Asian stocks close mostly lower
HONG KONG, Nov 19: Asian stocks closed mostly lower on Monday as worries about a US economic slowdown after a major credit crunch weighed on investors, sending Japan’s stock market to its lowest level this year.
Tokyo’s Nikkei-225 index fell 0.74 per cent, Seoul was down 1.7 per cent, Taiwan fell 0.96 per cent, Singapore shed 0.85 per cent and shares in Mumbai retreated 0.33 per cent.
The default crisis in the US subprime mortgage sector and expectations of more measures by China to slow its economy hit sentiment in many Asian bourses, despite a rise on Wall Street on Friday.
Monday’s heaviest faller was Bangkok, down more than two per cent partly due to uncertainty over the outlook for oil prices. Energy firms account for a significant slice of the Thai stock market.
The Australian and Philippine markets bucked the trend. Sydney rose 1.1 per cent, taking its cue from Wall Street late last week.
TOKYO: Japanese share prices closed down 0.74 per cent, reversing early gains to slide to a new 2007 low as concerns persisted about the US economy, dealers said.
The Tokyo Stock Exchange’s Nikkei-225 index dropped 112.05 points to close at 15,042.56. The broader Topix index of all first-section shares fell 15.06 points or 1.02 per cent to 1,456.61.
Decliners outnumbered gainers 1,287 to 356, with 75 issues unchanged.
Volume traded reached 1.91 billion shares, up from 1.83 billion shares on Friday.
HONG KONG: Hong Kong share prices closed 0.56 per cent lower after a see-saw session on worries over a Chinese crackdown on illegal funds flowing into the city’s stock market, dealers said.
Local property developers also rose on hopes for further cuts in interest rates in the US and Hong Kong.
The Hang Seng index closed down 154.26 points at 27,460.17, off a low of 27,300.29 and a high of 27,801.53. Turnover was 103.96 billion Hong Kong dollars (13.33 billion US).
Property firm Cheung Kong rose 0.90 at 138.60 and Sun Hung Kai gained 2.90 at 146.90.
SYDNEY: Australian shares closed up 1.1 per cent led by gains in the big banks and resources stocks following a modest lead from Wall Street at the end of last week, dealers said.
The benchmark S&P/ASX 200 index closed up 73.3 points at 6,535.2, while the broader All Ordinaries closed up 75.2 points or 1.2 per cent at 6,601.3.
BHP Billiton gained 44 cents or 1.1 per cent to $41.59. Its potential takeover target, Rio Tinto, put on 4.79 dollars or 3.7 per cent to reach $136.00.
SINGAPORE: Singapore share prices closed 0.85 per cent lower as investors continued to worry about the impact on Asia of the crisis in the US subprime mortgage sector, dealers said.
The Straits Times Index closed 29.24 points lower at 3,411.72 on volume of 1.65 billion shares worth 1.67 billion Singapore dollars (1.16 billion US).
KUALA LUMPUR: Malaysian share prices closed 0.5 per cent lower amid moves by China to cool its economy by cracking down on illegal fund outflows, dealers said.
The Kuala Lumpur Composite Index was down 6.73 points at 1,379.91, off a high of 1,393.29. Turnover was 769 million shares worth 1.13 billion ringgit (335 million dollars) while losers led risers 568 to 257 and 217 were untraded.
JAKARTA: Indonesian share prices closed 0.8 per cent lower with the sell-off partly driven by fears that the anti-monopoly watchdog may rule against Temasek Holdings, dealers said.
The anti-monopoly regulator -- KPPU -- was holding a session to read its final decision on allegations that Temasek violated competition laws.
WELLINGTON: New Zealand share prices closed little changed despite gains by Wall Street on Friday, dealers said.
The benchmark NZX-50 index rose 0.50 points to 4,114.67 on light turnover worth 60.6 million dollars (46.1 million US).
Brokers said trading was mixed and that the local market had failed to take its lead from gains in Australia.
MUMBAI: Indian share prices fell 0.33 per cent as investors sold blue-chip companies for a third straight day citing weak US economic data, dealers said.
The benchmark 30-share Sensex index fell 65 points to 19,633.36, slipping from the day’s high of 19,971.44.
Global concerns are weighing the Indian markets down. We expect mid-cap stocks to outperform as they had lagged in previous months, said Advait Date, a dealer with BHH Securities.—AFP