Latest Stories

Asian markets rebound, Shanghai leads gains


A man checks his cell phone outside a securities firm in Tokyo on Tuesday, March 5, 2013. Asian markets climbed Tuesday following a big sell-off in the previous session, with Shanghai leading the rebound as China’s annual parliamentary gathering kicked off. AP PHOTO/JUNJI KUROKAWA

HONG KONG—Asian markets climbed Tuesday following a big sell-off in the previous session, with Shanghai leading the rebound as China’s annual parliamentary gathering kicked off.

Traders also took heart from a rally on Wall Street that saw the Dow close within sight of a record high.

Tokyo added 0.27 percent, or 31.16 points, to 11,683.45 and Seoul advanced 0.17 percent, or 3.46 points, to 2,016.61, while Sydney jumped 1.29 percent, or 64.9 points, to close at 5,075.4.

Hong Kong rose 0.10 percent, or 22.69 points, to 22,560.50.

Shanghai jumped 2.33 percent, or 52.91 points, to 2,326.31, reversing some of the 3.65 percent dive on Monday when property and construction stocks were hit after the government set out rules aimed at capping house prices.

But eyes were on China’s National People’s Congress (NPC), which opened Tuesday with outgoing Premier Wen Jiabao saying the government would target growth of 7.5 percent for the world’s No. 2 economy in 2013 and 3.5 percent inflation.

“We should energetically change the growth model,” Wen said in his final major act after a decade amid demands that China revamp its investment and export-led growth in favour of domestic spending.

A separate government document laid down a 10.7 percent rise in defense spending to 720.2 billion yuan ($115.7 billion) in 2013.

The NPC is meeting for nearly two weeks in Beijing and will seal a power transfer to Li Keqiang as Wen’s successor, and Communist Party supremo Xi Jinping as state president.

Regional investors also cheered a positive lead from New York, where the Dow rose 0.27 percent to 14,127.82, within 40 points of an all-time high seen in October 2007.

Remarks from the Federal Reserve’s No. 2 official reaffirming its aggressive stimulus policy provided support to US shares.

Janet Yellen, vice chairperson of the Fed board of governors, said in a speech that the central bank intends to “keep monetary policy highly accommodative until well into the recovery.”

The S&P 500 gained 0.46 percent and the Nasdaq was up 0.39 percent.

Traders also appeared to shrug off the lack of action in Washington on dealing with the “sequester” of US federal spending cuts that came into effect on Friday and which could shave around 0.5 percentage points off growth.

Analysts said the effect of the $85 billion in cuts would not be seen yet, giving politicians a little time to agree a less stringent budget that would help slash the country’s deficit.

On currency markets the dollar bought 93.14 yen in afternoon trade against 93.46 yen in New York late Monday.

The euro fetched 121.56 yen and $1.3053 compared with 121.74 yen and $1.3024.

The yen saw slight gains despite promises of further monetary easing from the men tapped by the government to take the helm at the Bank of Japan.

Sydney shares showed little reaction to widely expected news that the Reserve Bank of Australia had kept interest rates on hold at 3.0 percent, saying the downside risks to the world economy appeared to have eased slightly.

Oil prices rebounded from big losses late Monday.

New York’s main contract, West Texas Intermediate (WTI) light sweet crude for delivery in April, added 20 cents to $90.32 a barrel in the afternoon and Brent North Sea crude for April delivery increased 46 cents to $110.55.

Gold was at $1,583.02 at 1125 GMT compared with $1,577.65 late Monday.

In other markets:

– Taipei rose 0.83 percent, or 65.37 points, to 7,932.71.

Taiwan Semiconductor Manufacturing Co. added 1.96 percent to Tw$104.0 while chip design house MediaTek was 1.76 percent higher at Tw$347.5.

– Manila rose 1.12 percent, or 74.16 points, to 6,711.72.

Philippine Long Distance Telephone rose 2.26 percent to 2,986 pesos, BDO Unibank added 1.05 percent to 96 pesos, while Energy Development Corp. jumped 2.05 percent to 6.48 pesos.

– Wellington rose 0.37 percent, or 15.56 points, to 4,269.16.

Fletcher Building was up 1.33 percent at NZ$9.17, Contact Energy gained 0.38 percent to NZ$5.35 and Telecom was off 1.08 percent at NZ$2.30.

– Singapore rose 0.26 percent, or 8.31 points, to close 3,248.26.

Singapore Telecom increased 0.58 percent to Sg$3.46 and DBS Bank gained 1.27 percent to Sg$15.17.

– Jakarta slipped 0.20 percent, or 9.76 points, to 4,751.70.

Palm oil producer Astra Agro Lestari lost 1.06 percent to 18,600 rupiah, telecommunications provider Indosat fell 0.76 percent to 6,550 rupiah, and Hero Supermarket lost 0.99 percent to 5,000 rupiah.

– Bangkok added 0.56 percent, or 8.59 points, to 1,549.31.

Supermarket operator Siam Makro jumped 3.72 percent to 502 baht, while Bangkok Life Assurance rose 3.60 percent to 72 baht.

– Kuala Lumpur shares gained 0.37 percent, or 6.10 points, to 1,642.08.

UEM Land Holdings added 3.6 percent to 2.59 ringgit, while Axiata Group increased 0.2 percent to 6.39. CIMB Group Holdings fell 0.1 percent to 7.19 ringgit.

– Mumbai rose 1.40 percent, or 265.21 points, to 19,143.17 points.

Sterlite, the Indian arm of global resources Vedenta group, rose 4.47 percent to 94.65 rupees. Private explorer Essar Oil rose 20.96 percent to 88.0 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


  • Drunk passenger triggers Bali hijack alert
  • Businesswoman allegedly killed by husband, brother-in-law
  • Roxas suspended from golf club for outburst over P5,000 guest fee
  • SC reschedules oath-taking of new lawyers
  • Ex-COA chief seeks bail after arrest for plunder
  • Sports

  • Guiao fined P100,000 for ‘mongoloid’ comment vs Meralco forward
  • Hawks and Grizzlies revel in home wins
  • Floyd: Manny’s power gone
  • Michael Phelps loses to Lochte in comeback meet
  • Sharapova advances to Stuttgart quarterfinals
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Corruption not invincible after all
  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • Global Nation

  • Plane lands at Bali airport in suspected hijacking—Indonesia air force
  • Obama lands in Seoul as N. Korea nuclear test fears grow
  • Militant protests vs Obama, US set
  • Filipinos second-shortest in Southeast Asia
  • China welcomes PH apology
  • Marketplace