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TOKYO, Feb 19: Share prices on Asia’s main stock markets traded lower Tuesday on a lack of fresh news led by Tokyo, where US President George W. Bush’s visit could not inspire investors.
The mood in Japan spread across the region, with major markets including Hong Kong, Singapore and Seoul losing ground and Sydney closing marginally higher.
The Nikkei-225 average of the Tokyo Stock Exchange fell 2.4 per cent or 246.09 points to close under the symbolic 10,000-point mark at 9,847.16. The Topix index of all issues on the market’s first section lost 21.72 points to finish at 959.96.
After talks on Monday, Prime Minister Junichiro Koizumi pledged to push strongly for structural reforms while US leader Bush said he supported the commitment.
But they failed to reveal details of any discussions regarding a plan to rehabilitate the Japanese banking sector — the topic at the forefront of investor interest.
It was not realistic to consider so, but the market had hopes for some positive surprises at the summit meeting, especially on the public fund injection, said Mizuho Investors Securities strategist Motoyoshi Uchida.
But in reality, the meeting did not produce any such surprises.
Finance Minister Masajuro Shiokawa earlier reiterated the government’s line to only consider injections of taxpayers’ money in the event of a financial crisis.
HONG KONG: Hong Kong share prices dropped 1.5 per cent on profit-taking after recent gains amid a lack of fresh news.
The key Hang Seng index lost 162.32 points to close at 10,840.49.
Dealers said trade had been relatively cautious throughout the day, with investors largely remaining on the sidelines after US markets were closed for a public holiday Monday.
Alex Tang, Core Pacific Yamachi head of research, said bourses across the region had been pressured during the day, and Hong Kong’s market was no exception.
SYDNEY: The Australian share market registered a slight rise as profit-taking dragged resources giant BHP-Billiton lower.
The All Ordinaries index rose 1.3 points to 3,414.1 while the SP/ASX 200 edged 1.1 points higher to close at 3,470.4.
SINGAPORE: Singapore share prices closed 1.0 per cent weaker on the back of profit-taking and worries over US corporate earnings.
The Straits Times Index slipped 18.01 points to 1,742.73.
KUALA LUMPUR: Malaysian share prices closed 1.2 per cent higher on selective buying sparked by improved corporate results.
The Kuala Lumpur Stock Exchange composite index rose 8.60 points to finish at 729.73.
JAKARTA: Indonesian share prices closed 0.4 per cent lower as blue chips gave up early gains amid profit-taking in the afternoon.
The Jakarta Stock Exchange composite index ended down 1.654 points at 460.695. What makes it volatile is clearly the domination of local players.
WELLINGTON: The New Zealand sharemarket remained static, closing up just 0.1 point to 2071.94.
Heavyweight Telecom was one of the most active stocks on the market, after the company reported a second quarter result of a near 16 per cent rise in net profit to US$68 million. The result, at the top end of market expectations, initially pushed Telecom up nine cents but it ended up one cent back at $5.32.—AFP
