Quantcast
Latest Stories

Asian markets mixed ahead of Greece meeting



A woman stands in the rain in front of an electronic stock board of a securities firm in Tokyo, Monday, Nov. 26, 2012. Asian stock markets were mixed on Monday as investors awaited the outcome of a meeting later in the day aimed at finalizing a bailout deal for Greece, amid a simmering budgetary impasse in Washington. AP PHOTO/KOJI SASAHARA

HONG KONG—Asian markets were mixed on Monday as investors awaited the outcome of a meeting later in the day aimed at finalizing a bailout deal for Greece, amid a simmering budgetary impasse in Washington.

Tokyo rose 0.24 percent, or 22.14 points, to 9,388.94, Sydney gained 0.25 percent, or 11.2 points, to close at 4,424.2 but Seoul ended 0.15 percent, or 2.82 points, lower at 1,908.51.

Hong Kong closed down 0.24 percent, or 52.17 points, at 21,861.81 while Shanghai slid 0.49 percent, or 9.92 points, to finish at 2,017.46.

Eurozone finance ministers were to meet later Monday for their third effort to agree on unlocking a 31.2-billion-euro ($40.5-billion) slice of aid for Greece as it teeters on the verge of bankruptcy as nervous investors hope for positive news.

French Finance Minister Pierre Moscovici on Sunday offered some hope in the long-running saga to reach a deal for Athens, saying that ministers were “very close to a solution.”

“I don’t know if there will be an agreement tomorrow. I know it is possible and I want one,” he said.

Europe’s main stock markets fell at the start of trading Monday ahead of the meeting on Greece, with London’s benchmark FTSE 100 index of top companies down 0.26 percent at 5,803.98 points.

Frankfurt’s DAX 30 shed 0.31 percent to 7,286.69 points and in Paris the CAC 40 dropped 0.40 percent to 3,514.86.

The mixed Asian trade came after US stocks rallied Friday on signs that holiday retail sales were off to a good start, with Walmart calling it the “best ever” Black Friday, the traditional discount sales day that kicks off the holiday shopping season.

That helped boost the Dow Jones Industrial Average by 1.35 percent to 13,009.68.

Investors were also looking out for news of a compromise in Washington that will avert the so-called fiscal cliff of spending cuts and tax hikes, which will likely send the economy into recession if it comes into effect.

Finding a new spending deal to replace the package, scheduled to come into effect on January 1, has been elusive in the bitterly divided US Congress.

“Certainly from our perspective, we are skeptical about whether there has really been any progress in discussions regarding the US fiscal cliff,” Angus Gluskie, managing director of White Funds Management in Sydney, told Dow Jones Newswires.

On currency markets the euro lost ground after hitting a seven-month high on the yen.

The single currency bought $1.2965 and 106.38 yen from $1.2973 and 106.90 yen in New York on Friday.

The euro had climbed above 107 yen in earlier Asian trade Monday but the unit quickly fell.

The dollar was also weaker at 82.01 yen against 82.40 yen in US trade.

However, the yen has been under pressure recently on expectations the country’s central bank will unveil a new round of monetary easing next month.

Oil markets were also affected by Greek debt fears and the US fiscal cliff, analysts said.

New York’s main contract, West Texas Intermediate (WTI) for January delivery, was down four cents to $88.24 a barrel in the afternoon, and Brent North Sea crude also for January eased 26 cents to $111.12.

“Having just enjoyed an unexpectedly strong week, global markets remain on a knife edge with uncertainty over Greece and the US taking center stage again,” said Jason Hughes, head of premium client management at IG Markets Singapore.

Gold was at $1,747.01 at 1030 GMT compared with $1,734.47 late Friday.

In other markets:

– Wellington rose 3.69 points, or 0.09 percent, to 4,012.03, its highest close since January 2008.

Contact Energy gained 1.38 percent to NZ$5.15 and Fisher & Paykel Healthcare was up 1.63 percent to NZ$2.50.

– Taipei was up 81.36 points, or 1.11 percent, at 7,407.37.

Leading smartphone maker HTC added 4.58 percent to Tw$251.0 while Hon Hai Precision was 0.87 percent higher at Tw$92.8.

– Manila rose 0.49 percent, or 27.08 points, to close at a record high of 5,579.42.

Philippine Long Distance Telephone added 0.4 percent to 2,510 pesos and Philippine National Bank increased 1.9 percent to 85.90 pesos.

– Singapore closed 0.51 percent, or 15.22 points, higher at 3,004.50.

Singapore Telecom rose 0.64 percent to finish at Sg$3.16 and property developer CapitaLand ended 0.59 percent higher at Sg$3.43.

– Jakarta ended up 0.61 percent, or 26.361 points, at 4,375.169.

Retailer Ramayana Lestari Sentosa jumped 11.63 percent to 1,440 rupiah and tin firm Timah rose 2.94 percent to 1,400 rupiah.

– Kuala Lumpur fell 0.40 percent, or 6.44 points, to end at 1,607.88.

Axiata Group shed 2.0 percent to 5.75 ringgit, while CIMB Group Holdings dropped 1.2 percent to 7.58.

– Bangkok gained 0.71 percent, or 9.15 points, to 1,290.85.

Coal producer Banpu jumped 5.35 percent to 394 baht, while Siam Cement lost 0.77 percent to 387 baht.

– Mumbai rose 0.16 percent, or 30.44 points, to 18,537.01.

GSK Consumer Healthcare, the local arm of GlaxoSmithKline, jumped 20 percent to 3,651.8 rupees on news that the parent firm planned to increase its stake in the local firm to 75 percent.


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 , Crude prices , Finance , Forex , gold price , 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
Advertisement
Advertisement

News

  • Mixed feelings for Gabriel Garcia Marquez in hometown
  • Korea ferry captain arrested, divers spot bodies
  • Enrile chief aide back in PH ‘to face charges’–report
  • Pakistan library named ‘bin Laden,’ as memory fades
  • US teacher fired over comment on black president
  • Sports

  • Duke’s Rodney Hood joining Jabari Parker in NBA draft
  • Phelps entered in 3 events at comeback meet
  • Boston prepares for huge wave of marathon visitors
  • Motivated LeBron James preps for postseason
  • Nadal ousted by Ferrer in Monte Carlo quarters
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Myx TV premieres Asian American ‘docu-series’
  • A nutty finale for ‘Scandal,’ TV’s craziest show
  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Business

  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • OFW from UAE tests negative for MERS-Cov–health chief
  • Multicultural flock marks Good Friday in San Francisco
  • Las Vegas ‘Pinoy Pride’ fest hails Filipino heritage
  • Marking Jesus’ journey on Good Friday
  • Filipina accomplice arrested for fake bills in Malaysia
  • Marketplace