HONG KONG, Feb 8: Asian stocks closed mixed on Friday in subdued trade with Japanese economic data raising concerns about the health of its economy while regional holidays held most investors in the wings.
A positive finish on Wall Street overnight added a positive tone to early trade in the markets that remained open during the Lunar New Year festivities and this helped Sydney to a gain of 1.1 per cent.
Bangkok rose 1.67 per cent and Manila was 0.6 per cent higher.
However, Tokyo shed 1.44 per cent after the release of disappointing figures for machinery orders with the first annual fall, in 2007, registered for five years also indicating a slowdown in the US could be hitting Asia.
Wellington fell 0.66 per cent and Mumbai was off 0.35 per cent.
Stock markets in Hong Kong, Shanghai, Taipei, Seoul, Singapore, Kuala Lumpur and Jakarta were closed Friday for the Lunar New Year holiday.
TOKYO: Japanese share prices slid 1.44 per cent lower, hit by weak economic data and nervousness ahead of a meeting of world finance chiefs this weekend.
Dealers said that a technical glitch on the Tokyo Stock Exchange affected trading, while some investors stayed on the sidelines ahead of a long holiday weekend in Japan, where markets will be closed on Monday.
The Nikkei-225 index lost 189.91 points to 13,017.24. Turnover declined to 2.35 billion shares from 2.37 billion Thursday.
Shares lost ground following the release of disappointing data on December machinery orders, which fell 3.2 per cent in December, stoking concerns about the health of the Japanese economy.
With markets still shaky in the aftermath of the subprime loan crisis, investors are keen to hear what finance ministers and central bankers from the Group of Seven rich nations will say at their meeting here Saturday.
The possibility is extremely low that the G7 meeting can come up with a concrete package of measures to deal with the credit crunch, said Osamu Takashima, chief analyst at the Bank of Tokyo Mitsubishi UFJ.
SYDNEY: Australian share prices closed up 1.1 per cent as bargain hunters moved in and ended the market’s three-day losing streak.
The major banks, which bore the brunt of a sell-off earlier this week on concerns that rising interest rates would deter borrowers and cause more loan defaults, led the recovery.
The S&P/ASX 200 was 61.3 points higher at 5,658. Market volume was 1.43 billion shares worth 4.44 billion dollars 4.0 billion US).
The market remained in positive territory despite the thin volume and we saw some trade flows on what were considered oversold stocks, said Matt Lewis, a senior dealer at CMC Markets.
Commonwealth Bank finished $1.32 at 50.14.
WELLINGTON: New Zealand share prices closed 0.66 per cent lower dragged down by a disappointing result from market leader Telecom despite firmer markets off shore.
The NZX-50 index dropped 23.80 points to 3,612.41 on turnover worth 144.22 million dollars (113.14 million US).
Top stock Telecom slid to a 14-and-a-half year low of 3.91 dollars after the company reported a 12.6 per cent fall in its six-month net profit, on continued declines in calling and mobile revenue.
By the end of the session it had recovered to 3.95 dollars, a 15 cents or 3.7 per cent fall.
Telecom’s result was towards the low end of expectations, but not drastically so, said Don Lewthwaite of First NZ Capital.
MUMBAI: Indian share prices closed 0.35 per cent lower in choppy trade amid investor unease about global market trends.
Dealers said reports that two companies Emaar MGF Land amd Wockhardt Hospitals had withdrawn their initial share offerings during the past two days due to weak investor demand signalled uncertain trends in coming weeks.
The 30-share benchmark Sensex index fell 62.04 points to 17,464.89, marking its third straight day of losses.—AFP
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