Asian markets mostly up, euro falls further

Asian markets were mixed yesterday, with profit-taking reversing some earlier gains, while the euro extended losses made in New York after the ECB cut its growth forecast for the eurozone. Seoul climbed 0.4%, or 7.83 points, to 1,957.45 and Sydney added 0.94%, or 42.5 points, to close at 4,551.8 but Tokyo ended 0.19%, or 17.77 points, down at 9,527.39. Shanghai closed up 1.6%, or 32.55 points, at 2,061.79, topping off a positive week, while Hong Kong succumbed in late trade, slipping 0.26%, or 58.64 points, to 22,191.17. In Tokyo, the euro rose as dealers moved back into buying mode after it suffered a big fall in New York late Thursday on news the European Central Bank had tipped the eurozone economy shrink 0.3% in 2013. The bank also hinted that it might be moving toward cutting its benchmark rate, despite holding firm on Thursday. The single currency was quoted at $1.2940 in afternoon Asian trade, from $1.2969 in New York late Thursday, and ¥106.61 from ¥106.86. The unit was also well down from the $1.3055 and ¥107.69 in Asia on Thursday. The dollar was at ¥82.39 in Asia, from ¥82.37 in New York. In Hong Kong, Chinese insurance firm PICC ended 6.9% higher on its trading debut after raising $3.1bn in an initial public offering, making it the city’s biggest listing this year. In other markets, Singapore closed up 0.94%, or 28.91 points, at 3,107.11; Taipei rose 0.25%, or 19.0 points, to 7,642.26; Manila added 0.53%, or 30.56 points, to end at 5,794.20; Wellington added 0.45%, or 18.17 points, to end at 4,041.53; Kuala Lumpur shares climbed 1.54 points, or 0.1%, to close at 1,617.77; Jakarta ended down 1.81 points, or 0.04%, at 4,290.80 and Bangkok fell 4.93 points or 0.37% to close at 1,334.95.