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TOKYO, Feb 25: Share prices on most of Asia’s stock markets closed lower on Monday with profit-taking and local concerns weighing on investor sentiment.
Of the region’s larger markets, there were losses in Tokyo, Hong Kong, Singapore, Taipei and Kuala Lumpur while Sydney ended the day barely higher.
Japanese stocks closed 0.6 per cent lower, reflecting growing expectations the government may fail to address economic woes effectively in an anti-deflation package, dealers said.
The Nikkei-225 index of the Tokyo Stock Exchange ended down 60.31 points at 10,296.47 while the Topix index of all issues on the market’s first section lost 2.07 points to 987.12.
HONG KONG: Hong Kong share prices fell 1.6 per cent with investors sidelined ahead of the expiry of the February index futures contract.
The key Hang Seng index lost 168.92 points to close at 10,496.02.
Dealers said investors were also sidelined ahead of US Federal Reserve chairman Alan Greenspan’s congressional testimony on Wednesday, which is expected to provide some indication of the Fed’s views on the outlook for the US economy.
The benchmark index got a lift at the opening bell on Wall Street’s gains on Friday, but investor enthusiasm soon faded, with profit-taking setting in and reversing the early gains, they added.
SYDNEY: Australian shares rose marginally despite sound gains by media heavyweight News Corp and major resources companies BHP Billiton and Rio Tinto.
The key All Ordinaries index rose 1.1 points to 3,367.9 while the SP/ASX 200 index closed just 0.4 of a point higher at 3,422.5.
Shaw Stockbroking head dealer James Spiteri said the market had failed to sustain the push that propelled it to record highs earlier this month because of caution ahead of the announcement of individual profit results.
SINGAPORE: Singapore share prices closed 1.3 per cent lower, as investors sold blue chips considered to have been over-bought in recent weeks.
The key Straits Times Index finished 22.49 points down at 1,667.67 while the broader All-Singapore Equities fell 5.13 points to 440.10.
Bank, property and technology stocks led the declines as an absence of fresh leads led to consolidation, dealers said.
KUALA LUMPUR: Malaysian share prices fell 1.3 per cent due to concerns over the delayed listing of new shares of Technology Resources Industries (TRI).
The Kuala Lumpur Stock Exchange composite index fell 9.30 points to finish at 701.31.
Dealers said prices fell across the board on selling by foreign funds and retail investors.
SEOUL: South Korean share prices edged down with foreign profit-taking offsetting earlier gains prompted by a rise in the US market.
The composite index closed down 0.1 per cent or 0.52 points at 791.48.
“Foreign investor selling kept the market from extending earlier gains. I think the foreign selling in Samsung Electronics and other stocks was simply aimed at taking profits,” said Hwang Joon-Hyun of Good Morning Securities.
But he said trade would slow if the foreign sell-offs continue.
TAIPEI: Taiwan share prices closed 1.8 per cent lower in lacklustre trade amid weak sentiment.
The Taiwan Stock Exchange weighted price index lost 99.12 points to 5,510.71.
Sinopac Securities analyst Teng Ke-hsin said the market continued consolidating around 5,500 points on the benchmark index given the lack of convincing fresh leads to justify developments otherwise.
“Such rangebound consolidation may remain the keynote for quite some time as there may be little fundamental excitement to hope for anytime soon,” he said.
MUMBAI: Share prices closed marginally higher on the Bombay Stock Exchange (BSE) in lacklustre trade as investors remained cautious ahead of the federal budget later this week.
The 30-share BSE sensitive index rose 9.43 points or 0.2 per cent to close at 3,613.51.
“Investors will now wait for the federal budget before doing anything concrete,” said a dealer at Nucleus Securities, adding there were concerns the ruling BJP party’s defeat in state polls at the weekend could put the brakes on economic reforms.
BANGKOK: The Thai stock market gained 1.5 per cent, as investors snapped up bargain-price stocks in the banking, finance and property sectors.
The Stock Exchange of Thailand (SET) composite index rose 5.33 points to 356.65 and the blue-chip SET 50 index edged up 0.45 points to 23.64.
ABN AMRO Asia Securities domestic marketing vice president Paibool Rachniyom said the marker rebounded from last week’s sharp losses — caused largely by the withdrawal of US pension fund Calpers.
The rally was led by bargain hunting in banks, finances and property, but volumes were thin, he said, with a number of investors staying away ahead of Tuesday’s public holiday.
JAKARTA: Indonesian share prices closed 2.2 per cent lower with sentiment still undermined by the withdrawal of one of the largest US fund managers from four regional countries, including Indonesia.
The Jakarta Stock Exchange composite index closed down 10.071 points at 449.316.
Dealers said political tension between Indonesia and Singapore also added to negative sentiment after Singapore senior minister Lee Kuan Yew said last week terrorist leaders were at large in Indonesia.
“Most foreign players were net sellers today,” a dealer with Bomar Securities said.
SHANGHAI: Shanghai B-shares closed one per cent higher as the market reacted tepidly to a quarter per centage point cut in yuan deposit rates in the first trading session after a two week-long Chinese New Year holiday.
The Shanghai B-share index added 1.49 points to close at 143.78 while the A-share index gained 24.86 points or 1.6 per cent to 1,595.97.
China’s central bank, the People’s Bank of China, slashed yuan deposit rates by a quarter per centage point and loan rates by half a per centage on Thursday.
Real estate counters lead market gains in the belief the rate cut would reduce companies’ interest payment burdens, while banking sector stocks fell due to the narrowed margin between lending and deposit rates, dealers said.
WELLINGTON: Confidence on Wall Street and a partial recovery in Telecom helped lift the New Zealand sharemarket by 0.4 per cent.
The NZSE-40 index was up 8.24 points to 2,083.82.
Telecom ended up seven cents at 5.14 dollars. Last week the stock got a drubbing over its accounting procedures, initially rising as high as 5.48 dollars after its profit announcement, followed by a fall to 5.07 dollars when Australian media questioned its figures.
Another driving factor in trade was a positive day on Wall Street Friday last week, with the blue-chip Dow Jones industrial average finishing up 133.47 points.—AFP
