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HONG KONG, May 15: Asian stocks tumbled again on Monday with investors taking flight on the latest concerns about the outlook for US interest rates and the dollar that began spooking the markets late last week.
Dollar falls against appreciating Asian currencies are a bad omen for the region’s exports, making them less competitive on a cost basis and forcing a revaluation of their prospects.
The currency factor also emerged as commodity prices pushed record limits, raising doubts that inflation can be kept in check with interest rates at current levels, meaning a further hike could be in the offing.
TOKYO: Share prices closed at a new eight-week low, extending a losing streak to five days as investors fretted over losses on Wall Street and a firmer yen which hurts exporters.
The Nikkei-225 index fell 114.87 points or 0.69 per cent to 16,486.91. Volume was 1.82 billion shares, down from 2.0 billion Friday.
HONG KONG: Share prices plunged 2.41 per cent following Wall Street’s falls on Friday as investors fretted over the outlook for inflation and interest rates.
The Hang Seng Index closed down 407.01 points at 16,494.84. Turnover was 37.97 billion Hong Kong dollars (4.87 billion US).
SYDNEY: Share prices closed down 1.79 per cent as investors dumped resources following the large sell-off on Wall Street on Friday and a fall in metal prices.
The S and P/ASX 200 plunged 95.4 points to 5,234.1. Turnover was 1.32 billion shares worth 4.48 billion dollars (3.46 billion US).
SINGAPORE: Share prices plunged 3.72 per cent in response to Wall Street’s fall last Friday as investors locked in profits after weeks of massive gains.
KUALA LUMPUR: Share prices closed 0.15 per cent lower, in line with weak sentiment in the region amid worries over the outlook on US interest rates.
JAKARTA: Share prices slumped 6.31 per cent with massive profit-taking by foreign investors amid a sharp fall in the rupiah and tumbling regional markets.
WELLINGTON: Share prices fell 1.32 per cent, driven down on profit-taking and weakness in offshore markets following heavy losses on Wall Street Friday.
The NZSX-50 gross index closed 47.80 points lower at 3,633.08 on turnover worth 134.8 million New Zealand dollars (82.91 million US).
MUMBAI: Share prices closed sharply lower Monday on weak Asian market trends and a plunge in key metal prices in London.
The 30-share Sensex index fell 462.91 points or 3.9 per cent to 11,822.2.—AFP
