Asian stocks closed easier on Friday after a volatile week saw global markets roiled by fears growing problems in the US housing market could halt the stellar run of the past few years, dealers said.
They said most bourses were little changed for the week, having recovered from very heavy losses on Wednesday, but investor sentiment has been rattled by the second round of global turmoil since late last month.
On the day, there was little to be gained from taking any fresh positions going into the weekend and ahead of key central bank meetings in the US and Japan.
Dealers said no one was expecting any change in US or Japanese interest rates, but investors want to see what both banks have to say on the economic outlook, especially after warnings from former US Federal Reserve chairman Alan Greenspan about the dangers of a recession.
Confidence, which appeared to have recovered from the sell-off late last month sparked by heavy losses in Shanghai, has once more been undercut, but this time by potentially more worrying long-term problems in the key US housing market.
News of a sharp rise in US mortgage loans, especially in the riskier sub-prime segment, did the damage mid-week and left investors fearful that the problem could have a negative knock-on effect on the wider US economy.
TAIPEI
Taiwanese share prices closed 0.31 percent higher as investors took comfort from Wall Street's modest gains overnight and a recovery in Hong Kong after early losses, dealers said.
They said, however, the gains were capped by worries over the volatility in global markets and news that some local firms are being probed by authorities.
Prosecutors searched Veutron Corp's (
Earlier this week, BenQ's (
The TAIEX closed up 23.84 points at 7,719.80, off a low of 7,676.39 and high of 7,743.37, on turnover of NT$118.75 billion (US$3.60 billion).
Risers led decliners 578 to 535, with 191 stocks unchanged. A total of 35 stocks closed limit-up, while nine were limit-down.
The food sector was up 2.48 percent while financials added 0.98 percent and the key electronics slipped 0.1 percent.
"The local bourse was divided -- between Wall Street's advance overnight and weakness in some Asian markets this morning," said Stanley Hsu, a manager with First Taisec Securities (
TOKYO
Japanese share prices closed down 0.69 percent as investors remained wary about a stronger yen and problems brewing in the US housing sector, dealers said.
The Tokyo Stock Exchange's benchmark NIKKEI-225 index of leading shares fell 116.24 points to 16,744.15. The TOPIX index of all issue on the Tokyo Stock Exchange's first section dropped 17.12 points or 1.01 percent to 1,677.06.
HONG KONG
Hong Kong share prices closed little changed after a choppy session as investors turned cautious ahead of results announcements from blue chip heavyweights next week, dealers said.
The market opened lower on worries over possible economic tightening measures in China but recovered soon on hopes of solid earnings from top stock China Mobile and some short-covering activity.
The Hang Seng Index closed down 15.94 points at 18,953.50, after a low of 18,770.28 and a high of 19,130.10.
For the week, the Hang Seng Index was down 181.38 points or 0.95 percent, marking the third straight weekly fall.
SEOUL
South Korean shares inched up as corporates and brokerages built positions after a firmer close on Wall Street eased some of the recent concerns about the US economic outlook, dealers said.
The market recouped early losses and briefly touched 1,430 points in late trade but the rally was not strong enough to convince cautious investors looking to central bank meetings in both the US and Japan.
The KOSPI index added 0.95 points at 1,427.88, after trading between 1,416.30 and 1,431.75. It ended the week with a gain of 4.3 points or 0.3 percent.
SHANGHAI
Chinese shares prices closed 0.72 percent lower as investors took profits, seeking to secure some gains after another volatile week, dealers said.
The benchmark Shanghai Composite Index, which covers both A and B-shares listed on the Shanghai stock exchange, closed down 21.22 points at 2,930.48.
The Shanghai A-share Index ended down 22.15 points or 0.71 percent at 3,079.09 and the Shenzhen A-share Index lost 11.89 points or 1.45 percent to 808.77 on turnover of 51.57 billion yuan.
SYDNEY
Australian share prices closed down 0.29 percent as sentiment remained cautious following the heavy sell-off earlier in the week on concerns at mounting problems in the US housing market, dealers said.
MUMBAI
Indian shares closed 0.9 percent lower as investors unwound positions ahead of the weekend on fears of a further weakening of global markets, dealers said.
The 30-share Mumbai stock exchange SENSEX index fell 113.45 points to 12,430.40.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”