Most Asian markets decline

HONG KONG - Most Asian markets declined Tuesday as Japanese stocks fell for a second straight day, dragged down by data that showed consumer confidence worsened in August. But Hong Kong shares rose on an upbeat land sale.

By (AP)

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Published: Tue 12 Sep 2006, 7:00 PM

Last updated: Sat 4 Apr 2015, 4:20 PM

Tokyo’s Nikkei 225 index lost 75.04 points, or 0.48 percent, to finish at 15,719.34 points.

Despite some early buying prompted by overnight US stock gains and falling oil prices, Tokyo stocks headed into the red in the afternoon session after the Cabinet office released its survey of consumer confidence for August, which showed a decline.

The data, which measures consumers’ economic outlook for the coming half year, marked a reversal from the previous month and a return to the declines seen in May and June. The downturn reflected lingering pessimism about Japan’s economic comeback and triggered a sell-off as investors grew more cautious over Japan’s economic outlook.

“There are both optimistic and pessimistic expectations in the market for the rest of September, but what’s bad for the market is that institutional investors can’t buy aggressively before the close of the fiscal (first half) term,” said Hiroichi Nishi, product manager at Nikko Cordial Securities.

In Hong Kong, shares rose Tuesday, spurred by an upbeat land sale and easing concerns about inflation in the US.

The blue-chip Hang Seng Index rose 126.81 points, or 0.8 percent, to 17,075.40 points.

Property developers extended gains in afternoon trading after the government land auction of a plot fetched a higher-than-expected price.

Cheung Kong (Hong Kong) Ltd. rose 1.3 percent to HK$85.30, and Sun Hung Kai Properties Ltd. rose 0.5 percent to HK$83.95.

Index heavyweight China Mobile (Hong Kong) Ltd. rose 1.7 percent to HK$51.60, after its managing director reportedly said the company would only have to build third-generation, or 3G, networks in major cities, not nationwide.

In currency trading, the dollar bought 117.58 yen on the Tokyo foreign exchange market late Tuesday, up from 117.51 yen late Monday in New York. The euro rose to US$1.2712 from US$1.2701 from late Monday.


BANGKOK: Thai shares ended higher, led by buying in petrochemical issues on rising products prices and construction contractors amid optimism over lower global oil prices. The benchmark Stock Exchange of Thailand’s SET index rose 1.73 point, or 0.3 percent, to 687.76.

JAKARTA: Indonesian shares fell for the fourth consecutive session, led by selling in consumer products and telecommunications blue chips, amid worries that the rupiah may continue to weaken. The Jakarta Stock Exchange Composite index ended down 12.05 points, or 0.8 percent, at 1,435.21.

KUALA LUMPUR: Malaysian shares ended lower, weighed down by steep falls in plantation stocks and profit-taking in blue chips, but small-cap stocks and MESDAQ issues posted a strong rebound. The weighted Composite Index of 100 blue-chip stocks fell 0.2 percent, or 2.02 points, to close at 953.70.

MANILA: Philippine stocks fell Tuesday, with Philex Mining and Petron Corp. suffering substantial losses on weakening metal and crude prices. The benchmark 30-company Philippine Stock Exchange Index fell 39.12 points, or 1.6 percent, to 2,361.66, after rising 1 percent Monday.

MUMBAI: Indian shares recovered from Monday’s losses after a roller-coaster ride led by software shares in line with overnight gains in the Nasdaq Composite Index in the US The Bombay Stock Exchange’s 30-Stock Sensitive Index, or Sensex, rose 110.10 points, or 1.0 percent, to 11,660.79.

SEOUL: South Korean shares extended recent losses, dragged down by metal and brokerage stocks. The Korea Composite Stock Price Index fell 6.04 points, or 0.5 percent, to 1,328.04. It was the index’s fourth drop in the last five sessions.

SHANGHAI: China’s shares ended higher on draft rules that simplify the procedure for pricing initial public offerings, and on gains in most refiners and airlines following a decline in the price of crude oil. The benchmark Shanghai Composite Index, which tracks both A and B shares, ended up 1.3 percent at 1,695.86.

SINGAPORE: Singapore’s shares ended fractionally lower, hit for a second day by falling oil and commodity prices and worries about slowing growth in the US and Japan. The Straits Times index fell 1.31 points or 0.05 percent to 2,487.20 points.

SYDNEY: Australian stocks slid as continued weakness in commodities prices weighed on local mining and energy shares. The benchmark S&P/ASX200 index fell 51.6 points, or 1.0 percent, to 4,974.4, while the All Ordinaries index dropped 54.7 points to 4,938.8.

TAIPEI: Taiwan’s shares fell amid weakness in Asian markets and concerns about domestic protests against President Chen Shui-bian over alleged corruption scandals. The Weighted Price Index of the Taiwan Stock Exchange fell 68.15 points, or 1.01 percent, to 6,625.73.

WELLINGTON: New Zealand’s stocks slipped as a rout among Australian resource stocks dampened already lackluster investor interest, with investors nervously awaiting a central bank rate review later in the week. The benchmark NZX-50 index fell 11.2 points, or 0.3 percent, to 3,521.08.

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