Mar­kets world­wide slip down­ward

The China Post - - MARKETS -

Global stock mar­kets were mostly in the red Tues­day as con­cern about Greek pol­i­tics and the shaky Rus­sian ru­ble dented con­fi­dence in the global econ­omy.

France’s CAC-40 fell 0.8 per­cent to 4,283.90 and Ger­many’s DAX dropped 0.7 per­cent to 9,860.40. Bri­tain’s FTSE 100 was down 0.7 per­cent at 6,593.00. Wall Street looked set for losses, with fu­tures for the Dow Jones in­dus­trial av­er­age and broader Stan­dard & Poor’s 500 in­dex both down 0.2 per­cent.

Greek bonds and shares fell after par­lia­ment failed to ap­prove a new pres­i­dent, forc­ing the gov­ern­ment to call early elec­tions that could bring more eco­nomic tur­moil. In­vestors worry elec­tions might be won by the left-wing op­po­si­tion Syriza party, which re­jects Greece’s bailout deal. On Mon­day, the Athens stock mar­ket plunged 11 per­cent be­fore re­cov­er­ing to close down 4 per­cent.

Asian mar­kets mainly slipped Tues­day fol­low­ing the pre­vi­ous day’s healthy gains.

Tokyo’s Nikkei 225 stock in­dex climbed more than seven per­cent in 2014, end­ing Tues­day near its high­est lev­els since be­fore the global fi­nan­cial cri­sis struck.

The ad­vance adds to a 57 per­cent surge in 2013 — its best an­nual re­turn in four decades as Tokyo’s pro­gram of mon­e­tary eas­ing sharply weak­ened the yen, a plus for ex­porters such as Toy­ota and Sony. For Tues­day the in­dex was down 1.57 per­cent on profit-tak­ing, giv­ing up 279.07 points to 17,450.77.

The broader Topix in­dex of all first-sec­tion shares gained 8.07 per­cent over the year to fin­ish at 1,407.51.

An­a­lysts were gen­er­ally up­beat on the prospects for the Ja­panese mar­ket in 2015 but geopo­lit­i­cal is­sues — in­clud­ing tur­moil in Greece — and an un­cer­tain out­look for the world’s num­ber three econ­omy threaten to limit fur­ther gains.

The Nikkei strug­gled at the start of the year, but a fresh round of Bank of Ja­pan mon­e­tary eas­ing in late Oc­to­ber and news that the na­tional pen­sion fund — the world’s big­gest — would shift more of its port­fo­lio into stocks gave the flag­ging mar­ket a jump­start.

Syd­ney fell 1.04 per­cent, or 57.18 points, to close at 5,416.6 and Seoul gave up 0.64 per­cent, or 12.27 points, to 1,915.59.

Hong Kong stocks fell 1.14 per­cent Tues­day fol­low­ing a mixed lead from Wall Street while in­vestors be­gan wind­ing down on the last full day of trade for the year.

HSBC fell 1.13 per­cent to HK$74.10, China Mo­bile lost 2.16 per­cent to HK$90.60, Hen­der­son Land De­vel­op­ment added 0.56 per­cent to HK$54.15 and In­ter­net gi­ant Ten­cent eased 0.10 per­cent to HK$113.30.

In main­land China the bench­mark Shang­hai Com­pos­ite In­dex was flat, edg­ing down 2.20 points to 3,165.82 on turnover of 437.3 bil­lion yuan (US$71.4 bil­lion).

The Shen­zhen Com­pos­ite In­dex, which tracks stocks on China’s sec­ond ex­change, fell 1.40 per­cent, or 19.92 points, to 1,398.57 on turnover of 218.4 bil­lion yuan.

Gold was at US$1,186.51 an ounce, com­pared with US$1,193.84 Mon­day. In other mar­kets:

— Kuala Lumpur lost 1.58 points, or 0.10 per­cent, to close at 1,766.83.

Malayan Bank­ing lost 0.33 per­cent to 9.16 ring­git, while Te­naga Na­sional added 0.14 per­cent to 13.96 ring­git.

— Sin­ga­pore closed down 0.05 per­cent, or 1.58 points, to 3,366.11.

Agribusi­ness company Wil­mar In­ter­na­tional gained 0.31 per­cent to SG$3.25 while United Over­seas Bank fell 0.20 per­cent to SG$24.53.

— Jakarta ended up 0.94 per­cent, or 48.57 points, at 5,226.95.

Palm oil pro­ducer As­tra Agro Les­tari rose 2.11 per­cent to 24,250 ru­piah, while Hero Su­per­mar­ket fell 1.86 per­cent to 2,380 ru­piah.

— Mumbai rose marginally by 0.03 per­cent, or 7.81 points, to end at 27,403.54 points.

Bharat Heavy Elec­tri­cals rose 1.51 per­cent to 258.35 ru­pees, while mo­tor­bike ma­jor Hero Mo­tor Corp fell 2.09 per­cent to 3,084.85 ru­pees.

— Bangkok closed down 0.04 per­cent or 0.55 points to 1,497.67.

Power gi­ant Elec­tric­ity Gen­er­at­ing added 4.69 per­cent to 167.50 baht, while con­ve­nience store op­er­a­tor CP All gained 4.29 per­cent to 42.50 baht.

— Wellington fin­ished 0.27 per­cent lower, giv­ing up 15.13 points to 5,577.20.

— Manila was closed for a pub­lic hol­i­day.

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