Asian stocks close mostly down
HONG KONG, April 8: Asian stocks closed mostly down on Tuesday as concerns grew about corporate profits amid a faltering US economy and rising inflation, with attention also turning to a key upcoming G7 meeting.
Japanese stocks were among the biggest fallers after the Nikkei-225 index closed down nearly 1.5 per cent. Hong Kong, Australia, South Korea and Singapore also closed down one per cent or more.
Mainland Chinese shares bucked the trend, building on a near 4.5-per cent surge Monday to close the session 0.36 per cent higher. But they are still well below 2007 highs.
Asian bourses overall have stabilised in April but are still down sharply since rising close to or hitting peaks around October last year. The global credit crunch following the US mortgage default crisis has roiled stock prices.
Top finance officials from the Group of Seven (G7) wealthy nations meet Friday in Washington. They are set to discuss the global financial crisis amid calls for more coordinated international action to shore up the world economy.
TOKYO: Japanese share prices closed down 1.49 per cent as investors locked in recent gains amid worries that upcoming US earnings reports will show the impact of slowing economic growth, dealers said.
The benchmark Nikkei-225 index fell 199.80 points to end at 13,250.43. The broader Topix index of all first-section shares shed 22.94 points or 1.76 per cent to 1,282.69.
HONG KONG: Hong Kong share prices closed down 1.09 per cent, dealers said.
The Hang Seng index closed down 267.07 points at 24,311.69. Turnover was 87.74 billion Hong Kong dollars (11.26 billion US).
Tony Tong, research head at China Everbright Securities, said investors took some cash off the table after four days of gains.
The market seems to have stabilised a bit but it’s still too early to say whether the worst has passed, he said.
SYDNEY: Australian shares closed 1.0 per cent lower, dealers said.
The benchmark S&P/ASX 200 index shed 53.5 points to 5,571.5 while the broader All Ordinaries lost 49.7 points to 5,634.4.
Turnover was 1.5 billion shares worth 5.5 billion dollars (5.1 billion US).
Dealers said there were concerns about Australia’s slowing economy, the forthcoming US corporate reporting season and economic data due from China.
SINGAPORE: Singapore share prices closed 1.62 per cent lower, dealers said.
The blue chip Straits Times Index (STI) closed down 51.50 points at 3,130.42 on volume of 2.04 billion shares worth 1.86 billion dollars (1.35 billion US).
The Singapore government on Thursday is to release advance gross domestic product estimates for the first quarter.
KUALA LUMPUR: Malaysian share prices closed up 0.4 per cent, dealers said.
The Kuala Lumpur Composite Index closed up 4.64 points at 1,225.71.
Investors are refocusing on commodity stocks at the moment and that could lead the market higher, said Phua Kwee Hock, analyst at brokerage SJ Securities.
JAKARTA: Indonesian share prices closed 1.6 per cent lower, dealers said.
The Jakarta Composite Index was down 37.03 points at 2,249.77.
WELLINGTON: New Zealand share prices closed 1.06 per cent lower, dealers said.
The benchmark NZX-50 gross index fell 38.81 points to 3,605.68 on turnover worth 87.1 million dollars (69.2 million US), snapping a seven-day winning streak.
Confidence in New Zealand’s economy continues to ease, ABM Amro Craigs investment advisor Nigel Scott said.
MUMBAI: Indian share prices closed 1.08 per cent lower, dealers said.
The benchmark Mumbai Sensex index declined 169.46 points to 15,587.62.
Rising inflation, the possibility of early elections and uncertain global trends are weighing down the markets, said Ved Prakash Chaturvedi, managing director at Tata Mutual fund.—AFP