HONG KONG, Jan 11: Asian stocks closed mostly lower on Thursday with the prospect of an interest rate rise in Japan weighing on sentiment as investors consolidate ahead of the next earnings season.
Tokyo fell 0.62 per cent with the Bank of Japan to decide on rates next week and this, alongside a banking scandal, resulted in Taipei dropping 1.04 per cent as Hong Kong shed 0.94 per cent.
Losses were milder in Seoul, Jakarta, Kuala Lumpur, Wellington and Manila.
Mumbai surged 2.10 per cent on a further improved outlook for its technology sector while more modest gains were registered in Sydney and Singapore.
TOKYO: Share prices lost ground for a second straight day after an early rally fizzled out amid nervousness ahead of earning results and a local interest rate decision.
Dealers said uncertainty as to whether the Bank of Japan will raise interest rates at its policy board meeting next week kept investors jittery.
The Nikkei-225 index dropped 104.23 points to 16,838.17. Volume fell to 2.07 billion shares from 2.09 billion on Wednesday.
HONG KONG: Share prices closed 0.94 per cent lower for the fourth straight session, reversing early gains driven by China banks as a weak Japanese market triggered renewed profit-taking.
China financials gained in the morning after news that they will be allowed to issue yuan-denominated bonds in Hong Kong but the stocks reversed course in late trade as the market's overall correction proved to be too strong.
The Hang Seng Index closed down 182.97 points at 19,385.37. Turnover was 55.9 billion Hong Kong dollars (US$7.2 billion).
The downtrend this week has continued following a failed attempt at a rebound in the morning. Chinese financials had to give way to strong profit-taking pressure as valuations are too high at this point, said Marco Mak, research head at Tai Fook Securities.
He said the Japanese market's fall provided investors “an excuse” to sell in late trade.
ICBC finished down 0.07 at 4.56.
SYDNEY: Share prices rose 0.80 per cent, helped by mild gains on Wall Street, with investors favouring banking stocks and the resource sector.
The SP/ASX 200 rose 44.0 points to 5,564.9. Turnover was 1.41 billion shares worth 4.95 billion dollars (3.87 billion US).
Bell Potter Securites private client advisor Stuart Smith said the volatile trading that followed last week's record highs remained the market's the dominant feature.
SINGAPORE: Share prices closed slightly firmer as the market bounced back from heavy selling and investors moved to consolidate positions.
Dealers said weak performances in key regional bourses, Hong Kong and Japan, weighed on sentiment and capped the market's upside.
The Straits Times Index closed up 8.54 points at 2,969.69 on volume of 2.36 billion shares worth 1.71 billion dollars (1.11 billion US).
KUALA LUMPUR: Share prices closed 0.64 per cent lower Thursday on profit-taking in blue chips, with sentiment weak in line with losses in major regional markets.
Dealers said foreign investment limits and capital controls recently imposed in Thailand also weighed on sentiment, leading to caution which is seeing a consolidation in the market after a recent rally.
The composite index lost 7.13 points to 1,106.06 and volume traded was 808.10 million shares valued at 1.43 billion ringgit ($406.42 million).
JAKARTA: Share prices closed 0.38 per cent lower for a fourth consecutive day, pressured by further profit-taking in selected large caps and banks amid an absence of fresh leads.
Dealers added that rupiah weakness also weighed on sentiment.
The composite index closed down 6.523 points at 1,703.844. Volume was 2.54 billion shares valued 2.23 trillion rupiah (244.44 million dollars).
WELLINGTON: Share prices fell 0.36pc as profit-takers moved in to take advantage of recent gains.
The NZX-50 gross index fell 14.43 points to 4,049.65 on turnover worth 79.8 million dollars (55.0 million US).
Against the trend, Air New Zealand rose three cents to 2.05 dollars with investors seeing falling fuel prices as positive for profits.
Investment firm Guinness Peat Group rose four cents to 2.50 dollars.
Goldman Sachs JBWere broker Joe Gallagher said GPG was thought to have done well from the split of financial services firm Tower and has also been helped by the recent fall of the New Zealand dollar.
Market leader Telecom gave up early gains to close down two cents at 4.87 dollars. Gallagher said potential negative news on the regulation of mobile phone prices was offsetting positive sentiment towards the stock.
MUMBAI: Share prices closed up 2.10 per cent to snap five days of losses on strong earnings guidance by India's second largest software exporter Infosys Technologies.
Dealers said the Indian markets bounced back in a relief rally after listless early trade as investors focused on software firms after the Infosys results.
The 30-share Mumbai stock exchange Sensex rose 268.55 points to 13,630.71.
The markets rose in a relief rally and an improved Infosys earnings guidance. We expect the software pack and index heavyweights to show strong earnings growth, said Balakrishnan, director with Parallex Consultancy Services.—AFP