Asian stocks fell for a fourth week, on concern record crude oil prices will slow global economic growth and erode earnings. Japan’s Nikkei 225 Stock Average posted its longest losing streak in 54 years.
BHP Billiton Ltd, the world’s largest mining company, led declines on concern metals demand will drop. Toyota Motor Corp, the world’s second-largest automaker, dropped after its US sales slumped last month. Posco led steelmakers lower on speculation lower vehicle sales will reduce demand for the metal.
The MSCI Asia-Pacific Index dropped 3.1 percent to 132.78 in the five days from Monday, with a gauge tracking material producers posting the biggest losses among 10 industry groups. The four weeks of declines were the most since a six-week losing streak that ended on Feb. 8.
PHOTO: EPA
TAIPEI
Taiwanese share prices are expected to face more selling in the week ahead on weak confidence after the market hit a 21-month low amid a spike in international crude oil prices, dealers said on Friday.
Lingering fears of further volatility on Wall Street are likely to keep haunting the local bourse and prompt foreign institutional investors to cut their positions, they said.
Many investors may take to the sidelines as they are closely watching how the bellwether electronic sector will fare as it is entering a peak season of the year, while the global economy is under threat of inflation, they said.
The market is expected to fall, testing 6,900 points next week on margin calls, but a technical rebound is possible with a cap at around 7,400 points, dealers said.
The TAIEX closed down 320.35 points or 4.24 percent over the week to 7,228.41 after a 4.48 percent fall a week earlier.
Average daily turnover stood at NT$99.81 billion (US$3.28 billion), compared with NT$100.20 billion the week before.
TOKYO
Japanese share prices slipped for a 12th straight trading day, continuing their longest losing streak in more than five decades on worries about the earnings outlook, dealers said.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index dropped 27.51 points or 0.21 percent to end at 13,237.89. The broader TOPIX index of all first-section shares slipped 0.14 points or 0.01 percent to 1,297.88.
The last time the benchmark fell for 12 straight sessions was in April 1954, when it declined for 15 straight trading days.
The index has fallen about 1,215 points, or 8.4 percent, over the past 12 sessions.
“Japanese shares have become an easy target for selling since they have outperformed other global markets since their lows in March,” Yutaka Miura, a senior technical analyst at Shinko Securities, told Dow Jones Newswires.
HONG KONG
Hong Kong share prices closed up 0.9 percent, dealers said.
The benchmark Hang Seng Index rose 181.04 points to close at 21,423.82.
SYDNEY
Australian shares closed up 1.7 percent Friday, dealers said.
The benchmark SP/ASX 200 index closed up 83.8 points at 5,082.1 and the broader All Ordinaries gained 76 points to 5,170.
“I think it’s a good sign [that the index recovered],” Macquarie Private Wealth senior private client adviser Marcus Droga told Dow Jones Newswires. “The market is showing signs of not being terminally ill.”
SHANGHAI
Chinese share prices closed down 1.24 percent, dealers said.
The benchmark Shanghai Composite Index, which covers both A and B shares, closed down 33.64 points at 2,669.89.
The Shanghai A-share index lost 1.25 percent to 2,800.11, while the Shenzhen A-share index shed 0.57 percent to 845.62.
SEOUL
South Korean shares closed 1.8 percent lower, dealers said.
The KOSPI index ended down 28.60 points at 1,577.94.
SINGAPORE
Singapore share prices closed 0.42 percent higher, dealers said. The blue-chip Straits Times Index closed up 12.09 points at 2,892.54.
KUALA LUMPUR
Malaysian share prices closed down 1.7 percent, dealers said. The Kuala Lumpur Composite Index dropped 19.56 points to 1,134.14.
BANGKOK
Thai shares closed 0.12 percent higher, dealers said. The Stock Exchange of Thailand (SET) composite index gained 0.88 points to close at 743.03 points, while the blue-chip SET-50 index rose 0.91 points to close at 528.37.
MANILA
Philippine share prices closed 1.3 percent higher, dealers said. The composite index gained 29.37 points to 2,369.21. The all-share index rose 12.50 points to 1,516.49.
WELLINGTON
New Zealand share prices closed 2.05 percent up, dealers said. The NZX-50 gross index rose 63.50 points to close at 3,157.92.
MUMBAI
Indian shares closed 2.75 percent higher, dealers said. The benchmark Mumbai 30-share SENSEX index rose 359.89 points to 13,454.
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