Asian shares mixed, eyes on US data

A man reflected on the electronic board of a securities firm in Tokyo on Tuesday, Feb. 18, 2014. Asian markets were mixed Wednesday, with Tokyo stocks dropping after the previous session’s surge, as investors awaited US housing data and minutes from the Federal Reserve’s last meeting. AP PHOTO/KOJI SASAHARA

HONG KONG—Asian markets were mixed Wednesday, with Tokyo stocks dropping after the previous session’s surge, as investors awaited US housing data and minutes from the Federal Reserve’s last meeting.

The yen rebounded in Asia after tumbling on the Bank of Japan’s (BoJ) decision Tuesday to boost lending to commercial banks.

Tokyo lost 0.52 percent, or 76.71 points, to 14,766.53, Seoul shed 0.20 percent, or 3.98 points, to 1,942.93, while Sydney gained 0.29 percent, or 15.4 points, to 5,408.2.

The benchmark Shanghai Composite Index added 1.11 percent, or 23.48 points, to 2,142.55 and the Shenzhen Composite Index—which tracks stocks on China’s second exchange—gained 0.14 percent, or 1.58 points, to 1,157.20.

Hong Kong reversed early losses to rise 0.34 percent, adding 76.8 points to 22,664.52.

The BoJ announced Tuesday it would double the sum of loan schemes to banks in a bid to stimulate lending to firms and finance growth-stoking projects, such as environmental research and natural resources development.

That helped Tokyo’s Nikkei index power 3.13 percent higher on Tuesday, before profit-taking set in on Wednesday.

US stocks closed mostly higher Tuesday as investors weighed mixed company news and an unexpected slump in home builder confidence.

The Dow Jones Industrial Average shed 0.15 percent to 16,130.40 while the broader S&P 500 index advanced 0.12 percent to 1,840.76. The Nasdaq added 0.68 percent to 4,272.78.

“Equity indices kicked off the abbreviated trading week on a relatively quiet note,” analysts at Briefing.com said in a client note. US markets were closed Monday for the Presidents’ Day holiday.

Fed meeting minutes

Later Wednesday investors are looking to minutes from Ben Bernanke’s last meeting as Fed chief and US housing start figures for January.

“It will be interesting to see if there was any discussion to accelerate or slow the pace of tapering,” National Australia Bank said, referring to the minutes.

The US central bank’s move to pull back on its stimulus drive has rattled some emerging economy currencies including Russia’s ruble, the South African rand and Turkey’s lira.

Eyes are also on the new US housing data after shares of home builders came under pressure.

The National Association of Home Builders said its sentiment index tumbled to 46 in February from 56 in January. It largely blamed unusually severe weather in much of the country.

On currency markets the dollar bought 102.19 yen in afternoon trade compared with 102.40 yen in New York Tuesday.

The euro slipped to 140.60 yen from 140.89 while trading at $1.3764 against $1.3759.

Oil prices were mixed in Asian afternoon trade. New York’s main contract, West Texas Intermediate for March delivery, rose 37 cents to $102.80 but Brent North Sea crude for April eased 26 cents to $110.20.

Gold fetched $1,318.37 an ounce at 1040 GMT from $1,315.44 late Tuesday.

In other markets:

— Mumbai rose 0.43 percent, or 88.76 points, to 20,722.97 points.

Adani Enterprises rose 7.04 percent to 244.05 rupees, while Financial Technologies rose 4.99 percent to 326.20 rupees a share.

— Bangkok lost 0.39 percent, or 5.21 points, to 1,321.00.

Siam Cement fell 1.44 percent to 412 baht, while Bangchak Petroleum gained 2.65 percent to 29 baht.

— Jakarta closed up 0.80 percent, or 36.46 points, at 4,592.65.

Carmaker Astra International gained 2.21 percent to 6,950 rupiah, while Hero Supermarket lost 2.44 percent to 2,600 rupiah.

— Kuala Lumpur gained 4.21 points, or 0.23 percent, to close at 1,829.45.

Axiata Group rose 0.2 percent to 6.55 ringgit, while plantation company IOI added 5.7 percent to 4.60. RHB Capital lost 1.7 percent to 7.70 ringgit.

— Singapore closed up 0.59 percent, or 18.01 points, at 3,088.79.

Agribusiness firm Wilmar International gained 1.85 percent to Sg$3.31 while Oversea-Chinese Banking Corporation rose 0.52 percent to Sg$9.60.

— Manila climbed 1.63 percent, or 100.65 points, to 6,294.62.

BDO Unibank gained 0.99 percent to 81.80 pesos while Ayala Land Inc. rose 5.33 percent to 28.65 pesos.

— Taipei rose 0.24 percent, or 20.78 points, to 8,577.01.

Taiwan Semiconductor Manufacturing Co was unchanged at Tw$108.0 while leading chip design house MediaTek edged up 0.35 percent to Tw$435.0.

— Wellington gained 0.39 percent, or 19.05 points, to 4,914.14

Air New Zealand climbed 0.30 percent to NZ$1.695 and Fletcher Building rose 1.25 percent to NZ$9.72.