Asia: Bourses slip following Wall St losses

HONG KONG: Asian stock markets slipped yesterday following the previous day’s gains, with investors taking lead from losses on Wall Street as the dollar edged down against the yen.

US oil prices moved higher following a report that Washington had decided to start exporting crude for the first time in four decades.

Tokyo slipped 0.71 per cent, or 109.63 points, to 15,266.61, Sydney eased 0.57 per cent, or 30.78 points, to 5,402.0 and Seoul gave up 0.63 per cent, or 12.58 points, to close at 1,981.77.

Shanghai retreated 0.41 per cent, or 8.43 points, to 2,025.50 and Hong Kong was a touch lower, dipping 13.94 points to 22,866.70.

With few catalysts to drive trade, investors took the opportunity to cash in gains fuelled earlier this week by data indicating China’s manufacturing sector is creaking back into gear after contracting for six months.

In other markets:

q Mumbai fell 0.22 per cent, or 55.16 points, to 25,313.74 points. YES Bank fell 2.87 per cent to 541.90 rupees, while Petronet LNG fell 2.55 per cent to 181.50 rupees.

q Bangkok gained 0.52 per cent, or 7.57 points, to 1,468.49. Bangchak Petroleum added 1.77 per cent, to 28.75 baht, while telecoms company True Corp fell 1.55 per cent to 9.50 baht.

q Jakarta closed down 0.48 per cent, or 23.26 points, at 4,838.98. Hero Supermarket fell 0.37 per cent to 2,690 rupiah, while Bank Negara Indonesia gained 0.10 per cent at 4,785 rupiah.

q Taipei was flat, edging down 4.04 points to 9,242.16. Taiwan Semiconductor Manufacturing Co rose 0.41 per cent to T$123.5 while Hon Hai fell 1.73 per cent to T$96.5.

q Wellington fell 0.33 per cent, or 16.66 points, to 5,104.54. Air New Zealand was down 2.64 per cent at NZ$2.21 and Contact Energy was up 0.19 per cent at NZ$5.21.

q Manila closed 0.61 per cent higher, adding 41.61 points to 6,834.68. Metropolitan Bank and Trust rose 2.88 per cent to 89.45 pesos and Philippine Long Distance Telephone gained 1.12 per cent to 2,900.00 pesos, while SM Investments ended up 1.04 percent at 826.50 pesos. AFP