Asian stocks mixed after Wall St. records
A man looks at an electronic stock board of a securities firm in Tokyo on Nov. 10, 2014. Asian markets were mixed Tuesday, Nov. 11, after US shares tapped fresh records for a fourth straight session, while a weaker yen helped Japan’s Nikkei extend its recent rally to hit a seven-year high. AP PHOTO/KOJI SASAHARA
HONG KONG–Asian markets were mixed Tuesday after US shares tapped fresh records for a fourth straight session, while a weaker yen helped Japan’s Nikkei extend its recent rally to hit a seven-year high.
Tokyo rose 2.05 percent, or 343.58 points, to 17,124.11–its best finish since October 2007–while Seoul added 0.24 percent, or 4.77 points, to 1,936.00 and Hong Kong ended 0.27 percent, or 63.58 points, higher at 23,808.28.
However, Sydney drifted 0.12 percent, or 6.9 points, to 5,517.1 and Shanghai ended 0.16 percent, or 4.00 points, off at 2,469.67.
Wall Street continued its impressive run Monday, adding to Friday’s gains after data showed jobs creation was healthy in October and the unemployment rate hit a six-year low.
The figures were the latest indicating the world’s top economy is on the path to recovery, with investors now keen to find out when the Federal Reserve plans to increase interest rates.
The Dow rose 0.23 percent and the S&P 500 added 0.31 percent, both hitting records for a fourth successive session, while the Nasdaq was up 0.41 percent.
In Tokyo the Nikkei resumed its uptrend as the yen dipped against the dollar, with analysts forecasting the index will march on through the rest of the year after the Bank of Japan’s stimulus injection last month.
The dollar was at 115.60 yen, compared with 114.83 yen in New York and sharply up from 114.16 yen in Tokyo earlier Monday.
The euro bought $1.2407 compared with $1.2420, while it was also at 143.58 yen against 142.62 yen.
Also providing support to Tokyo stocks is Japan’s $1.26-trillion public pension fund–the world’s biggest–which said last month it would double the amount of equities in its investment portfolio, as it seeks higher returns to cope with a rapidly ageing population.
Daiwa Securities senior strategist Tsuyoshi Nomaguchi told Dow Jones Newswires he expects the Nikkei will climb to the 18,000 mark from its present level around 16,900.
On oil markets US benchmark West Texas Intermediate (WTI) for December delivery fell 27 cents to $77.13 while Brent crude for December eased 34 cents to $82 in afternoon trade.
WTI tumbled $1.25 and Brent lost $1.05 on Monday after Kuwait said the 12-nation Organisation of the Petroleum Exporting Countries is unlikely to cut output when it meets in Vienna on Nov. 27.
Gold was at $1,151.05 an ounce, compared with $1,171.30 late Monday.
In other markets:
— Mumbai advanced 0.13 percent, or 35.33 points, to end at 27,910.06.
Automobile major Mahindra & Mahindra rose 2.35 percent to 1,260.65 rupees, while Bharat Heavy Electricals fell 2.41 percent to 245.05 rupees.
— Bangkok added 0.25 percent, or 3.86 points, to 1,571.20.
Coal producer Banpu rose 2.78 percent, or 0.75 baht, to 27.75 while mobile operator Dtac fell 1.47 percent, or 1.50 baht, to 100.50.
— Jakarta closed 1.35 percent higher, or 60.90 points, at 5,032.28.
Palm oil producer Astra Agro Lestari rose 2.94 percent to 23,600 rupiah, while Indah Kiat Pulp & Paper lost 0.86 percent to 1,155 rupiah.
— Singapore closed down 0.27 percent, or 8.85 points, to 3,292.15.
Oversea-Chinese Banking Corporation fell 0.98 percent to Sg$10.10 while media group Singapore Press Holdings rose 0.23 percent to Sg$4.30.
— Kuala Lumpur fell 2.82 points, or 0.15 percent, to close at 1,825.11.
Tenaga Nasional went up 0.31 percent to 13.14 ringgit while Maybank gained 0.41 percent to 9.79. Telekom Malaysia shed 0.28 percent to 7.12 ringgit.
— Taipei edged down 0.18 percent, or 15.84 points, to 9,034.14.
Taiwan Semiconductor Manufacturing Co. closed 0.37 percent lower at Tw$134.0 while Hon Hai Precision Industry fell 0.61 percent to Tw$97.7.
— Wellington rose 0.37 percent, or 20.45 points, to 5,490.79.
Meridian Energy was up 2.01 percent at NZ$1.775 and Warehouse Group gained 0.31 percent to NZ$3.20.
— Manila closed 0.17 percent higher, adding 12.43 points to 7,204.55.
Philippine Long Distance Telephone rose 1.56 percent to 2,996 pesos and Ayala Land gained 1.31 percent to 34.75 pesos, but casino operator Bloomberry Resorts fell 7.48 percent to 13.12 pesos
