Asian shares slip after Wall Street fall and Samsung arrest

18-Feb-2017 Intellasia | AP | 6:00 AM Print This Post

Asian shares slipped Friday following a drop on Wall Street as the stronger dollar sent Japanese issues lower and the arrest of an executive at Samsung weighed on Korean stocks.

KEEPING SCORE: Japan’s benchmark Nikkei 225 lost 0.7 percent to 19,220.59.South Korea’s Kospi edged down 0.2 percent to2,077.39. Australia’s S&P/ASX 200 fell nearly 0.2 percent to 5,805.80. Hong Kong’s Hang Seng shed 0.5 percent to 23,979.67, while the Shanghai Composite was also down 0.5 percent at 3,212.05.

WALL STREET: The S&P 500 fell 2.03 points, or 0.1 percent, to 2,347.22. The Dow Jones industrial average rose 7.91 points, less than 0.1 percent, to set another record at 20,619.77. The Nasdaq composite dipped 4.54 points, or 0.1 percent, to 5,814.90.

THE QUOTE: “The future outlook is clouded by rising political uncertainties and waves of anti-globalisation sentiments from the US and Europe. As US reaches full employment and approaches closer to the Fed’s inflation target, a tighter Federal monetary policy is expected to lead to a stronger US dollar in the months ahead. This might worry investors,” says Margaret Yang Yan, market analyst at CMC Markets in Singapore.

SAMSUNG WOES: A South Korean court approved the arrest of a billionaire heir to Samsung accused of bribery and other related crimes, a stunning development for the nation’s richest family. The news of the arrest of Lee Jae-yong, vice chair at Samsung Electronics and son of Samsung chair Lee Kun-hee, sent Samsung Electronics stock down by more than 1 percent.

ENERGY: Benchmark US crude rose 7 cents to $53.43 a barrel in New York. It rose 25 cents to settle at $53.36 per barrel Thursday. Brent crude, the international standard, added 11 cents to $53.76 a barrel.

CURRENCIES: The dollar fell slightly to 113.37 yen from 113.61 yen late Thursday. The euro rose to $1.0672 from $1.0635.


Category: FinanceAsia

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