Sun, Apr 30, 2017 - Page 14 News List

Asian shares retreat amid rising geopolitical risks

Bloomberg

Asian stocks on Friday slid from fresh 22-month highs as uncertainty surrounding US President Donald Trump’s long-term plans and ongoing geopolitical concerns weigh on the regional index ahead of earnings reports from China’s largest banks.

The MSCI Asia Pacific Index on Friday slipped 0.3 percent to 149.02, even as it posted a fourth consecutive monthly advance, its longest winning streak in two years. The index also rose 1.3 percent from last week’s 147.05.

The weighted index on the Taiwan Stock Exchange added 11.38 points, or 0.12 percent, to close at 9,872 points. The TAIEX is up 1.6 percent from last week’s 9,717.41 points.

Japan’s TOPIX staged its best weekly performance since December last year, despite falling 0.3 percent on the day.

Hong Kong’s Hang Seng Index retreated 0.3 percent.

Trump in a an interview on Thursday said that a “major conflict” with North Korea is possible, while US House Republican leaders said they are not ready to hold a vote on repealing Obamacare.

France’s presidential contest is moving into its final 10 days.

“There are uncertainties including how Trump will deliver his promises and what will be the final outcome of the French election,” said Margaret Yang (楊燕), an analyst at CMC Markets in Singapore. “Fundamentals are definitely picking up.”

China Construction Bank Corp (中國建設銀行) on Thursday posted an increase in first-quarter profit as fee income climbed.

Shanghai Pharmaceuticals Holding Co (上海醫藥集團) jumped 4 percent in Hong Kong after reporting first-quarter sales and profit growth.

Omron Corp slumped 7.8 percent in Tokyo, its biggest drop in 10 months, after the company forecast earnings lower than analysts’ estimates.

In South Korea, KOSPI lost 0.2 percent while Australia’s S&P/ASX 200 was little changed.

The Shanghai Composite Index rose 0.1 percent and the Shenzhen Composite gained 0.4 percent while the Hang Seng China Enterprises Index fell 0.4 percent.

Singapore’s Straits Times Index rose 0.3 percent and Malaysia’s KLCI Index squeezed out a 0.1 percent gain.

Thailand’s SET Index fell 0.1 percent, while the Vietnam Stock Index rose 0.2 percent.

Indonesia’s Jakarta Composite fell 0.3 percent and India’s SENSEX retreated 0.4 percent.

Additional reporting by CNA

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top