Asian stocks lower as Bin Laden euphoria fades
HONG KONG – Most Asian stock markets fell Tuesday as euphoria faded over news the day before of the death of terror mastermind Osama bin Laden as investors turned their attention back to earnings and economic reports.
“Investors are more concerned with the fundamentals that affect the stock market,” said Francis Lun, an independent stock market commentator.
“The killing of Bin Laden has only a temporary effect,” he added.
South Korea’s Kospi dipped 1.3 percent to 2,200.19 while Australia’s S&P/ASX 200 was down 1.1 percent at 4,774.40. Benchmarks in mainland China, Taiwan and Singapore also fell.
Shares of ANZ Banking Group Ltd., one of Australia’s four dominant lenders, fell 1.7 percent after it posted a 38 percent rise in first half profit that was less than analysts expected.
Hong Kong’s Hang Seng rose 0.3 percent to 23,784.70. New Zealand’s benchmark also edged up.
Markets in Japan were closed for a holiday.
In New York on Monday, stocks finished slightly lower despite bin Laden’s death, several strong earnings reports and a major drug industry acquisition.
The Dow Jones industrial average industrial average fell 3.18 points to close at 12,807.36. The S&P 500 index fell 2.39 points, or 0.2 percent, to 1,361.22. The Nasdaq composite fell 9.46 points, or 0.3 percent, to 2,864.08.
In currencies, the greenback rose to 81.05 yen from 81.25 yen. The euro, meanwhile, was weaker at $1.4806 from $1.4846 late Monday in New York.
Benchmark oil for February delivery fell 39 cents to $113.14 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 41 cents to settle at $113.52 on Monday.
