Sun, May 13, 2007 - Page 10 News List

Asian exchanges retreat from record highs

PULLBACK Seoul bucked the regional trend as bargain hunters pushed the KOSPI index higher, contrasting with sharp drops in benchmarks around Asia on Friday

AFP , HONG KONG

The downturn, however, allowed retail investors back into the market looking to pick up stocks at the lower levels and this was enough to put it in positive territory for the day.

The KOSPI index ended up 3.88 points 1,603.56 on volume of 370 million shares.

SHANGHAI

Share prices closed 0.69 percent lower as investors took a breather after a huge run up that pushed the main index above the historic 4,000 points level.

Dealers said financial and metal stocks were under pressure from profit takers amid increasing concerns over possible credit-tightening action after the central bank warned about the dangers of continued loose credit on the fast growing economy.

The Shanghai Composite Index lost 28.02 points at 4,021.68.

SYDNEY

Share prices closed 0.91 percent lower as the market followed an overnight sell-off on Wall Street sparked by weak US economic data.

Dealers said the US downturn followed figures showing a 2.3 percent fall in department store sales for April, hurting companies here exposed to the US markets such as Westfield and James Hardie.

The S&P/ASX 200 dropped 58.1 points to 6,297.4.

SINGAPORE

Share prices closed 0.64 percent lower following Wall Street's slump overnight that was driven by weak US economic data.

The Straits Times Index fell 22.34 points to 3,446.92.

KUALA LUMPUR

Share prices closed 0.30 percent lower on profit-taking sparked by Wall Street's steep losses overnight.

The composite index was down 4.17 points at 1,351.45.

BANGKOK

Share prices closed marginally lower in line with regional stocks, after an overnight sell-off on Wall Street on disappointing US economic figures.

The composite index fell 0.29 points to 706.90.

JAKARTA

Share prices closed 1.21 percent down on profit taking, after gains that have seen the main index hit record closing highs over the last two days. The composite index closed down 24.734 points at 2,022.297.

MANILA

Share prices closed 0.67 percent higher, supported by interest in select blue chips.

The composite index added 22.40 points to 3,364.61.

WELLINGTON

Share prices fell 0.59 percent as leading stocks dropped in line with Wall Street and major regional markets.

The NZX-50 gross index fell 25.01 points to 4,226.39.

MUMBAI

Share prices closed up 0.18 percent Friday in choppy trade as investors steered clear of building up positions ahead of the weekend.

Dealers said data showing India's inflation rate eased by a tenth of a percentage point to 5.66 percent failed to lift sentiment as it remained above the central's target of 5 percent.

The Mumbai 30-share SENSEX index closed up 24.93 points at 13,796.16.

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