Sun, Nov 24, 2013 - Page 15 News List

Asian stocks dip on Fed concern

CHINA BULL:Shanghai’s and Hong Kong’s indices bucked the downtrend, buoyed by the CCP’s reform pledges, such as easing investment rules and the one-child policy

Bloomberg and Staff writer, with CNA

After surging by the maximum daily gain of 7 percent early in the session, Acer closed 5.13 percent higher at NT$16.40 and was the most traded stock on Friday.

Financial shares led the upward trend throughout the session, with the sub-index closing 1.04 percent higher.

Cathay Financial Holding Co (國泰金控) benefited from reports that regulators are considering allowing insurers to use their funds to acquire stakes in overseas banks or insurance companies, surging 1.91 percent to NT$45.40.

Meanwhile, Australia’s S&P/ASX 200 Index slipped 1.2 percent, while New Zealand’s NZX 50 Index dropped 2 percent.

South Korea’s KOSPI was little changed, while Singapore’s Straits Times Index declined 0.9 percent.

The MSCI Asia Pacific Index traded at 13.8 times estimated earnings on Friday, compared with 16.3 on the Standard & Poor’s 500 Index and 15.1 for the STOXX Europe 600 Index, according to data compiled by Bloomberg.

In other markets on Friday:

Manila fell 0.62 percent, or 38.05 points, from Thursday to 6,084.84.

Wellington ended flat, edging down 0.36 points from Thursday to 4,818.

Mumbai also closed flat, edging down 11.66 points from Thursday to 20,217.39.

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