AFP/Tokyo
Asian markets were mostly lower yesterday as profit-taking and sobering comments from Federal Reserve chief Ben Bernanke on the US economy outweighed upbeat Chinese manufacturing data. The euro gave up the previous day’s gains that were won after a record take-up of cheap loans from the European Central Bank by cash-strapped lenders. Tokyo ended 0.16%, or 15.87 points, lower at 9,707.37 and Sydney lost 1.00%, or 42.9 points, to close at 4,255.6. Shanghai slipped 0.10%, or 2.38 points, to 2,426.11 while Hong Kong lost 1.35%, or 292.12 points, to end at 21,387.96. Manila advanced 0.84%, adding 40.96 points to end at 4,938.61. The Philippine index broke the 5,000-point barrier earlier in the day to hit a record high of 5,011.09.Mumbai slid 168.71 points or 0.95% to 17,583.97. Engineering giant Bharat Heavy Electricals fell 2.97% to Rs299.07 while top property firm DLF fell 5.17% to Rs214.65. State-run explorer Oil and Natural Gas Corp (ONGC) fell 1.87% to Rs287.85.Data out of Beijing showed manufacturing activity expanded for the third straight month in February as exports picked up, easing concerns that the world’s number two economy was slowing down too quickly. The official purchasing managers index rose to 51 in February from 50.5 in January, with most sectors showing signs of improvement, the China Federation of Logistics and Purchasing said in a statement. A reading above 50 indicates industry is expanding. Markets had been growing increasingly concerned about manufacturing in China, which began shrinking at the end of last year as key export markets, especially the European Union, struggle. While the upbeat outlook for China provided some confidence, Bernanke’s cool assessment of the US economy injected caution into the market. The Fed chairman told a congressional hearing that flat incomes and still-high unemployment would probably limit growth this year to 2.25%, dampening recent bullishness following a string of positive data. “Bernanke’s comments failed to inspire markets,” Melbourne-based Chris Gore, a currency analyst at Go Markets, said in a note, according to Dow Jones Newswires. “His economic assessment was far from encouraging and his comments provided little inspiration for those betting on another round of quantitative easing,” Gore said, referring to the central bank’s policy of flooding markets with cash to boost liquidity. His comments also came after the Commerce Department said the US economy grew faster than initially believed in the fourth quarter of 2011, at an annual 3.0%. It said the improvement was due in part to positive contributions from consumer spending and private inventory investments. The dollar, which has rallied against the yen in the past two weeks, gained further on the news and managed to hold firm in late Tokyo trade, buying ¥81.11 against 81.12 in New York late Wednesday. In other markets, Singapore slipped 0.51%, or 15.22 points, to 2,978.84. Singtel shed 1.26% to S$3.13 and shipping firm Neptune Orient Lines gained 4.1% to S$1.40. Taipei ended flat, edging 3.10 points lower to 8,118.34. Taiwan Semiconductor Manufacturing Co fell 1.23% to T$80.1 while leading design house MediaTek was 0.83% higher to T$303.5. Kuala Lumpur rose 0.24%, or 3.80 points, to 1,573.45, Jakarta fell 0.58%, or 22.92 points, to 3,962.29 and Bangkok rose 0.35%, or 4.08 points, to 1,164.98.