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.
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
RSS