Sun, Jan 27, 2008 page10

• ASIA: Asian benchmark pares loss after rate cut

  BEAR MARKET The MSCI Asia Pacific Index registered its fourth consecutive weekly decline this week, but the Fed's reduction of borrowing costs limited its momentum

  • BLOOMBERG AND AFP
  • • 
    • 
    • 

  Asian stocks fell for a fourth week on concern the global economy was slowing, sending the region, along with Europe, into a bear market.

  The regional benchmark ended the week lower even as its biggest two-day drop in 18 years was pared after the US Federal Reserve cut borrowing costs and lawmakers agreed on a plan to stimulate the world's biggest economy. Mitsubishi UFJ Financial Group Inc led gains among banks.

  The MSCI Asia Pacific Index fell 0.6 percent this week, its fourth straight weekly decline. The measure plunged 10 percent in the first two trading days of this week, the steepest drop since April 1990. It regained most of its loss after the Fed on Tuesday cut its benchmark rate in its first emergency reduction since 2001.

  

  A pedestrian uses her mobile phone while walking past a screen displaying share prices in Tokyo on Friday. The Nikkei-225 rose 536.38 points to close at 13,629.16 on Friday.

  PHOTO: AFP

  Prior to the rate cut on Tuesday, Asian and European stock indexes had tumbled more than 20 percent from their recent highs, entering bear markets on concern the US will fall into recession. A 20 percent decline defines a bear market.

  TAIPEI

  Taiwanese share prices closed 2.96 percent higher, dealers said.

  The weighted index closed up 222.54 points at the day's high of 7,739.59 on turnover of NT$118.14 billion (US$3.66 billion).

  "Technology stocks in particular applauded the firmer showing of their US counterparts overnight," said Mao Jen-chieh (毛仁傑), president of Pro Standard Capital Management (禮正證券投顧).

  "Until lately Taiwanese exporters were being battered by worries about the prospects of their largest market, the US," Mao said.

  TOKYO

  Japanese share prices closed up 4.1 percent, with a three-day rebound picking up steam after US political leaders reached a deal aimed at warding off recession, dealers said.

  The Tokyo Stock Exchange's benchmark Nikkei-225 index ended up 536.38 points at 13,629.16. The broader TOPIX index of all-first section shares gained 60.32 points, or 4.7 percent, to 1,344.77. The Nikkei is still down 1.68 percent from a week ago and nearly 11 percent since the start of the year.

  SYDNEY

  Australian share prices closed up 5 percent, dealers said.

  The benchmark S&P/ASX 200 closed up 279.9 points at 5,860.3. The broader All Ordinaries ended the day up 280.5 points at 5,886.3.

  HONG KONG

  Hong Kong share prices closed up 6.7 percent, dealers said.

  The Hang Seng index closed up 1,583.10 points at 25,122.37.

  "The Hong Kong market can be likened to a casino these days," said Eugene Law from Celestial Asia Securities Holdings. "Some hedge funds have been picking on rumors and almost every bit of bad or positive news to move the key index by 1,000 points or more in one day."

  SHANGHAI

  Chinese share prices closed up 0.93 percent, dealers said.

  The benchmark Shanghai Composite index, which covers both A and B shares, closed up 43.95 points to 4,761.69.

  The Shanghai A-share index rose 0.94 percent to 4,997.67. The Shenzhen A-share index was up 0.44 percent at 1,509.64.

  The Shanghai B-share index rose 0.13 percent to 321.11. The Shenzhen B-share index rose 2.94 percent to 657.47.

  SEOUL

  South Korean share prices closed up 1.8 percent, dealers said.

  The KOSPI index ended up 29.41 points at 1,692.41.

  SINGAPORE

  Singapore share prices closed 3.59 percent higher, dealers said.

  The blue-chip Straits Times index rose 109.39 points at 3,159.48.

  KUALA LUMPUR

  Malaysian share prices closed 1.6 percent higher, dealers said. The Kuala Lumpur Composite Index (KLCI) closed up 22.05 points.

  BANGKOK

  Thai share prices closed 4.27 percent higher, dealers said. The Stock Exchange of Thailand (SET) composite index jumped 31.14 points to 759.72 and the blue-chip SET-50 gained 26.30 points to 547.37.

  MANILA

  Philippine share prices closed 2.9 percent higher, dealers said. The composite index rose 89.99 points to close at 3,237.41. The broader all-share index advanced 42.21 points, or 2.2 percent, to 1,981.39.

  MUMBAI

  Indian share prices surged 6.62 percent, dealers said.

  The benchmark 30-share SENSEX index soared 1,139.92 points to 18,361.66, its biggest single-day point gain.
• Most Popular

  • 1

    China preparing to invade Taiwan: deputy foreign minister

  • 2

    Rain to persist in central, south Taiwan: CWA

  • 3

    Taiwan issues tsunami watch after Russia quake

  • 4

    Osaka expo to showcase Taiwan folklore

  • 5

    Taiwan expects final US tariff rate soon: official