Traders work on the Hong Kong Exchanges and Clearing’s trading floor. Hong Kong closed up 76.8 points to 22,664.52 points yesterday.
AFP/Tokyo
Asian markets were mixed yesterday, with Tokyo stocks dropping after the previous session’s surge, as investors awaited US housing data and minutes from the Federal Reserve’s last meeting.
The yen rebounded in Asia after tumbling on the Bank of Japan’s (BoJ) decision on Tuesday to boost lending to commercial banks.
Tokyo lost 0.52%, or 76.71 points, to 14,766.53, Seoul shed 0.20%, or 3.98 points, to 1,942.93, while Sydney gained 0.29%, or 15.4 points, to 5,408.2.
The benchmark Shanghai Composite Index added 1.11%, or 23.48 points, to 2,142.55 and the Shenzhen Composite Index—which tracks stocks on China’s second exchange—gained 0.14%, or 1.58 points, to 1,157.20.
Hong Kong reversed early losses to rise 0.34%, adding 76.8 points to 22,664.52.
In other markets, Bangkok lost 0.39% or 5.21 points to 1,321.00; Siam Cement fell 1.44% to 412baht, while Bangchak Petroleum gained 2.65% to 29baht.
Jakarta closed up 0.80%, or 36.46 points, at 4,592.65; carmaker Astra International gained 2.21% to 6,950 rupiah, while Hero Supermarket lost 2.44% to 2,600 rupiah.
Kuala Lumpur gained 4.21 points, or 0.23%, to close at 1,829.45; Axiata Group rose 0.2% to 6.55 ringgit, while plantation company IOI added 5.7% to 4.60. RHB Capital lost 1.7% to 7.70 ringgit.
Singapore closed up 0.59%, or 18.01 points, at 3,088.79; agribusiness firm Wilmar International gained 1.85% to Sg$3.31 while Oversea-Chinese Banking Corp rose 0.52% to Sg$9.60.
Manila climbed 1.63%, or 100.65 points, to 6,294.62; BDO Unibank gained 0.99% to 81.80 pesos while Ayala Land Inc rose 5.33% to 28.65 pesos. Taipei rose 0.24%, or 20.78 points, to 8,577.01; Taiwan Semiconductor Manufacturing Co was unchanged at Tw$108.0 while leading chip design house MediaTek edged up 0.35% to Tw$435.0.
Wellington gained 0.39%, or 19.05 points, to 4,914.14; Air New Zealand climbed 0.30% to NZ$1.695 and Fletcher Building rose 1.25% to NZ$9.72.
The BoJ announced on Tuesday that it would double the sum of loan schemes to banks in a bid to stimulate lending to firms and finance growth-stoking projects, such as environmental research and natural resources development.
That helped Tokyo’s Nikkei index power 3.13% higher on Tuesday, before profit-taking set in yesterday.
US stocks closed mostly higher on Tuesday as investors weighed mixed company news and an unexpected slump in home builder confidence.
The Dow Jones Industrial Average shed 0.15% to 16,130.40 while the broader S&P 500 index advanced 0.12% to 1,840.76. The Nasdaq added 0.68% to 4,272.78. “Equity indices kicked off the abbreviated trading week on a relatively quiet note,” analysts at Briefing.com said in a client note. US markets were closed Monday for the Presidents’ Day holiday.
Investors are looking to minutes from Ben Bernanke’s last meeting as Fed chief and US housing start figures for January.
“It will be interesting to see if there was any discussion to accelerate or slow the pace of tapering,” National Australia Bank said, referring to the minutes. The US central bank’s move to pull back on its stimulus drive has rattled some emerging economy currencies including Russia’s ruble, the South African rand and Turkey’s lira.
Eyes are also on the new US housing data after shares of home builders came under pressure.
The National Association of Home Builders said its sentiment index tumbled to 46 in February from 56 in January. It largely blamed unusually severe weather in much of the country.
On currency markets the dollar bought 102.19 yen in afternoon trade compared with 102.40 yen in New York Tuesday.
The euro slipped to 140.60 yen from 140.89 while trading at $1.3764 against $1.3759.