Asian stocks closed mixed in hesitant Friday trading, with investors wrong-footed as Wall Street reversed its view that the latest comments from the US Federal Reserve meant a US interest rate cut was on the cards, dealers said.
Markets rose sharply on Thursday as investors welcomed a change in emphasis in the Fed statement after its interest rate meeting which was taken to mean the central bank was now more worried about the economy slowing than inflation.
If that was the case, then the Fed would be more likely to cut interest rates sooner rather than later but on a second glance, Wall Street turned more cautious, noting the bank's warning that inflation remained an issue which could go either way.
"The [Fed] statement did remove the bias towards tightening [interest rates] but there was no hint of any rate cut soon. It was modestly positive news at best," Dick Green at Briefing.com said.
As the view changed, US stocks managed only very modest gains, making for an uncertain start to the Asian day, with investors deciding there was little to be gained from any aggressive trades ahead of the weekend.
Kuala Lumpur, a market which has been a laggard overall, was the best performer, rising 1.14 percent to extend gains to a seventh straight day.
TAIPEI
Taiwanese share prices closed 0.46 percent higher, extending Thursday's gains as foreign investors maintained their buying interest, dealers said.
They said the market, however, appeared to lack enough support to get much nearer the psychologically significant barrier of 8,000 points, with investors awaiting more convincing leads to justify aggressive buying following a mixed performance on Wall Street overnight.
The weighted index rose 35.65 points at 7,859.32, after trading between 7,806.89 and 7,879.09, on turnover of NT$109.02 billion (US$3.30 billion).
Risers led decliners 605 to 460, with 243 stocks unchanged.
"Although people could not bring themselves to push the upside aggressively, there was no reason for them to decisively pull out either," Jih Sun Securities Investment (
Lien said the local bourse is likely to keep up a generally positive tone so long as international markets and Wall Street provide that lead.
Given that foreign investors are positive on the Taiwan market again, there is a good chance it should breach 8,000 points before long, he said.
At the same time, the market will face a testing time as companies start reporting their first quarter to March results, he said, adding that the key techs normally go through a seasonally weak period in the first three months.
TOKYO
Japanese share prices closed up 0.35 percent, extending their winning streak to a fourth trading day as a weaker yen gave a lift to exporters, dealers said.
The Tokyo Stock Exchange's benchmark NIKKEI-225 index of leading shares gained 61.41 points to 17,480.61.The TOPIX index of all issues on the Tokyo Stock Exchange's first section advanced 10.14 points or 0.59 percent to 1,741.94.
HONG KONG
Hong Kong share prices closed flat, consolidating strong gains made this week as the market recovered lost ground on the back of solid results from the major companies, dealers said.
Buying momentum turned weak Friday, however, with most of the top company results now out and trade was cautious as the market awaited key housing data in the US after Wall Street provided no lead overnight.
The Hang Seng Index added 2.39 points at 19,692.64, off a low of 19,634.11 and high of 19,729.49. For the week, the market was up 739.14 points or 3.9 percent.
SEOUL
South Korean share prices closed little changed, with investors turning cautious ahead of the weekend and the corporate earnings season beginning next month, dealers said.
The KOSPI index slipped 1.15 points at 1,447.38, off a high of 1,454.34 and a low of 1,443.04. The market gained 19.50 points for the week.
SHANGHAI
Chinese share prices closed 0.10 percent higher, edging up for another record finish as early losses were recovered on the back of sustained capital inflows, dealers said.
The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, added 3.06 points to a record close of 3,074.29.
The Shanghai A-share Index was up 3.25 points or 0.10 percent at 3,230.27 and the Shenzhen A-share Index rose 9.11 points or 1.08 percent at a record 853.16.
SYDNEY
Australian shares closed flat in cautious trade as some investors took profits following Thursday's sharp rally, dealers said.
The benchmark S&P/ASX 200 slipped 3.4 points at 5,952.3 and the broader All Ordinaries shed 2.3 points to 5,933.1.
SINGAPORE
Singapore share prices closed 0.43 percent lower on a lack of fresh leads and as investors consolidated a series of strong gains made this week, dealers said.
The Straits Times Index was down 13.69 points at 3,205.82.
KUALA LUMPUR
Malaysian share prices closed 1.14 percent higher, extending gains to a seventh straight day after the government announced major incentives for the property sector, dealers said.
The Kuala Lumpur Composite Index closed up 13.93 points at 1,235.65.
MUMBAI
Indian share prices closed down 0.17 percent, snapping four straight days of gains as investors took profits after a sharp rally led by global trends, dealers said.
The 30-share Mumbai stock exchange SENSEX index fell 22.1 points at 13,285.93, having risen 855 points or 7.06 percent on Thursday.
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],”