Asian shares mixed after Wall St losses
A woman walks past an electronic board of a local bank showing the Hong Kong share index in Hong Kong on Sept. 10, 2014. Asian markets were mixed Wednesday as bargain-buying was offset by the effects of a sell-off in New York and Europe in response to fresh data indicating weakness in the eurozone. AP PHOTO/VINCENT YU
HONG KONG–Asian markets were mixed Wednesday as bargain-buying was offset by the effects of a sell-off in New York and Europe in response to fresh data indicating weakness in the eurozone.
Japan’s Nikkei returned from a public holiday to a stronger yen which put downward pressure on exporters.
Tokyo slipped 0.24 percent, or 38.45 points, to end at 16,167.45, while Sydney declined 0.74 percent, or 39.9 points, to 5,375.8. Seoul added 0.33 percent, or 6.73 points, to 2,035.64.
Shanghai rallied 1.47 percent, or 33.86 points, to 2,343.58, an 18-month high.
Hong Kong closed up 0.35 percent, or 84.54 points, at 23,921.61 following a better-than expected Chinese manufacturing report Tuesday.
US investors followed their European colleagues into retreat on Tuesday after a closely watched gauge of business activity in the 18-nation eurozone slipped again in September, fanning worries about the region’s stuttering recovery.
The Markit Economics composite purchasing managers index (PMI) saw a second consecutive fall in September, hitting a nine-month low of 52.3 from 52.5 points in August. A reading above 50 suggests growth and anything below points to a contraction.
“The latest PMI data are testimony to the lackluster nature of the eurozone’s economic recovery,” said ING analyst Martin van Vliet.
London’s FTSE 100 tumbled 1.44 percent, Frankfurt’s DAX 30 index dropped 1.58 percent and the Paris CAC 40 fell 1.87 percent.
Those losses filtered through to New York, where the Dow slipped 0.68 percent, the S&P 500 dropped 0.58 percent and the Nasdaq fell 0.42 percent.
They also came despite a better-than-expected pickup in HSBC’s preliminary PMI for September.
On foreign exchange markets the dollar slipped to 108.75 yen from 108.87 yen in New York. However, while the greenback is well down from the levels above 109 yen it hit last week it was still hovering around six-year highs.
The euro fetched $1.2839 and 139.60 yen against $1.2850 and 139.91 yen.
“Investors will be naturally averse to place bets on risky assets after an overwhelmingly negative overnight session in both the US and Europe,” Hiroichi Nishi, SMBC Nikko Securities’ general manager for equities, told Dow Jones Newswires.
“But the dollar’s continuing strength will help Japan stocks weather a major fall.”
On oil markets US benchmark West Texas Intermediate rose 19 cents to $91.75 while Brent crude added one cent to $96.86 in afternoon trade.
Gold was at $1,220.98 an ounce against $1,226.00 an ounce late Tuesday.
In other markets:
— Taipei tacked on 0.15 percent, or 13.59 points, to 9,098.49.
Smartphone maker HTC gained 1.14 percent to end at Tw$133.5, while Taiwan Semiconductor Manufacturing Co. was 0.41 percent higher at Tw$123.0.
— Wellington rose 0.32 percent, or 16.73 points, to 5,258.17.
Air New Zealand was up 1.29 percent at NZ$1.97 and Contact Energy added 0.17 percent to NZ$5.92.
— Manila closed 1.15 percent higher, adding 83.67 points to 7,355.29.
Megaworld Corp. rose 8.32 percent to 4.95 pesos while Philippine Long Distance Telephone gained 0.06 percent to 3,270 pesos. Alliance Global rose 3.41 percent to 25.80 pesos.
— Jakarta ended down 0.27 percent, or 14.11 points, at 5,174.01.
Lender Bank Negara Indonesia gained 0.86 percent to 5,850 rupiah, while cement maker Semen Indonesia slipped 0.93 percent to 15,975 rupiah.
— Bangkok edged up 0.11 percent, or 1.76 points, to 1,591.89.
Bangchak Petroleum added 5.15 percent to 35.75 baht, while telecoms company True Corporation fell 4.00 percent to 12.00 baht.
— Singapore closed down 0.16 percent, or 5.28 points, to 3,292.81.
Agribusiness company Wilmar International fell 0.32 percent to Sg$3.12 while oil rig maker Keppel Corp. rose 0.57 percent to Sg$10.56.
— Kuala Lumpur ended flat, slipping 0.11 points to 1,840.08.
SapuraKencana Petroleum shed 0.2 percent to 4.14 ringgit, while plantation giant IOI fell 0.8 percent to 4.80. YTL gained 1.8 percent to 1.69 ringgit.
— Mumbai closed down 0.12 percent, or 31.00 points, to 26,744.69.
Reliance Power gained 5.34 percent to 75.90 rupees, while Oracle Financial Services Software fell 12.89 percent to 3,448.30 rupees.
