Asian stocks fell for a second week, led by commodities producers after oil fell from a record and prices of metals declined.
BHP Billiton Ltd., the world’s largest mining company, and Mitsubishi Corp led declines as oil tumbled from a record and copper fell for a second week. China Mobile Ltd (中國移動通信) had its biggest weekly decline since March on concern a government plan to reorganize China’s telecommunications industry may reduce its dominance.
Vietnam’s stock market, the world’s biggest decliner, resumed its retreat after a computer glitch that halted trading for three days was fixed.
The MSCI Asia-Pacific Index fell 0.4 percent to 150.00 this week, its second-straight weekly loss. Raw-materials producers and energy-related stocks led declines among the index’s 10 industry groups.
TAIPEI
Taiwanese share prices are expected to move within a narrow range in the week ahead as investors tend toward the sidelines after recent losses over cross-strait uncertainties, dealers said on Friday.
Investors were cautious as Taiwan and China are ready to resume top-level talks this month to discuss plans on launching weekend charter flights across the Strait and allow more Chinese tourists to Taiwan, they said.
High crude oil prices remain a concern as investors fear rising energy costs will boost inflation, undermine confidence and hurt the economy, they added.
The market is likely to stage a technical rebound as the index falls closer to 8,400-8,500 points during the week, while the upside may encounter resistance at around 8,800 points.
For the week to Friday, the weighted index closed down 215.65 points or 2.44 percent at 8,619.08 after a 3.94 percent fall a week earlier.
Average daily turnover stood at NT$121.14 billion (US$3.98 billion), compared with NT$151.24 billion the previous week.
The TAIEX on Friday closed 0.76 percent lower from Thursday, dealers said.
“Following recent declines, the market has turned technically weak. The bourse needs some time to consolidate before another takeoff,” Taiwan International Securities Corp (金鼎證券) analyst Arch Shih (施博元) said.
Shih said while Taiwan and China have agreed to work out details for the weekend air service and tourist liberialization in the talks from June 11 to June 14, “investors want to see real numbers in how these measures will help the local economy.”
TOKYO
Japanese share prices closed up 1.52 percent as investors cheered gains on Wall Street and a weaker yen, which is good for exporters, market watchers said.
The benchmark Nikkei-225 index gained 214.07 points to end at 14,338.54, the best finish since January 10. The broader TOPIX index of all first-section shares added 27.51 points or 1.99 percent to 1,408.14.
HONG KONG
Hong Kong share prices closed up 0.6 percent, dealers said.
The Hang Seng Index closed up 149.13 points at 24,533.12.
“We lagged behind other markets this week and it appears that we played catch-up, especially to the Japanese bourse,” said Howard Gorges, vice chairman at South China Securities.
SYDNEY
Australian shares closed 1.0 percent lower, dealers said.
The benchmark S&P/ASX 200 closed down 54.7 points at 5,654.7, while the broader All Ordinaries index dropped 43.3 points to 5,773.9.
SHANGHAI
Chinese share prices edged up 0.94 percent, dealers said.
The benchmark Shanghai Composite Index, which covers A and B shares, closed up 31.92 points at 3,433.35.
The Shanghai A-share Index rose 0.95 percent at 3,602.66. The Shenzhen A-share Index was up 0.32 percent at 1,088.59.
The Shanghai B-share Index lost 0.77 percent to 242.86. The Shenzhen B-share Index was up 0.42 percent at 544.52.
SEOUL
South Korean shares closed 0.6 percent higher, dealers said.
The KOSPI index closed up 10.80 points at 1,852.02.
SINGAPORE
Singapore share prices closed 1.01 percent higher, dealers said.
The blue-chip Straits Times Index closed up 31.84 points at 3,192.62.
KUALA LUMPUR
Malaysian share prices closed 1.1 percent higher, dealers said.
The Kuala Lumpur Composite Index was up 14.28 points to 1,276.10.
BANGKOK
Thai share prices closed 0.37 percent higher, dealers said.
The Stock Exchange of Thailand (SET) composite index rose 3.04 points to close at 833.65 while the blue-chip SET 50 index gained 0.21 points to 597.82.
JAKARTA
Indonesian shares closed little changed, dealers said.
The Jakarta Composite Index closed down 2.61 points at 2,444.35.
MANILA
Philippine share prices closed 0.9 percent higher, dealers said.
The composite index rose 25.22 points to 2,827.44. The all-share index was up 0.6 percent at 1,741.79.
Dealers said the Philippine government announced disappointing economic growth figures for the first quarter earlier in the week.
MUMBAI
Indian share prices closed 0.61 percent higher, dealers said.
The benchmark Mumbai 30-share SENSEX rose 99.31 points to 16,415.57.
ROLLER-COASTER RIDE: More than five earthquakes ranging from magnitude 4.4 to 5.5 on the Richter scale shook eastern Taiwan in rapid succession yesterday afternoon Back-to-back weather fronts are forecast to hit Taiwan this week, resulting in rain across the nation in the coming days, the Central Weather Administration said yesterday, as it also warned residents in mountainous regions to be wary of landslides and rockfalls. As the first front approached, sporadic rainfall began in central and northern parts of Taiwan yesterday, the agency said, adding that rain is forecast to intensify in those regions today, while brief showers would also affect other parts of the nation. A second weather system is forecast to arrive on Thursday, bringing additional rain to the whole nation until Sunday, it
LANDSLIDES POSSIBLE: The agency advised the public to avoid visiting mountainous regions due to more expected aftershocks and rainfall from a series of weather fronts A series of earthquakes over the past few days were likely aftershocks of the April 3 earthquake in Hualien County, with further aftershocks to be expected for up to a year, the Central Weather Administration (CWA) said yesterday. Based on the nation’s experience after the quake on Sept. 21, 1999, more aftershocks are possible over the next six months to a year, the agency said. A total of 103 earthquakes of magnitude 4 on the local magnitude scale or higher hit Hualien County from 5:08pm on Monday to 10:27am yesterday, with 27 of them exceeding magnitude 5. They included two, of magnitude
CONDITIONAL: The PRC imposes secret requirements that the funding it provides cannot be spent in states with diplomatic relations with Taiwan, Emma Reilly said China has been bribing UN officials to obtain “special benefits” and to block funding from countries that have diplomatic ties with Taiwan, a former UN employee told the British House of Commons on Tuesday. At a House of Commons Foreign Affairs Committee hearing into “international relations within the multilateral system,” former Office of the UN High Commissioner for Human Rights (OHCHR) employee Emma Reilly said in a written statement that “Beijing paid bribes to the two successive Presidents of the [UN] General Assembly” during the two-year negotiation of the Sustainable Development Goals. Another way China exercises influence within the UN Secretariat is
Taiwan’s first drag queen to compete on the internationally acclaimed RuPaul’s Drag Race, Nymphia Wind (妮妃雅), was on Friday crowned the “Next Drag Superstar.” Dressed in a sparkling banana dress, Nymphia Wind swept onto the stage for the final, and stole the show. “Taiwan this is for you,” she said right after show host RuPaul announced her as the winner. “To those who feel like they don’t belong, just remember to live fearlessly and to live their truth,” she said on stage. One of the frontrunners for the past 15 episodes, the 28-year-old breezed through to the final after weeks of showcasing her unique