Asia shares slip after week’s rallies
Office workers wearing collapsible helmets walk by an electronic stock board of a securities firm during their disaster drill in Tokyo Thursday, Feb. 13, 2014. Asian stocks were mostly lower Thursday, led by a fall in Tokyo after Wall Street ended lower for the first time this week. Japan’s Nikkei 225, the region’s main index, dropped 265.32 points, or 1.79 percent to 14,534.74. (AP Photo/Koji Sasahara)
HONG KONG—Asian shares fell on profit-taking Thursday following four strong sessions as a rally on Wall Street fizzled out, but Sydney pared earlier losses caused by data showing Australian unemployment at a 10-year high.
With few catalysts to drive trade, investors took a breather before the release of fresh data from the United States and China.
Tokyo fell 1.79 percent, or 265.32 points, to end at 14,534.74 as a stronger yen hit exporters, while Sydney was flat, dipping 2.0 points to 5,308.1. Seoul gave up 0.46 percent, or 8.88 points, to end at 1,926.96.
Hong Kong fell 0.54 percent, or 120.26 points, to 22,165.53 and Shanghai was down 0.55 percent, or 11.56 points, at 2,098.40.
Global markets have so far enjoyed a positive week after a tumultuous time caused by the US Federal Reserve’s decision to reduce its stimulus program for a second time in two months.
The gains came despite last Friday’s below-forecast US jobs data. Buying was given extra support Wednesday by a report showing a huge surge in Chinese exports last month.
The China figures were welcomed after a string of disappointing news, including contracting manufacturing activity, that have indicated a slowdown in the world’s No. 2 economy.
Market players will be looking to the release in Beijing on Friday of inflation data.
Sydney shares were hit after the Australian Bureau of Statistics said the jobless rate rose to 6.0 percent in January—its worst level since July 2003—from 5.8 percent in December.
The rise comes as the government struggles to manage a bumpy economic transition from a decade-long Asia-led mining investment boom.
It also follows the news earlier in the week that Japanese auto giant Toyota, the last carmaker in the country, will close its Melbourne plant in four years, sounding the death knell for the Australian car industry.
Dollar sinks against yen
On Wall Street a four-day winning streak came to an end for the Dow and S&P Wednesday, as investors took their cash off the table ahead of retail sales figures and unemployment benefit claims.
The Dow lost 0.19 percent and the S&P 500 dipped 0.03 percent but the Nasdaq rose 0.24 percent.
In currency trade the dollar was at 102.09 yen against 102.50 yen in New York Wednesday afternoon.
The euro bought $1.3626 and 139.11 yen compared with $1.3593 and 139.33 yen in US trade.
On oil markets West Texas Intermediate for March delivery eased 61 cents to $99.76, while Brent for March delivery was down 24 cents at $108.55.
Gold fetched $1,290.45 an ounce at 1050 GMT compared with $1,287.42 late Wednesday.
In other markets:
— Singapore closed 0.15 percent, or 4.45 points, higher at 3,039.90. SingTel rose 1.7 percent to Sg$3.57 while Keppel Corp. fell 1.33 percent to Sg$10.39.
— Bangkok slipped 0.17 percent, or 2.19 points, to 1,311.87.
Charoen Pokphand Foods dropped 4.59 percent to 26 baht, while telecoms company True Corporation fell 2.70 percent to 7.20 baht.
— Kuala Lumpur slid 8.49 points, or 0.47 percent, to 1,817.15.
Kuala Lumpur Kepong ended 2.9 percent lower at 23.52 ringgit while Felda Global Ventures shed 1.6 percent to 4.46. Guinness Anchor Berhad climbed 1.6 percent to 15.08 ringgit.
— Jakarta edged down 0.10 percent, or 4.63 points, to 4,491.66.
Bank Negara Indonesia rose 0.12 percent to 4,315 rupiah, while state miner Aneka Tambang fell 1.93 percent to 1,015 rupiah.
— Taipei fell 0.51 percent, or 43.17 points, to 8,467.70.
Taiwan Semiconductor Manufacturing Co. was unchanged at Tw$105.0, while leading chip design house MediaTek dropped 1.15 percent to Tw$429.0.
— Wellington was flat, edging up 5.56 points to 4,873.53.
Air New Zealand added 0.29 percent to NZ$1.70 and Telecom was 1.26 percent higher at NZ$2.42.
— Manila closed 0.17 percent lower, dipping 10.59 points to 6,101.72.
Metropolitan Bank and Trust closed 0.56 percent lower at 79.55 pesos while SM Prime Holdings fell 2.26 percent to 14.70 pesos.
— Mumbai fell 1.25 percent, or 255.14 points, to 20,193.35.
