Quantcast
Latest Stories

Asian markets mixed, Nikkei extends gains



An investor looks at the stock price monitor at a private securities company in Shanghai, China Monday, April 8, 2013. Asian stock markets were mixed Monday amid concerns about tensions on the Korean Peninsula, bird flu in China and a disappointing US jobs report, although the Nikkei piled on more gains as the yen’s dramatic fall boosted the country’s powerhouse export sector. AP PHOTO/EUGENE HOSHIKO

HONG KONG—Asian markets were mixed Monday but Tokyo’s Nikkei extended its rally after last week’s Bank of Japan stimulus announcement that pushed the yen to its lowest level in almost four years against the dollar.

A worse-than-expected jobs report from the United States added to selling pressure, while continuing tensions on the Korean peninsula and a bird flu outbreak in China also weighed on sentiment.

Tokyo rose 2.80 percent, or 358.95 points, to 13,192.59—its highest close since August 12, 2008—while Sydney added 0.29 percent, or 14.1 points, to 4,905.5.

Seoul shed 0.44 percent, or 8.54 points, to 1,918.69.

Shanghai closed down 0.62 percent, or 13.71 points, at 2,211.59 in the first session since a long weekend closure, while Hong Kong was flat, edging down 8.85 points to 21,718.05.

The Japanese central bank’s announcement last week of a new wave of monetary easing has sent the yen tumbling about six percent against the dollar. This in turn has fueled a run-up in Tokyo stocks, with exporters the big winners.

In the first meeting under new governor Haruhiko Kuroda, the BoJ said it would double the money supply and aggressively increase asset purchases, while vowing no let-up in the battle against falling prices.

On Monday in European trade the dollar climbed to 98.60 yen and the euro was at 128.10 yen, from 97.54 yen and 126.70 yen in New York Friday. That compares with 92.71 yen and 119.66 yen before the announcement.

The euro bought $1.2994, against $1.2990 Friday.

The lead from Wall Street was weak after the US Labor Department reported the economy added only 88,000 non-farm jobs in March, a third of the February gain and the slowest growth in nine months. The figure was well below the average estimate of 192,000.

The Labor Department also reported the unemployment rate ticked down to 7.6 percent from 7.7 percent in February.

The Dow fell 0.28 percent and the S&P 500 slid 0.43 percent, while the Nasdaq shed 0.65 percent.

But David Scutt, treasury dealer at Arab Bank, told clients in a note that the outlook was not so bad.

“While undeniably weak, there were a few signs within the report that the slowdown may well be fleeting with temporary positions and hours worked both increasing for the month, something that usually suggests employers may well be on the cusp of renewed hiring in the second half of the year,” he said, according to Dow Jones Newswires.

There were also reports of heightened activity at the North’s nuclear test site, although the South Korean Defense Ministry later denied suggestions that a fourth nuclear test was imminent.

And in China traders are keeping tabs on the outbreak of a new strain of bird flu that has infected 24 people and killed seven of them.

Tourism-related stocks were the biggest losers in Shanghai, with Air China down 3.4 percent while China Eastern Airlines was off 3.23 percent.

Oil prices rose with New York’s main contract, light sweet crude for delivery in May, adding 74 cents to $93.44 a barrel and Brent North Sea crude for May up 90 cents to $105.02.

Gold was at $1,577.10 an ounce at 1045 GMT compared with $1,554.60 late on Friday.

In other markets:

– Singapore shed 0.46 percent, or 15.17 points, to end at 3,284.61.

United Overseas Bank shed 0.44 percent to Sg$20.45, while farm commodities supplier Olam dropped 0.60 percent to Sg$1.66.

– Wellington fell 0.81 percent, or 35.77 points, to 4,397.20.

Telecom lost 0.41 percent to end at NZ$2.40, Fletcher Building was off 1.26 percent at NZ$8.65 and Air New Zealand slipped 3.99 percent to NZ$1.445.

– Manila ended flat, edging up 5.08 points to 6,732.22.

SM Investments rose 0.45 percent to 1,117 pesos and Bank of the Philippine Islands advanced 0.88 percent to 103.10 pesos, but Philippine Long Distance Telephone fell 1.80 percent to 2,836 pesos.

– Taipei fell 2.39 percent, or 189.56 points, to 7,752.79.

Taiwan Semiconductor Manufacturing Co. fell 1.99 percent to Tw$98.5 while Hon Hai Precision dived 2.77 percent to Tw$80.8.

– Jakarta fell 0.58 percent, or 28.55 points, to 4,897.52.

– Kuala Lumpur was flat, edging down 0.66 points to 1,687.99.

Tenaga Nasional gained 1.2 percent to end at 7.61 ringgit while SP Setia rose 3.0 percent to 3.47. British American Tobacco shed 1.4 percent to close at 62.04 ringgit.

– Mumbai edged down 0.07 percent, or 12.45 points, to 18,437.78.

Engineering giant Larsen and Toubro fell 1.78 percent to 1,324.8 rupees. Sterlite, a Vedanta group local firm, fell 1.85 percent to 87.6 rupees.

– Bangkok was closed for a public holiday.—Danny McCord


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

  • Drilon denies involvement in pork scam
  • Complex health care system for California’s elderly and poor explained
  • Malang the croc must regain strength before return to swamp, says mayor
  • Palace: Lacson’s version of Napoles testimony to be evaluated
  • Scientists eye iceberg bigger than Guam
  • Sports

  • Promoters Dela Hoya, Arum in talks for Pacquiao-Alvarez—report
  • Benzema guides Madrid to 1-0 win over Bayern
  • Suns’ Goran Dragic win NBA’s Most Improved Player award
  • Heat go up 2-0, hold off Bobcats 101-97
  • Ronaldo shakes off injury fears to play Bayern
  • Lifestyle

  • Gongs and southern dances star in a workshop at San Francisco Bayanihan Center
  • This woman ate what?
  • Photos explore dynamics of youths’ sexual identity
  • 12th Philippine Food Expo set at the World Trade Center
  • No tourist draw, Malang the croc will remain wild
  • Entertainment

  • Smithsonian wants photos, videos for ‘Day in the Life of Asian Pacific Americans’
  • What Garcia Marquez left behind
  • Has Ai Ai fallen deeply with ‘sireno?’
  • Sony developing live-action Barbie comedy
  • California court won’t review Jackson doctor case
  • Business

  • How ‘one percent’ economic elite was uncovered
  • Facebook profits triple as mobile soars
  • Insular Honors Sales Performers at Testimonial Rites
  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • Technology

  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Opinion

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

  • Obama to visit Filipino soldiers in Fort Bonifacio
  • Fil-Am youth conferences unite under one theme
  • Embassy advisory: Filipinos still need visas to enter US
  • No travel restriction to Mideast, DFA clarifies
  • PH-HK relations repaired, but families of victims still being courted
  • Marketplace