Asian shares tick up after sell-off
A man walks past a world stock price chart on a street in Tokyo, Monday, March 10, 2014. AP
HONG KONG—Asia’s markets rose on Tuesday following big losses in the previous session but investors were largely unmoved by the Bank of Japan’s decision to stand pat on its stimulus program.
The gains came despite a negative lead from Wall Street, while the dollar and euro edged up slightly against the yen.
Tokyo added 0.69 percent, or 103.97 points, to 15,224.11, Seoul climbed 0.48 percent, or 9.56 points, to close at 1,963.87 and Sydney was flat, edging up 2.3 points to 5,413.8.
Shanghai advanced 0.10 percent, or 2.09 points, to 2,001.16 and Hong Kong was almost unchanged, edging up 4.68 points to 22,269.61.
Global markets suffered a sell-off on Monday in response to a shock trade deficit in China that raised fears about the world’s No. 2 economy while Japan revised down its growth for 2013.
On Wall Street, the Dow fell 0.21 percent, the S&P 500 dipped 0.05 percent and the Nasdaq gave up 0.04 percent.
Investors had been waiting for the BoJ’s two-day meeting to end expecting it to hold steady on monetary policy but hoping it would give some idea of its plans for the scheme.
The bank said it would keep its powder dry for now, adding the economy was picking up, despite slowing growth in the last quarter of 2013 and fears that a sales tax hike due next month will dent the recovery.
“The Bank of Japan’s decision to stay the course at today’s meeting came as no surprise, but we remain convinced that further easing will be required in coming months,” said Marcel Thieliant from London-based Capital Economics.
US, Russia trade barbs
The yen dipped slightly after the announcement. The dollar was quoted at 103.30 yen in the afternoon, against 103.26 yen in New York Monday, while the euro fetched 143.30 yen compared with 143.28 yen.
The single currency was also quoted at $1.3865 against $1.3875.
Tensions in Ukraine also remain on the radar as world leaders struggle to find a diplomatic solution to the crisis.
On Monday US Secretary of State John Kerry refused to attend talks in Moscow after his Russian counterpart Sergei Lavrov snubbed Kiev’s interim leaders.
Lavrov denounced Kerry for turning down an invitation to meet but Washington hit back that the time was not right as there was no sign that Russian President Vladimir Putin was prepared to negotiate.
Washington has led global efforts to defuse tensions since Russian troops deployed last week in Ukraine’s Crimea peninsula following the ouster of the pro-Moscow president Viktor Yanukovych.
Oil prices edged up. New York’s main contract, West Texas Intermediate for April delivery, was up 18 cents at $101.09 101.30 and Brent North Sea crude for April rose one cent to $108.09.
Gold fetched $1,348.55 an ounce at 1050 GMT compared with $1,339.80 late Monday.
In other markets:
— Singapore closed up 0.09 percent, or 2.77 points, at 3,129.40.
DBS bank eased 0.31 percent to Sg$16.05, while oil rig maker Keppel Corp rose 1.13 percent to Sg$10.76.
— Kuala Lumpur’s main stock index gained 0.36 percent, or 6.49 points, to 1,828.55.
Telekom Malaysia added 0.2 percent to 5.92 ringgit, while utility Tenaga Nasional was up 0.2 percent to 11.96. Budget carrier AirAsia lost 0.4 percent to 2.51 ringgit.
— Bangkok rose 1.13 percent, or 15.23 points, to 1,364.28.
Coal producer Banpu fell 1.92 percent to 25.50 baht while Bangkok Bank rose 1.15 percent to 176.50 baht.
— Jakarta ended up 0.58 percent, or 26.97 points, at 4,704.21.
State miner Aneka Tambang rose 1.36 percent to 1,115 rupiah, while conglomerate Astra International lost 0.34 percent to 7,250 rupiah.
— Mumbai fell 0.49 percent or 108.41 points to end at 21,826.42 points. Tata Steel shed 5.52 percent to 344.15 rupees per share and Financial Technologies fell 4.99 percent to 382.60 rupees per share.
— Taipei rose 0.43 percent, or 37.09 points, to 8,702.33.
Taiwan Semiconductor Manufacturing Co. rose 0.88 percent to Tw$114.0 while Hon Hai fell 0.47 percent to Tw$84.2.
— Wellington fell 0.31 percent, or 15.90 points, to 5,101.94.
Fletcher Building slipped 1.7 percent to NZ$9.69 and telecoms firm Chorus added 0.6 percent to to NZ$1.57.
— Manila added 0.65 percent, or 42.35 points, to 6,529.58.
Originally posted: 11:26 am | Tuesday, March 11th, 2014
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