Asian markets lower on fresh fears

Tokyo lost 0.54 percent, Hong Kong 0.83 percent, Sydney 1.34 percent and Taipei one percent.

Wall Street shed 0.90 percent after eight microchip firms, including Intel and Texas Instruments, were downgraded on fears their inventories were too high.

It was also dragged by an Organization for Economic Cooperation and Development report forecasting a “modest” rebound from the global economic slump.

On Friday Japan held its rates at super-low levels before saying the country “is in a mild deflationary situation”, the first such announcement in more than three years.

The Cabinet Office also said a tough employment situation will continue for the time being. Japan's unemployment rate stood at 5.3 percent in September.

Shanghai was pulled 0.37 percent lower on liquidity fears after the Shanghai Securities News reported Beijing might raise the minimum reserves lenders must deposit with the central bank.

TOKYO: Down 0.54 percent. The Nikkei-225 lost 51.79 points to 9,497.68. The fall represents the fourth straight day of losses. Technology shares tumbled on U.S. computer maker Dell's poor quarterly earnings, while investors were cautious ahead of a three-day weekend, brokers said. Tokyo is closed Monday for a public holiday.

HONG KONG: Down 0.83 percent. The Hang Seng Index fell 187.32 points to 22,455.84. Property developers and mainland lenders led the decline, the fourth in a row. “The market has accumulated so many gains it needs to consolidate further before moving higher,” Kingston Lin, business development manager at OSK Securities told Dow Jones Newswires.

SYDNEY: Down 1.34 percent. The S&P/ASX 200 fell 63.4 points to 4,685.8.

SHANGHAI: Down 0.37 percent. The Shanghai Composite Index, which covers both A and B shares, fell 12.27 points to 3,308.35. “With the stock index approaching its highest level this year, it will face more profit-taking,” Zheng Gang, an analyst at Yingda Securities, said. The index's intraday peak this year was 3,478.01 points, which it hit on August 4.

The Nasdaq-style ChiNext board was mixed, with Beijing Lanxum Technology surging by the 10 percent daily limit to 36.37 yuan while Beijing Dinghan Technology Co was down 3.2 percent at 76.67 yuan.

SEOUL: Flat. The KOSPI rose 0.06 points to 1,620.60.

SINGAPORE: Up 0.10 percent. The Straits Times Index added 2.75 points to 2,761.54.

BANGKOK: Down 0.74 percent. The Stock Exchange of Thailand fell 5.17 points to 695.25. The government is battling domestic difficulties and a diplomatic crisis with Cambodia over a visit by former Thai premier Thaksin Shinawatra there last week.

KUALA LUMPUR: Down 0.18 percent. The Kuala Lumpur Composite Index fell 2.29 points to 1,274.36.

JAKARTA: Up 0.75 percent. The Jakarta Composite Index rose 18.57 points to 2,487.36.

MANILA: Down 0.47 percent. The index lost 14.57 points to 3,068.73.

WELLINGTON: Down 0.88 percent. The NZX-50 fell 27.55 points to 3,113.63.

MUMBAI: Up 1.41 percent. The 30-share Sensex rose 236.2 points to 17,021.85.

Subscribe to The China Post and save 25%. Click here

SharePrintEmail

Write a Comment

Enter your comments - 3000 characters max

Type in image code

Submit

 Receive China Post promos Respond to this email