Asia stocks fail to match Wall Street gains | Inquirer Business

Asia stocks fail to match Wall Street gains

/ 12:47 PM April 17, 2014

AP FILE PHOTO

HONG KONG — Asian stock markets were mostly lower Thursday, with Japan’s Nikkei leading the retreat as investors locked in profits after a strong rally.

Profit taking set in following a sharp rise in Tokyo the day before and as comments from the country’s central bank governor left investors unimpressed.

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Other regional benchmarks were unable to find direction in spite of optimism in the U.S., where major benchmarks closed at least 1 percent higher, and Federal Reserve Chair Janet Yellen said the central bank would continue to provide stimulus for the job market.

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Trading in some markets such as Hong Kong and Australia was subdued ahead of a long weekend.

Japan’s Nikkei 225 index lost 0.4 percent to 14,362.94 after rising 3 percent on Wednesday.

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Bank of Japan governor Haruhiko Kuroda said in a speech that the bank would make adjustments as needed to its ultra-loose monetary policy, and he reiterated his confidence that the policy is having the desired effect of stimulating the economy, according to Kyodo news agency.

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South Korea’s Kospi dropped 0.2 percent to 1,988.10. Hong Kong’s Hang Seng edged up 0.1 percent to 22,724.84 and Australia’s S&P/ASX 200 rose 0.5 percent to 5,448.80. In mainland China, the Shanghai Composite Index shed 0.3 percent to 2,098.65.

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On Wall Street, the Dow rose 1 percent to 16,424.85 and the Standard & Poor’s 500 rose 1.1 percent to 1,862.31. The Nasdaq composite rose 1.3 percent to 4,086.22.

In energy trading, benchmark crude oil for May delivery was up 33 cents to $104.09. The contract rose 1 cent to settle at $103.76 on Wednesday.

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In currencies, the dollar slipped to 101.93 yen from 102.22 in late trading Wednesday. The euro rose to $1.3840 from $1.3820.

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TAGS: Asia, Business, Nikkei, Stock Market, stocks

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