Sun, Oct 16, 2005 - Page 10 News List

Asian investors skittish over US inflation figures

AFP , HONG KONG AND TAIPEI

The Hang Seng Index closed down 135.95 points at 14,485.88. Turnover was HK$21.86 billion (US$2.8 billion).

In Shanghai, share prices closed 1.14 percent lower in a continued correction, with textile stocks struggling after China and the US failed to reach a deal on export limits in their latest talks.

Dealers said there was no fresh lead from the policy side while investors were reluctant to build positions aggressively ahead of the release of third-quarter results.

The Shanghai A-share Index shed 13.77 points to 1,197.30 on turnover of 7.69 billion yuan (US$948 million) while the Shenzhen A-share Index was down 3.41 points or 1.16 percent at 289.40 on turnover of 4.71 billion yuan.

The benchmark Shanghai Composite Index, which covers A and B-shares, closed down 13.06 points or 1.13 percent at 1,139.55 on turnover of 7.74 billion yuan.

In Sydney, share prices closed 0.56 percent lower as easing commodity prices pushed market heavyweight BHP Billiton down.

Dealers said the market was experiencing a correction after hedge fund activity and options-related trading pushed it to record highs late last month, with plenty of profit on hand to be taken.

CMC Markets senior dealer James Foulsham said investors were also concerned that the boom in commodity prices was slowing.

The S and P/ASX 200 index fell 24.9 points to 4,406.1. Turnover was 1.11 billion shares worth A$3.4 billion (US$2.5 billion).

In Singapore, prices closed 0.75 percent down on profit-taking in property and marine stocks.

The Straits Times index fell 17.46 points to 2,303.24. Volume totalled 974 million shares worth S$828 million (US$493 million).

In Bangkok, share prices closed 0.61 percent lower, pressured by more falls in Asian stock markets and concern over the country's inflation.

The composite index fell 4.30 points to 700.02. Turnover stood at 1.4 billion shares worth 9 billion baht (US$220 million) traded.

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