Asian stocks fell for a third week, ending the regional benchmark’s worst first half in 16 years, as record oil prices dimmed earnings prospects and concern grew that credit market losses haven’t reached an end.
The MSCI Asia-Pacific Index lost 2.2 percent to 136.96 this week. It has fallen about 13 percent in the first six months of this year, its worst performance since a 23 percent drop in 1992. A gauge tracking consumer stocks led losses among 10 industry groups on the index.
TAIPEI
PHOTO: AFP
Taiwanese share prices are expected to extend losses next week with market sentiment dampened by recent steep declines, high oil prices and volatility on Wall Street, dealers said.
In the week to Friday, the TAIEX closed down 353.68 points or 4.48 percent at 7,548.76 after a 2.51 percent fall the previous week.
“The market is dominated by a bearish mood, with few able to be sure when Wall Street will stablise,” Concord Securities (康和證券) analyst Allen Lin said.
TOKYO
Japanese share prices slid on worries about weak US markets, high oil prices and a stronger yen which is bad for exporters, dealers said.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index ended down 277.96 points or 2.01 percent at 13,544.36. The broader TOPIX index of all first-section shares declined 24.11 points or 1.79 percent to 1,320.68.
HONG KONG
Shares closed down 1.84 percent, dealers said.
The benchmark Hang Seng Index lost 413.32 points to 22,042.35. For the week, the index fell 3.3 percent, while it is down 21 percent since the start of the year.
SYDNEY
Australian shares dropped 1.3 percent, dealers said.
The benchmark S&P/ASX 200 shed 70 points to end the day at 5,237.0 while the broader All Ordinaries was down 72.1 points at 5,349.4.
The Australian market tumbled 160.6 points, or 3.1 percent, on opening but clawed back much of the lost ground amid bargain-hunting.
SHANGHAI
Chinese share prices closed down 5.29 percent, dealers said.
The benchmark Shanghai Composite Index, which covers A and B shares, closed down 153.42 points at 2,748.43.
The Shanghai A-share Index lost 5.29 percent to 2,882.95, while the Shenzhen A-share Index was down 6.06 percent at 833.21.
The Shanghai B-share Index was down 4.05 percent to 209.12 and the Shenzhen B-share Index lost 4.58 percent to 471.21.
SEOUL
Shares closed 1.9 percent lower, dealers said.
The KOSPI index closed down 33.21 points at 1,684.45, after diving as much as 2.2 percent in the earlier session. The index fell about 3 percent this week.
SINGAPORE
Shares closed 0.84 percent lower, dealers said.
The blue-chip Straits Times Index fell 25.04 points to 2,955.91.
The benchmark index fell to an intraday low of 2,922.87.
MUMBAI
Indian shares plunged 4.3 percent, dealers said.
The benchmark Mumbai 30 share SENSEX index fell 619.6 points to 13,802.22, a 13-month low.
Also See: Jim Rogers tells investors not to 'give up' on China
THREATS: Naval facilities have been built in Shanghai and Zhejiang, while airbases have been expanded in Xiamen, Fuzhou and Zhangpu, across the Strait from Taiwan The Chinese Communist Party (CCP) is building large-scale military infrastructure at five sites along the eastern coast of China, the Mainland Affairs Council (MAC) said in a recent report. The latest issue of the council’s Mainland China Situation Quarterly said satellite photos showed military infrastructure such as air force and naval bases being constructed along the eastern coast of China. That means the CCP might be preparing for potential conflict in Taiwan, it said, adding that there are five such construction sites from north to south. A naval base has been built in Shanghai’s Pudong New Area, with underground oil storage tanks, railway
MILESTONE: The foreign minister called the signing ‘a major step forward in US-Taiwan relations,’ while the Presidential Office said it was a symbol of the nations’ shared values US President Donald Trump on Tuesday signed into law the Taiwan Assurance Implementation Act, which requires the US Department of State to regularly review and update guidelines governing official US interactions with Taiwan. The new law is an amendment to the Taiwan Assurance Act of 2020 focused on reviewing guidelines on US interactions with Taiwan. Previously, the state department was required to conduct a one-time review of its guidance governing relations with Taiwan, but under the new bill, the agency must conduct a review “not less than every five years.” It must then submit an updated report based on its findings “not later
GIVE BACK: The president thanked immigrants, recounting heartwarming stories, from a gymnast helping athletes shine internationally to a spouse helping the disadvantaged There is no need to amend the law to exempt Chinese spouses from single allegiance to the Republic of China (ROC), President William Lai (賴清德) said yesterday, adding that such changes would only increase the public’s doubts toward new residents from China and would not improve social harmony. Taiwan is a democratic, diverse and free country, he said. “No matter which ethnic group you belong to, where you come from or when you arrive, as long as you identify with Taiwan, you are masters of this country,” he said. Taiwan is a democratic nation that follows the rule of law, where immigrants are
A trial run of the north concourse of Taiwan Taoyuan International Airport’s new Terminal 3 is to commence today, the Ministry of Transportation and Communications said yesterday. The eight additional boarding gates would allow for more aircraft parking spaces that are expected to boost the airport’s capacity by 5.8 million passengers annually, Deputy Minister of Transportation and Communications Lin Kuo-shian (林國顯) said. The concourse, designed by a team led by British architect Richard Rogers, provides a refreshing space, Lin said, adding that travelers would enjoy the tall and transparent design that allows sunshine to stream into the concourse through glass curtain walls. The
RSS