Asian stocks declined for a third week, driving the region’s benchmark index to a two-year low, on concern that economic growth in Japan and China is faltering.
Mitsui Fudosan Ltd led property stocks lower in Tokyo after developer Urban Corp filed for bankruptcy and Japan’s housing investment unexpectedly fell. Aluminum Corporation of China Ltd (中國鋁業) dropped after reports showed the nation’s producer prices rose at the fastest pace since 1996 and industrial-output growth cooled. Telstra Corp and Singapore Telecommunications Ltd led phone companies lower after posting earnings that missed estimates.
“The broader concern now is with economic growth, especially with signs that even China is slowing down,” said Nicole Sze, a Singapore-based investment analyst at Bank Julius Baer & Co, which manages US$350 billion in assets worldwide. “It’s possible that you’ll see more earnings downgrades.”
TAIPEI
Taiwanese share prices closed down 1.77 percent, dealers said.
The weighted index fell 129.57 points at 7,196.50 on turnover of NT$99.93 billion (US$3.2 billion).
“It was no surprise that investors tended to pocket their gains whenever the market staged a rebound,” Taiwan International Securities (金鼎證券) analyst Eric Lee said.
Hon Hai Precision (鴻海精密) fell 5.08 percent to NT$168, Acer shed 3 percent to NT$64.70 and United Microelectronics Corp (聯電) was down 1.11 percent at NT$13.35.
Taiwan Semiconductor Manufacturing Co (台積電) rose 0.17 percent to NT$60.60 after Philips sold its last shares in the world’s largest contract chip maker.
TOKYO
Japanese shares closed up 0.48 percent after a rally on Wall Street on the back of a drop in oil prices and easing jitters about problems in the financial sector, dealers said.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index rose 62.61 points to end at 13,019.41. The broader TOPIX index of all first-section shares added 8.38 points or 0.68 percent to 1,247.31.
HONG KONG
Hong Kong share prices closed down 1.1 percent, dealers said.
The benchmark Hang Seng Index fell 232.13 points at 21,160.58, its lowest level since March 20. Turnover was HK$48.96 billion (US$6.27 billion).
SHK Ltd strategist Castor Pang told Dow Jones Newswires the domestic market was likely to enter a consolidation phase in the short term because “investors lack confidence and rush to take profits whenever there is a rebound.”
SYDNEY
The Australian share market closed flat, dealers said.
The benchmark S&P/ASX 200 added 0.6 points to 4,981.7, while the broader All Ordinaries was down 0.1 points at 5,038.9.
Turnover was light, with some 1.05 billion shares worth A$4.7 billion (US$4.1 billion) traded.
SHANGHAI
Chinese share prices closed mixed, dealers said.
The benchmark Shanghai Composite Index, which covers both A and B shares, was up 13.53 points at 2,450.61 on a turnover of 27.2 billion yuan (US$4 billion).
The key index ended higher after a five-session sell-off streak starting from the day Beijing opened the Olympics, but trading volumes shrank to a fresh 21-month low, indicating a lack of interest among investors.
SINGAPORE
Singapore share prices closed down 0.68 percent, dealers said.
The blue chip Straits Times Index declined 19.16 points to 2,797.50.
Volume traded was thin at 927.52 million shares worth S$1.04 billion (US$734.29 million).
“The market is spiraling downwards. Nothing is better than keeping cash,” a local brokerage house dealer said.
KUALA LUMPUR
Malaysian share prices closed 1.3 percent lower, dealers said.
The Kuala Lumpur Composite Index shed 14.38 points to end at 1,095.05.
“The banks are weighing on the market, especially Bumi-Commerce following its 2Q results,” a trader told Dow Jones Newswires.
BANGKOK
Thai share prices closed 0.27 percent higher, dealers said.
The Stock Exchange of Thailand (SET) composite index rose 1.88 points to close at 707.48 points, while the blue-chip SET-50 index gained 1.93 points to close at 501.50.
JAKARTA
Indonesian shares closed 1 percent lower, dealers said.
The Jakarta Composite Index fell 21.45 points to 2,085.15.
“There were worries that oil prices will continue to fall which could also drive down prices of commodities,” a trader told Dow Jones Newswires.
MANILA
Philippine share prices closed little changed, dealers said.
The composite index fell 2.13 points to 2,725.15 points. The all-share index fell 0.17 percent to 1,689.82 points.
“It’s a healthy correction,” said Sandra Araullo of Regina Capital Development Corp.
Index heavyweight Philippine Long Distance Telephone Co fell 0.3 percent to 2,745 pesos. Philex Mining Corp slipped 1.33 percent to 7.40 pesos.
WELLINGTON
New Zealand share prices rose 0.5 percent, dealers said.
Fletcher helped the benchmark NZX-50 index rise 17.23 points to 3,351.13.
“Kiwi equities in the last two or three weeks have actually performed pretty well,” Nigel Scott of ABN Amro Craigs said.
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