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Asia Roundup: In the red but well off troughs
by hlk Wed 10 Aug 2011, 08:20
HONG KONG: Asian stocks mostly fell yesterday, extending recent losses amid fears about the global economy, but well off the troughs seen earlier as dealers looked to a key meeting of the Federal Reserve in Washington later in the day.
Gold soared to record levels and crude prices fell as Asian stocks plunged in the morning, despite G7 and G20 pledges to bolster the global economy and European Central Bank action on eurozone debt.
However, hopes the US central bank could outline plans for a new stimulus package provided support to investors.
Tokyo shares fell 1.68 per cent to their lowest level in nearly five months, although early losses narrowed ahead.
The Nikkei-225 index, which had plunged more than4 per cent after opening, closed down 153.08 points at 8,944.48.
"There is a sense of a market panic that may be triggering more selling than... necessary," said Yutaka Yoshii, general manager at Mito Securities.
In Shanghai, shares closed flat, erasing earlier losses, thanks to a rebound in heavyweights. The composite index edged down 0.75 points to 2,526.07.
"After the stocks were sold heavily in the past day and a half, I think such panic selling may have come to an end," Shenyin Wanguo Securities analyst Wu Dazhong told Dow Jones Newswires.
Seoul closed 3.63 per cent, or 68.10 per cent lower at 1,801.35 - staging a huge rebound after falling about 9.9 per cent in the morning.
Taipei fell 0.79 per cent, or 59.68 points, to 7,493.12, having earlier shed 5 per cent.
However, Sydney staged a massive turnaround after slumping 5 per cent in morning trade. The market closed 1.22 per cent, or 4.87 points, up at 4,034.8.
In other markets:
* Manila ended 4.02 per cent, or 174.21 points, lower at 4,157.03. The fall is the index's biggest since March 16 2009.
* Jakarta shed 2.99 per cent, or 115.15 points, to close at 3,735.11.
* Bangkok plunged 3.31 per cent, or 35.65 points, to close at 1,042.54.
* Mumbai fell 0.78 per cent, or 132.27 points, to close at 16,857.9, its sixth straight day of losses and its lowest closing level since June 3 last year. - AFP
Gold soared to record levels and crude prices fell as Asian stocks plunged in the morning, despite G7 and G20 pledges to bolster the global economy and European Central Bank action on eurozone debt.
However, hopes the US central bank could outline plans for a new stimulus package provided support to investors.
Tokyo shares fell 1.68 per cent to their lowest level in nearly five months, although early losses narrowed ahead.
The Nikkei-225 index, which had plunged more than4 per cent after opening, closed down 153.08 points at 8,944.48.
"There is a sense of a market panic that may be triggering more selling than... necessary," said Yutaka Yoshii, general manager at Mito Securities.
In Shanghai, shares closed flat, erasing earlier losses, thanks to a rebound in heavyweights. The composite index edged down 0.75 points to 2,526.07.
"After the stocks were sold heavily in the past day and a half, I think such panic selling may have come to an end," Shenyin Wanguo Securities analyst Wu Dazhong told Dow Jones Newswires.
Seoul closed 3.63 per cent, or 68.10 per cent lower at 1,801.35 - staging a huge rebound after falling about 9.9 per cent in the morning.
Taipei fell 0.79 per cent, or 59.68 points, to 7,493.12, having earlier shed 5 per cent.
However, Sydney staged a massive turnaround after slumping 5 per cent in morning trade. The market closed 1.22 per cent, or 4.87 points, up at 4,034.8.
In other markets:
* Manila ended 4.02 per cent, or 174.21 points, lower at 4,157.03. The fall is the index's biggest since March 16 2009.
* Jakarta shed 2.99 per cent, or 115.15 points, to close at 3,735.11.
* Bangkok plunged 3.31 per cent, or 35.65 points, to close at 1,042.54.
* Mumbai fell 0.78 per cent, or 132.27 points, to close at 16,857.9, its sixth straight day of losses and its lowest closing level since June 3 last year. - AFP
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