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HONG KONG, March 22: Asian stocks continued their retreat on Wednesday after a tumble on Wall Street amid inflation concerns and possible higher interest rate hikes again haunted the markets. Dealers also said a decision by Microsoft to delay the release of its latest operating system to consumers and small businesses until January had weighed on tech-heavy benchmarks, particularly Tokyo and Seoul.
Tokyo fell 0.78 per cent while Seoul was punished more severely with a 2.01 per cent tumble, however, given recent multi-year and record highs struck within the region further profit-taking was not unexpected.
Losses were more modest elsewhere while Manila finished flat and Sydney bucked the trend for another record close on gains in the banking sector.
TOKYO: Share prices closed 0.78 per cent lower, easing off six-week highs as investors opted to take profits after US stocks stumbled on inflation worries.
Dealers said the market took a breather after rising for two straight trading days on expectations that the Bank of Japan will not raise near-zero interest rates just yet.
The Nikkei-225 index lost 129.32 points to 16,495.48 on turnover of 2.03 billion shares.
After share prices surged two trading days in a row, market participants chose to lock-in profits, said Toshihiko Matsuno, senior strategist at SMBC Friend Securities.
HONG KONG: Share prices closed sharply lower, shedding 1.76 per cent, on heavy futures-related selling in late trade.
The Hang Seng Index closed down 279.94 points at 15,642.81. Turnover was 33.68 billion Hong Kong dollars (US$4.3 billion).
SINGAPORE: Share prices closed 0.32 per cent lower on profit-taking, mirroring the regional markets.
The Straits Times Index closed down 7.90 points at 2,489.27 on volume of 1.39 billion shares worth 1.69 billion Singapore dollars (1.04 billion US).
KUALA LUMPUR: Share prices closed 0.13 per cent lower on continuing worries over the outbreak of bird flu.
The composite index was down 1.19 points at 921.94. Volume was 783.69 million shares worth 1.01 billion ringgit (0.27 billion dollars).
JAKARTA: Share prices closed 1.87 per cent lower as investors took profit from the market’s recent record gains, with regional market declines adding to the pressure.
The composite index lost 24.814 points at 1,302.328 on 3.47 billion shares valued at 2.73 trillion rupiah (300.49 million dollars.)
WELLINGTON: Share prices closed 0.87 per cent higher as investors returned to top stock Telecom which suffered earlier in the week because of a weakening local dollar.
The NZSX-50 Gross Index rose 31.15 points to 3,561.71 on turnover worth 136.50 New Zealand dollars (83.67 million US).
MUMBAI: Share prices closed 0.59 per cent lower with investors cautious as the benchmark index hovers near record high levels.
The 30-share Sensex index fell 63.85 points to 10,841.35 after rising above 11,000 for the first time in intraday trade Tuesday.—AFP
