Asian stocks close lower
HONG KONG, March 3: Asian stocks closed mostly lower on Friday after US stocks lost ground overnight in response to a jump in long-term interest rates, and a spike in crude oil prices, dealers said.
Oil prices continued higher in Asian trade as the market focused on concerns about developments in Iran and Nigeria and this continued to weigh on trade.
That coupled with the prospect of a tighter Japanese monetary policy resulted in Tokyo falling 1.55 per cent. Taipei was again struck by cross strait tension and slumped 1.34 per cent. Hong Kong, Manila and Sydney were also lower.
Mumbai eased off its record higher while Seoul was the worst performer on the day, tumbling almost three per cent amid a possible probe into Samsung Electronics and Hynix for alleged price fixing.
TOKYO: Share prices closed sharply lower as a jump in consumer inflation spooked investors nervous about an expected end to the Bank of Japan’s ultra-loose monetary policy.
Dealers said losses on Wall Street had added to concerns over a 0.5 per cent rise in Japan’s core consumer prices, the fastest pace for almost eight years.
The Nikkei-225 index lost 246.42 points or 1.55 per cent to 15,663.34 as 1.73 billion shares changed hands.
HONG KONG: Share prices closed 0.51 per cent lower as investors turned cautious ahead of 2005 results announcements from HSBC and its unit Hang Seng Bank on Monday.
The Hang Seng Index fell 80.45 points to 15,802.00. Turnover was 37.74 billion Hong Kong dollars (4.8 billion US).
China’s Nine Dragons Paper was in focus as it surged 39.7 per cent over its IPO price on its trading debut.
Sun Hung Kai Properties closed down 0.10 at 81.30, Cheung Kong was down 0.35 at 80.95, Henderson Land down 0.20 at 43.35, Sino Land down 0.30 at 11.60 and Wharf Holdings flat at 29.50.
SYDNEY: Shares closed 0.11 per cent lower after investors took profits from resource and banking stocks.
The SP/ASX 200 index fell 5.3 points to 4,898.5 and CMC Markets senior dealer James Foulsham said overall trading was volatile on a day in which 1.19 billion shares worth 3.43 billion dollars (2.59 billion US) changed hands.
SINGAPORE: Share prices defied a generally weaker regional trend and closed 0.53 per cent higher, driven by gains in China-linked stocks.
The Straits Times Index rose 13.13 points to 2,493.43. Volume was 1.12 billion shares valued at 943.90 million Singapore dollars (583 million US).
KUALA LUMPUR: Share prices closed 0.31 per cent lower following Wall Street’s lacklustre performance overnight and on concerns over inflation after fuel price hikes.
The composite index shed 2.85 points to 916.93 on volume of 792.72 million shares worth 1.10 billion ringgit (295.93 million dollars).
JAKARTA: Share prices closed 0.93 per cent higher led by mining stocks, with blue chip Astra International extending its gains on hopes of better car sales.
The composite index closed up 11.587 points at 1,261.265 on volume of 1.35 billion shares valued at 1.39 trillion rupiah (151 million US dollars).
WELLINGTON: Share prices closed flat as gains in market leader Telecom were offset by losses in other heavyweights.
The NZSX-50 gross index rose 0.23 points to 3,407.55 on turnover worth 138.2 million New Zealand dollars (92.0 million US).
Top stock Telecom rose four cents to 5.27 dollars, while Carter Holt Harvey lost one cent to 2.74, just below billionaire Graeme Hart’s latest offer of 2.75 a share.
MUMBAI: Share prices fell 0.30 per cent, breaking a four-day winning streak amid lacklustre trading and profit taking in blue-chip stocks.
The 30-share Sensex fell 31.35 points to 10,595.43.—AFP