Asia stock market declines, EU ends lower and US recovers Jan 13

14-Jan-2009 Intellasia | Business Times | Reuters | AFP | 3:51 PM Print This Post

Asian stocks fell yesterday Tuesday January 13 as investor confidence was dealt a blow by more bad corporate news as fears about the global economic slowdown continued to spread.

Tokyo, which was closed Monday, was pulled almost five% lower amid reports that Sony was set to announce its first annual operating loss in 14 years.

Hong Kong fell more than 2% -its sixth consecutive loss -as did Shanghai, while Sydney ended 0.7% off and Bangkok dumped more than 4%.

The markets were following another bad day for the Dow Jones, which was down 1.46% overnight as fears over the broader economy wiped out earlier optimism brought about by the stimulus plan of US president-elect Barack Obama.

After Wall Street closed, aluminium giant Alcoa reported a larger-than-expected quarterly loss, adding further to concerns.

TOKYO: Down 4.79%. The benchmark Nikkei-225 index dropped 422.89 points to 8,413.91. The broader Topix index of all first-section shares fell 40.90 points, or 4.78%, to 814.12.

HONG KONG: Share prices closed 2.2% lower yesterday, as poor performances by Wall Street and Tokyo hit investor confidence, dealers said. The benchmark Hang Seng Index closed down 302.95 points at 13,668.05, after trading between 13,644.54 and 14,118.93 during the session.

SYDNEY: Down 0.78%. The benchmark S&P/ASX 200 dropped 28.7 points to 3,654.6.

SHANGHAI: Down 1.95%. The benchmark Shanghai Composite Index, which covers A and B shares, closed down 36.98 points at 1,863.37.

TAIPEI: Up 1.76%. The weighted index rose 78.46 points to 4,532.36.

SEOUL: Up 0.9%. The KOSPI index ended up 10.96 points at 1,167.71.

SINGAPORE: Singapore’s Straits Times Index closed 14.43 points lower to 1,761.82, after gaining as much as 1.7%. The measure lost 7.6% in the past six days, its longest losing streak since July 3. Keppel Land fell seven cents to S$1.72 while DBS gained 17 cents to S$8.28. City Developments was down 6 cents to S$6.

KUALA LUMPUR: The Kuala Lumpur Composite Index (KLCI) fell from its intra-day high of 919.92 to its intra-day low of 909.68 yesterday. It closed at 913.70 points, giving a day-on-day loss of 9.87 points, or 1.07%. IOI Corp staged a technical pullback yesterday. Its daily price trend closed at RM3.80, posting a day-on-day loss of 20 sen, or 5%.

BANGKOK: Down 4.19%. The Stock Exchange of Thailand (SET) composite index lost 18.99 points to close at 433.81 points.
JAKARTA: Down 0.5%. The Jakarta Composite Index closed 6.82 points down at 1,399.73.

MANILA: Barely changed. The composite index dropped 0.09%, or 1.79 points, to 1,996.04.

MUMBAI: Down 0.42%. The 30-share Sensex index fell 38.69 points to 9,071.36, its fourth consecutive day of losses.

EUROPE: European shares ended lower yesterday as investors concerns intensified about the global slowdown, with banks leading the index lower. The FTSEurofirst 300 index of top European shares was down 1.7% at 838.76 points at provisional close having been as low as 828.68 points earlier. Across Europe, FTSE 100 index down 0.61% to 4,399.15 points, the CAC 40 index lost 1.45% to 3,197.89 points and the DAX was down 1.75% at 4,636.94 points.

USA: Stocks moved higher on Tuesday as hopes that Washington would work speedily on a plea by US President-elect Barack Obama for remaining financial rescue funds to stabilise credit markets provided support.

* Energy shares helped lift the Dow and S&P 500 as oil prices rose. Chevron (CVX.N) gained 2.2% to US$72.37 and Exxon Mobil (XOM.N) added 2% to US$78.08. The S&P Energy index (GSPE) climbed 2.1%.

* The Dow Jones industrial average (DJI) was up 12.98 points, or 0.15%, at 8,486.95. The Standard & Poor’s 500 Index (SPX) was up 2.56 points, or 0.29%, at 872.82. The Nasdaq Composite Index (IXIC) was up 14.88 points, or 0.97%, at 1,553.67.


Category: Stocks

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