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NewsAsia Roundup: Easier ahead of US data
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Asia Roundup: Easier ahead of US data
by hlk Sun 04 Sep 2011, 15:59
HONG KONG: Asian markets slipped in nervous trade yesterday ahead of the release of key jobs data from the US, with profit-taking adding to downward pressure after a four-day rally.
Tokyo shares dropped 1.21 per cent as investors locked in profits from their recent gains while nervously awaiting key US jobs data.
The Nikkei 225 index fell 110.06 points to end at 8,950.74.
"The Nikkei has been up for six straight days and expectations are low for the US jobs report," Toshiyuki Kanayama, senior market analyst at online brokerage firm Monex, told Dow Jones Newswires. "So we're seeing profit-taking, particularly in exporters ahead of the weekend."
Shanghai closed down 1.09 per cent. The composite index lost 27.76 points to 2,528.28 and is down around 3.2 per cent for the week.
"I think the market will continue to be range-bound for one more week before it finds clear direction," Jacky Zhang, an analyst with Capital Securities, told Dow Jones Newswires.
In Sydney, Australian stocks dropped 1.50 per cent with the losses broad-based as traders locked in profits. At the close, the benchmark S&P/ASX 200 was down 64.6 points at 4,242.9.
Most Asian markets had risen over the past four days after US Federal Reserve chief Ben Bernanke suggested that the bank would kick off a fresh round of monetary easing in the near future.
But investors were cautious prior to the US non-farm payroll figures from Washington later yesterday as they look for clues to the state of the world's biggest economy after months of broadly weak data pointed to a slowdown. Many fear a return to recession.
In other markets:
* Seoul shed 0.69 per cent, or 12.95 points, to 1,867.75.
* Taiwan was flat, shedding just 0.70 points to 7,757.06.
* Manila closed 0.60 per cent, or 26.33 points, higher at 4,392.91.
* Bangkok edged down 0.37 per cent, or 3.95 points, to 1,065.18.
* Mumbai closed up 0.87 per cent, or 144.71 points, to 16,821.46 as traders returned after two public holidays
Indonesia's stock market was closed for a public holiday. - AFP
Tokyo shares dropped 1.21 per cent as investors locked in profits from their recent gains while nervously awaiting key US jobs data.
The Nikkei 225 index fell 110.06 points to end at 8,950.74.
"The Nikkei has been up for six straight days and expectations are low for the US jobs report," Toshiyuki Kanayama, senior market analyst at online brokerage firm Monex, told Dow Jones Newswires. "So we're seeing profit-taking, particularly in exporters ahead of the weekend."
Shanghai closed down 1.09 per cent. The composite index lost 27.76 points to 2,528.28 and is down around 3.2 per cent for the week.
"I think the market will continue to be range-bound for one more week before it finds clear direction," Jacky Zhang, an analyst with Capital Securities, told Dow Jones Newswires.
In Sydney, Australian stocks dropped 1.50 per cent with the losses broad-based as traders locked in profits. At the close, the benchmark S&P/ASX 200 was down 64.6 points at 4,242.9.
Most Asian markets had risen over the past four days after US Federal Reserve chief Ben Bernanke suggested that the bank would kick off a fresh round of monetary easing in the near future.
But investors were cautious prior to the US non-farm payroll figures from Washington later yesterday as they look for clues to the state of the world's biggest economy after months of broadly weak data pointed to a slowdown. Many fear a return to recession.
In other markets:
* Seoul shed 0.69 per cent, or 12.95 points, to 1,867.75.
* Taiwan was flat, shedding just 0.70 points to 7,757.06.
* Manila closed 0.60 per cent, or 26.33 points, higher at 4,392.91.
* Bangkok edged down 0.37 per cent, or 3.95 points, to 1,065.18.
* Mumbai closed up 0.87 per cent, or 144.71 points, to 16,821.46 as traders returned after two public holidays
Indonesia's stock market was closed for a public holiday. - AFP
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