Asian shares mostly lower after Wall St. losses
A man walks by an electronic stock board of a securities firm in Tokyo on Tuesday, Jan. 14, 2014. Asian markets mostly suffered a sell-off on Tuesday after heavy losses on Wall Street fueled by last week’s worse-than-expected US jobs figures. AP PHOTO/KOJI SASAHARA
HONG KONG—Asian markets mostly suffered a sell-off on Tuesday after heavy losses on Wall Street fueled by last week’s worse-than-expected US jobs figures.
The yen eased back against the dollar and euro, although that was not enough to prevent a dive on Japan’s Nikkei as it reopened after a long weekend.
Tokyo tumbled 3.08 percent, or 489.66 points, to 15,422.40, Sydney slipped 1.51 percent, or 80.1 points, to 5,212.0, Seoul fell 0.15 percent, or 2.85 points, to 1,946.07 and Hong Kong lost 0.42 percent, or 97.48 points, to end at 22,791.28.
However, Shanghai finished 0.86 percent higher, adding 17.28 points to 2,026.84.
Kuala Lumpur and Jakarta were closed for public holidays.
Friday’s report from the Labor Department showing the US economy added just 74,000 jobs in December—well below the 197,000 expected by analysts—fueled concerns about growth going into the new year.
On Wall Street the Dow fell 1.09 percent, the S&P 500 shed 1.26 percent and the Nasdaq lost 1.47 percent.
“The jobs data came in so far below expectations that a sharp knee-jerk market reaction is natural, especially considering how far the dollar has fallen,” Monex market analyst Toshiyuki Kanayama told Dow Jones Newswires.
“The selling is unlikely to have a long-lasting effect on market sentiment, but could lead to a more thorough shakeout of what has been a very bullish two-month period.”
The result fueled speculation the Federal Reserve could hold off any further reductions to its stimulus program at this month’s policy meeting, which in turn has pressured the dollar.
In afternoon trade the greenback bought 103.345 yen compared with 102.98 yen in New York Monday afternoon, but was steeply down from 104.93 yen in Tokyo on Friday. The euro was at 141.32 yen from 140.77 yen and also well off the mid-140 yen levels seen last week.
The single currency also fetched $1.3661 against $1.3670 in New York.
In Tokyo, drinks giant Suntory Beverage & Food rose 0.30 percent after its parent Suntory Holdings agreed to buy Beam Inc., the second-largest maker of American whiskey, for $13.6 billion.
On oil markets New York’s main contract, West Texas Intermediate for February delivery, was up 12 cents to $91.92 in afternoon trade, while Brent North Sea crude for February fell 11 cents to $106.64 in volatile trade.
Gold fetched $1,249.20 at 1020 GMT compared with $1,246.29 late Monday.
In other markets:
— Mumbai fell 0.48 percent, or 101.33 points, to 21,032.88 points.
Tata Steel fell 2.91 percent to 374.90 rupees while private carrier Jet Airways fell 2.57 percent to 261.70 rupees.
— Bangkok added 0.96 percent, or 12.31 points, to 1,295.87.
Thai Airways International jumped 11.63 percent to 14.40 baht, while telecoms company True Corporation gained 9.79 percent to 7.85 baht.
— Singapore closed down 0.37 percent, or 11.74 points, at 3,123.75.
Real estate developer Capitaland eased 0.68 percent to Sg$2.93 and United Overseas Bank lost 1.10 percent to Sg$20.76.
— Taipei fell 0.21 percent, or 18.06 points, to 8,548.14.
Taiwan Semiconductor Manufacturing Co. was 0.49 percent higher at Tw$103.5 while Cathay Financial Holdings shed 1.69 percent to Tw$46.6.
— Wellington slipped 0.70 percent, or 34.24 points, to 4,865.9.
Fletcher Building was down 0.78 percent at NZ$8.93 and Telecom rose 1.07 percent to NZ$2.35.
— Manila ended flat, dipping 5.11 points to 5,935.56.
Bank of the Philippine Islands fell 0.95 percent to 83.20 pesos and BDO Unibank retreated 0.42 percent to 71.50 pesos, while Philippine Long Distance Telephone slipped 0.37 percent to 2,700.00 pesos.
