HONG KONG, July 2: Asian stocks closed mostly down on Wednesday with Japan posting its longest losing streak in over four decades as soaring oil prices and worries about economic growth stalked investors.
The Japanese bourse closed down more than 1.3 per cent, falling for the tenth consecutive trading session to record its longest such losing streak since 1965.
The market in South Korea also struggled, tumbling more than 2.5 per cent after the government cut its economic growth forecast to under five per cent from the previous estimate of six per cent.
But India bucked the regional trend, bouncing more than five per cent in the wake of a steep plunge this year as investors gambled that Mumbai share prices had fallen to attractive levels.
Investors opted for caution ahead of a US jobs report and European Central Bank interest rate decision due Thursday.
TOKYO: Japanese share prices closed down 1.31 per cent, falling for a 10th straight session in the market’s longest losing streak in more than 43 years, dealers said.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index dropped 176.83 points to end at 13,286.37. The broader Topix index of all first-section shares slipped 18.92 points to 1,301.15.
Japanese marine transport shares were Wednesday’s big losers as the Baltic Dry Index of freight rates dropped. Mitsui O.S.K. fell 3.8 per cent to 1,437 yen and Kawasaki Kisen lost 3.2 per cent to 970 yen.
Toyota Motor shed 1.4 per cent to 4,940 yen and Canon slipped 2.6 per cent to 5,200 yen.
HONG KONG: Hong Kong share prices closed down 1.8 per cent, dealers said.
The Hang Seng Index closed down 397.56 points at 21,704.45. Turnover was 76.28 billion Hong Kong dollars (9.78 billion US).
Air China slid 3.6 per cent, China Eastern was down 4.1 per cent, and China Southern fell 4.8 per cent.
SYDNEY: Australian shares closed down 0.9 per cent, dealers said. The benchmark S&P/ASX 200 index fell 44.1 points to 5,094.8, while the broader All Ordinaries dropped 49.5 points to 5,211.6. Turnover was 6.4 billion dollars (6.0 billion US).
BHP Billiton dropped 3.4 per cent to close at 42.89 dollars, Rio Tinto fell 3.8 per cent to 132.31 dollars and iron ore miner Fortescue lost 5.3 per cent to 10.80 dollars.
Woolworths dropped 2.7 per cent to 23.35 dollars. Among the major banks, ANZ rose 3.0 per cent 18.30 dollars.
SINGAPORE: Singapore share prices closed flat, dealers said.
The blue chip Straits Times Index fell 0.56 points to 2,906.23. Volume totalled 1.34 billion Singapore dollars (985 million US).
Inflation would have to come down massively in the second half before we can see some light at the end of the tunnel, said an analyst with a foreign brokerage.
Singapore Airlines fell 30 cents to 14.30 Singapore dollars, Singapore Telecommunications was off five cents at 3.52 while ST Engineering dropped two cents to 2.70.
KUALA LUMPUR: Malaysian share prices closed down 1.8 per cent, dealers said.
The Kuala Lumpur Composite Index dropped 21.13 points to 1,153.70.
The decline in the local market was due to a confluence of negative factors from overseas and locally Lim Choon Huat, a dealer at Hwang-DBS Securities in Kuala Lumpur, told Dow Jones Newswires.
JAKARTA: Indonesian shares closed little changed, dealers said. The Jakarta Composite Index fell 0.33 points to 2,378.47.
The market consolidated after yesterday’s sharp gains, a trader told Dowjones Newswires.
Coal miner Bumi fell 1.2 per cent at 8,300 rupiah. Bank Rakyat Indonesia rose 3.8 per cent at 5,500 rupiah.
WELLINGTON: New Zealand shares closed down 0.37 per cent, dealers said.
The NZX-50 gross index fell 11.89 points to close at 3,163.39.
Volumes were very light, resulting in some sharp share price movements, said JB Were Goldman Sachs broker Peter Sigley.
MUMBAI: Indian shares surged to close up 5.42 per cent, dealers said.
The benchmark Mumbai 30-share Sensex index rose 702.94 points to 13,664.62 for its third highest ever per centage rise.
The markets had clearly been oversold. Attractive valuations have led to the sharp buying, said Naresh Garg, chief investment officer at the Sahara Mutual fund.—AFP