Latest Stories

Asian markets up after positive Wall St. lead

A man talking on a mobile phone walks by the electronic stock board of a securities firm in Tokyo, Wednesday, April 24, 2013. An increase in new US home sales and strong corporate earnings across a range of industries lifted investment sentiment in Asia, where most stock markets rose Wednesday. AP PHOTO/ITSUO INOUYE

HONG KONG—Asian markets rose on bargain-buying Wednesday and following a rally on Wall Street, with Tokyo enjoying a healthy bump as the dollar tries to break through the 100 yen barrier.

Investors took their lead from New York, which jumped on the back of upbeat earnings results from some corporate giants, while they seemed to brush off more weak manufacturing figures from China and Europe.

Tokyo rose 2.32 percent, or 313.81 points, to 13,843.46, while Seoul was up 0.87 percent, or 16.68 points, at 1,935.31 and Sydney was 1.72 percent higher, adding 86.2 points to 5,102.4.

In the afternoon Shanghai rose 1.55 percent, or 33.78 points, to 2,218.32 while Hong Kong added 1.73 percent, or 376.44 points, to 22,183.05.

With few other catalysts, Wednesday’s rises were helped by bargain hunting after a broad sell-off in the previous session.

The Nikkei in Tokyo climbed as the yen resumed its downward trend against the dollar in New York, with dealers expecting the US unit to soon break the 100 yen mark for the first time since April 2009.

The dollar bought 99.53 yen in early European trade, from 99.48 yen in late New York, while it is well up from 98.81 yen in Asia on Tuesday afternoon.

The euro fetched $1.23006 and 129.46 yen on Wednesday, compared with $1.2997 and 129.30 yen in New York late Tuesday.

Eyes will turn to Tokyo for the next peg, with the Bank of Japan due to wrap up another policy meeting, the first since it unveiled a huge stimulus package to boost the economy and bring an end to deflation.

In the United States the Dow ended 1.05 percent higher thanks to strong earnings from DuPont, United Technologies and Travelers, among others.

However, it suffered a mid-session plummet after someone used the Associated Press news agency’s Twitter account to tweet that there had been two explosions at the White House and President Barack Obama had been hurt.

The AP almost immediately announced it had been hacked and the message was false.

The S&P 500 added 1.04 percent and the Nasdaq jumped 1.11 percent.

Australian shares on Wednesday enjoyed a boost after inflation came in at a below-forecast 0.4 percent in the January-March quarter, stoking hopes the Reserve Bank of Australia will cut interest rates.

However, the Australian dollar weakened on the talk of a rate cut, buying US$1.0268 after the inflation figures were released, compared with US$1.275 before.

Oil prices were higher in Asia, with New York’s main contract, light sweet crude for delivery in June, adding 52 cents to $89.70 a barrel in the afternoon and Brent North Sea crude for June delivery gaining 39 cents to $100.70.

An ounce of gold fetched $1,421.68 at 0945 GMT, compared with $1,414.10 late Tuesday.

In other markets:

– Singapore rose 1.17 percent, or 38.36 points, to 3,322.71.

Oversea-Chinese Banking Corporation added 3.32 percent to Sg$10.90, while Singapore Airlines was up 1.22 percent to Sg$10.78

– Taipei rose 1.02 percent, or 80.94 points, to 8,023.71.

Formosa Plastics was up 4.78 percent at Tw$72.3 while HTC added 3.92 percent to Tw$278.5.

– Manila fell 0.14 percent, or 9.67 points, to 6,972.69.

Philippine Long Distance Telephone shed 0.20 percent to 2,988 pesos and Ayala Land lost 1.59 percent to close at 31 pesos.

– Wellington ended 0.50 percent, or 22.48 points, higher at 4,538.98.

Air New Zealand climbed 5.6 percent to NZ$1.52 and Fletcher Building was up 2.36 percent at NZ$8.71 but Telecom shed 1.5 percent to NZ$2.61.

– Jakarta gained up 0.73 percent, or 36.28 points, at 5,011.61.

Ramayana Lestari Sentosa jumped 7.69 percent to 1,540 rupiah, while Pabrik Kertas Tjiwi Kimia dropped 2 percent to 1,960 rupiah.

– Kuala Lumpur added 0.41 percent, or 6.96 points, to 1,707.35.

– Bangkok added 0.29 percent, or 4.50 points, to 1,553.85.

CP All dropped 10.34 percent to 39 baht, while Siam Makro jumped 10.56 percent to 754 baht.

– Mumbai 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


  • Easterlies to prevail in Luzon, Visayas
  • Lacson eyes P106-B ‘Yolanda’ rehab masterplan
  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • 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

  • No tourist draw, Malang the croc will remain wild
  • 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
  • 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

  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Technology

  • 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
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Opinion

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

  • Filipinos in Middle East urged to get clearance before returning
  • 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
  • Marketplace