scheme in congressional testimony this week. St. Louis Fed president James Bullard told CNBC that the policy would remain in effect for “a long time.”

On Wall Street Friday the Dow rose 0.86 percent, the S&P 500 gained 0.88 percent and the Nasdaq rose 0.97 percent.

The pound remained under pressure after Moody’s on Friday said it had cut Britain’s rating for the first time in history, citing weak growth and rising debt.

The unit sank at one point Monday to $1.5072, its lowest level since July 2010, before recovering to $1.5145. The pound was at $1.5250 before the Moody’s announcement.

In China, HSBC said its preliminary purchasing managers’ index stood at 50.4 for the month, down from a final 52.3 in January, although it marked the fourth consecutive month of growth after 12 months of shrinkage.

A reading above 50 indicates expansion.

“The Chinese economy is still on track for a gradual recovery,” Qu Hongbin, a Hong Kong-based economist with HSBC said in a statement, downplaying the fall in the index.

Despite the slowdown markets remained buoyant.

“If we got a very strong number it would have strengthened the worries about policy tightening,” said Chi Lo, senior strategist Greater China for BNP Paribas Investment Partners in Hong Kong.

On oil markets New York’s main contract, light sweet crude for delivery in April, rose three cents to $93.16 a barrel in the afternoon and Brent North Sea crude for delivery in April rose six cents to $114.16.

Gold was at $1,593.30 at 1105 GMT compared with $1,579.80 late Friday.

In other markets:

– Singapore was flat, nudging up 0.63 points to 3,288.76.

Singapore Airlines added 0.28 percent to Sg$10.93 and DBS Bank gained 0.33 percent to Sg$15.24.

– Taipei finished 0.49 percent lower, shedding 39.21 points to 7,947.68.

Taiwan Semiconductor Manufacturing Co. fell 1.87 percent to Tw$105.0 while leading smartphone maker HTC was 0.90 percent lower at Tw$275.5.

– Manila added 0.84 percent, or 56.27 points, to 6,721.33.

Philippine Long Distance Telephone Co. rose 1.04 percent to 2,900 pesos and Ayala Corp. jumped 3.3 percent at 590 pesos.

– Wellington advanced 0.28 percent, or 11.84 points, to 4,226.44.

Fletcher Building gained 1.2 percent to NZ$8.78 and Chorus slipped 3.3 percent to NZ$2.94.

– Jakarta rose 0.97 percent, or 44.98 points, to 4,696.11.

Telekomunikasi Indonesia rose 0.51 percent to 9,900 rupiah and Indah Kiat Pulp and Paper jumped 12.05 percent to 930 rupiah, while miner Aneka Tambang fell 0.78 to 1,270 rupiah.

– Kuala Lumpur added 0.32 percent, or 5.27 points, to 1,627.35.

Malayan Banking gained 0.9 percent to 9.15 ringgit and while Maxis added 0.5 percent to 6.34 ringgit but Sime Darby fell 0.2 percent to 9.19 ringgit.

– Bangkok was closed for a public holiday.

– Mumbai edged up 0.08 percent, or 14.68 points, to 19,331.69.

Drug maker Ranbaxy Labs rose 4.80 percent to 433.15 rupees while software outsourcer Infosys rose 2.84 percent to 2,917.2 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

  • http://pulse.yahoo.com/_P4GAMKLWTOEY5N3JH2X3SZ26XA Dexter S

    ***sigh*** we are still a minor player in the general scheme of things.  However this could prove a good thing for now.  Major building get hit hard by artillery first and not parking lots.  



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

  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Napoles surgery in Makati hospital successful
  • Save the queen? Aide takes fall for Enrile, Gigi Reyes
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Visiting chefs from Denmark get creative with ‘ube,’ ‘ buko,’ ‘calamansi,’ mangoes
  • Salted baked potatoes
  • A first in a mall: Authentic Greek yogurt–made fresh in front of diners
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • This time, BIR goes after florists
  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Stocks down on profit-taking
  • Banks allowed to use ‘cloud’
  • 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

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Believe it or not: Filipinos love US more than Yanks
  • Marketplace