Latest Stories

Asian shares rise in cautious trade before Fed meeting

An investor stands at a private securities company in Shanghai, China, July 18, 2013. Asian markets on Tuesday, July 30, 2013, mostly rebounded from the previous day’s losses on bargain buying in cautious trade ahead of a closely watched policy meeting at the Federal Reserve. AP FILE PHOTO

HONG KONG—Asian markets on Tuesday mostly rebounded from the previous day’s losses on bargain buying in cautious trade ahead of a closely watched policy meeting at the Federal Reserve.

With the focus on the US central bank, investors brushed off losses on Wall Street, while Japanese shares enjoyed a pick-up thanks to a weakening yen.

Tokyo surged 1.53 percent, or 208.69 points to 13,869.82, snapping a four-day losing streak that saw it give up 7.6 percent. Seoul added 0.90 percent, or 17.16 points, to close at 1,917.05 and Sydney was flat, edging up 0.87 points to 5,047.2.

Shanghai added 0.70 percent, or 13.76 points, to end at 1,990.06 and Hong Kong advanced 0.48 percent, or 103.81 points, to 21,953.96.

Investors are sitting on the sidelines before the Fed’s policy statement on Wednesday that they hope will provide an idea of its intentions for its $85 billion a month stimulus programme.

Most economists expect the scheme to be kept in place for the time being as the bank waits for the economy to show signs it can stand on its own two feet.

Also in traders’ sights this week are the release of non-farm jobs, second-quarter gross domestic growth and home prices.

On Wall Street the Dow fell 0.24 percent, the S&P 500 dropped 0.37 percent and the Nasdaq eased 0.39 percent.

In currency trade the dollar rose against the yen after hitting a one-month low on Monday.

The greenback bought 98.20 yen compared with 97.89 yen in New York late Monday. The euro bought $1.3269 compared with $1.3264, while it also sat at 130.28, from 129.85 yen.

The euro has enjoyed some measure of support from signs the eurozone is finally picking up strength and could even drag itself out of recession. With this in mind the European Central Bank is expected to hold off announcing any new interest rate cuts.

In Tokyo investors seemed to shrug off data showing industrial output fell a heavier-than-expected 3.3 percent month on month in June, while household spending also slipped.

However, the silver lining was news that unemployment had fallen to 3.9 percent, its lowest level since October 2008.

On oil markets New York’s main contract, West Texas Intermediate for delivery in September, was down 26 cents at $104.29 a barrel and Brent North Sea crude for September eased 10 cents to $107.35.

Gold cost $1,323.50 per ounce at 1100 GMT, compared with $1,334.38 late Monday.

In other markets:

– Mumbai slid 1.25 percent, or 244.94 points, to 19,348.94 points. ONGC fell 5.64 percent to 280.85 rupees while Tata Motors fell 3.94 percent to 284.40 rupees.

– Bangkok fell 1.30 percent, or 18.84 points, to 1,435.44.

PTT Global Chemical lost 4.44 percent to 70 baht, while Airports of Thailand dropped 4.51 percent to 180 baht.

– Kuala Lumpur lost 0.21 percent, or 3.70 points, to close at 1,795.08.

CIMB Group Holdings fell 1.9 percent to 8.15 ringgit, while Malayan Banking dipped 1.3 percent to 10.56. Genting Malaysia gained 5.0 percent to 4.21 ringgit.

– Jakarta closed higher 0.61 percent, or 28.02 points, at 4,608.49.

Astra International rose 2.38 percent to 6,450 rupiah, while Gudang Garam gained 1.40 percent to 43,600 rupiah.

– Singapore closed up 0.26 percent, or 8.48 points, at 3,245.45

Keppel Corp was down 0.67 percent to Sg$10.37 and Olam gained 1.77 percent to finish at Sg$1.73.

– Taipei rose 0.98 percent, or 79.05 points, to 8,163.55.

Taiwan Semiconductor Manufacturing Co. was 2.0 percent higher at Tw$102.0, while Largan Precision gained 3.86 percent at Tw$1,075.

– Manila closed 0.15 percent higher, adding 10.34 points to 6,728.00.

Manila Electric Co. rose 0.27 percent to 292 pesos, while Ayala Land advanced 0.33 percent to 30.65 pesos and BDO Unibank gained 2.01 percent to 83.70 pesos.

– Wellington fell 0.61 percent, or 27.89 points, to 4,550.59.

Chorus was off 2.84 percent at NZ$2.74, Telecom fell 2.18 percent to NZ$2.245 and Air New Zealand was steady on NZ$1.45.

Originally posted: 12:01 pm | Tuesday, July 30th, 2013

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 , Asian , Finance , Forex , gold price , oil prices , stocks , Trade

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


  • 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