Asia Roundup: Down on US weakness, strong yen

HONG KONG: Asian markets fell yesterday after further weakness on Wall Street Friday triggered fresh doubts over the pace of economic recovery and a strong yen stoked fears for Japanese exporters.

Weighing on the region was a third consecutive fall on Wall Street Friday, after the Commerce Department said orders for US durable goods fell 2.4 per cent, showing surprising weakness in the manufacturing sector.

TOKYO: Down 2.50 per cent. The Nikkei-225 index dropped 256.46 points to 10,009.52. "The yen's strength weighed on the market as it reduces exporter earnings," said Kazuhiro Takahashi, equity information chief at Daiwa Securities SMBC.

SYDNEY: Down 0.76 per cent. The S&P/ASX 200 dropped 35.9 points to close at 4,677.4. The Australian market fell in line with stocks in Asia following a weak lead from the United States, analysts said.

SHANGHAI: Down 2.65 per cent. The Shanghai Composite Index, which covers both A and B shares, was down 75.32 points to 2,763.53 The official Securities Times, citing an unnamed "authoritative" source, reported yesterday that the Nasdaq-style ChiNext board would be launched in Shenzhen at the end of October.

SEOUL: Down 0.94 per cent. The KOSPI ended down 15.93 points at 1,675.55.

Hyundai Motor lost 4.3 per cent to 110,500 won, Kia Motors dropped 4.7 per cent to 18,300 and KB Financial Group dropped two per cent to 58,300. Steelmakers declined on supply and price concerns.

TAIPEI: Down 0.83 per cent. The index fell 60.61 points to 7,284.61.

"The market is watching closely how US high-tech firms will report their earnings for the third quarter. It will provide an important indication for local electronic stocks," an analyst said.

BANGKOK: Down 1.76 per cent. The Stock Exchange of Thailand (SET) composite index fell 12.69 points to close at 708.88.

JAKARTA: Down 1.91 per cent. The Jakarta Composite Index lost 46.75 points to 2,397.82.

MANILA: Down 1.30 per cent. The composite index gave up 36.69 points to 2,784.65. Investors braced for the economic fallout from the worst flooding in Manila in over 40 years, dealers said.

WELLINGTON: Up 0.64 per cent. The NZX-50 index gained 19.92 points to 3,131.17. - AFP