Asia stocks damp­ened by Greek bailout saga

The China Post - - BUSINESS INDEX & -

Asian stock mar­kets were mostly lower Wed­nes­day as Greece’s bailout woes and a stag­nant Wall Street per­for­mance damp­ened in­vestor sen­ti­ment.

Con­cerns about Greece’s abil­ity to meet debt pay­ments to its bailout cred­i­tors have weighed on mar­kets. If Greece de­faults on its debt, that may mean a de­par­ture from the eu­ro­zone. Greece’s prime min­is­ter was set to meet Euro­pean Com­mis­sion Pres­i­dent Jean-Claude Juncker in Brussels to dis­cuss his pro­posal to se­cure a vi­tal, lon­gover­due agree­ment with the coun­try’s bailout lenders. Separately, the Euro­pean Cen­tral Bank meets later Wed­nes­day.

Mar­kets are closely watch­ing for any “rhetoric” that comes out of the Euro­pean Cen­tral Bank, although no change is ex­pected to its new pol­icy of quan­ti­ta­tive mon­e­tary eas­ing, Mizuho Bank said in a mar­ket com­men­tary. “The ex­pected pick-up in growth mo­men­tum also re­duces the need for ex­tended pol­icy stim­u­lus,” Mizuho said. “Any rhetoric on Greece ... will also be scru­ti­nized.”

The Stan­dard & Poor’s 500 fell 2.13 points, or 0.1 per­cent, to 2,109.60 on Tues­day. The in­dex has gained 0.1 per­cent in the past month. The Dow Jones Industrial Av­er­age dropped 28.43 points, or 0.2 per­cent, to 18,011.94. The Nas­daq com­pos­ite fell 6.40 points, or 0.1 per­cent, to 5,076.52.

Tokyo slipped 0.34 per­cent, or 69.68 points, to 20,473.51 dragged down by a stronger yen. Shang­hai closed marginally lower, giv­ing up 0.55 points to 4,909.98.

Syd­ney shed 0.93 per­cent, or 52.40 points, to 5,583.60 and Seoul lost 0.74 per­cent, or 15.48 points, to 2,063.16.

Hong Kong shares rose 0.69 per­cent Wed­nes­day. The bench­mark Hang Seng In­dex gained 190.75 points to close at 27,657.47 on turnover of HK$150.55 bil­lion (US$19.43 bil­lion).

Hong Kong bucked the trend, although yet an­other com­pany that has seen huge gains re­cently plunged on Wed­nes­day, with no clear ex­pla­na­tion im­me­di­ately given as to why.

Among other firms in Hong Kong, China Mo­bile added 1.75 per­cent to HK$104.60, HSBC rose 0.48 per­cent to HK$73.90 and CNOOC ad­vanced 1.80 per­cent to HK$12.42.

How­ever, in­surer AIA eased 0.10 per­cent to HK$50.85 and casino op­er­a­tor Sands China dipped 0.18 per­cent to HK$28.45.

In main­land China, the bench­mark Shang­hai Com­pos­ite In­dex was marginally lower, inch­ing down 0.55 points to 4,909.98, on turnover of 1.0 tril­lion yuan ($163.5 bil­lion).

The Shen­zhen Com­pos­ite In­dex, which tracks stocks on China’s sec­ond ex­change, gained 0.38 per­cent, or 11.44 points, to 3,041.41 on turnover of 965.8 bil­lion yuan.

Mar­ket liq­uid­ity was tight as a dozen com­pa­nies of­fered new shares for in­vestor sub­scrip­tion on Wed­nes­day, af­ter the mar­ket reg­u­la­tor ap­proved 23 ini­tial public of­fer­ings in late May.

Phar­ma­ceu­ti­cal com­pa­nies were lower. Shang­hai-listed Zhe­jiang Ji­uzhou Phar­ma­ceu­ti­cal fell 5.0 per­cent to 76.05 yuan while Shen­zhen­listed Bei­jing Beilu Phar­ma­ceu­ti­cal lost 4.84 per­cent to 62.32 yuan.

Prop­erty de­vel­op­ers were higher in Shen­zhen. China Vanke added 1.69 per­cent to 15.05 yuan, while Lan­der Real Es­tate surged by its 10 per­cent daily limit to 35.94 yuan.

Gold fetched US$1,189.20 com­pared with US$1,190.90 late Tues­day.

In other mar­kets:

— Welling­ton was flat, edg­ing down 5.04 points to 5,858.71.

Air New Zealand eased 0.85 per­cent to NZ$2.90 and Fletcher Build­ing slipped 1.97 per­cent to NZ$8.45.

— Manila added 0.13 per­cent, or 9.71 points, to close at 7,561.67.

— Bangkok closed up 0.35 per­cent, or 5.20 points, to 1,482.07.

Bum­run­grad Hos­pi­tal, a popular health tourism provider, gained 3.20 per­cent to 177.50 baht, while power firm Elec­tric­ity Gen­er­at­ing added 0.99 per­cent to 152.50 baht.

— Kuala Lumpur, added 0.45 per­cent, or 7.80 points, to 1,749.17.

Malayan Bank­ing rose 0.22 per­cent to 9.16 ring­git, Public bank added 0.11 per­cent to 18.56 ring­git, while Telekom Malaysia per­cent to 6.98 ring­git.

— Jakarta ended down 1.60 per­cent, or 83.32 points, at 5,130.50.

Min­ing equip­ment com­pany PT United Trac­tors Tbk gained 4.99 per­cent to 21,550 ru­piah, while In­done­sian bank Bank Rakyat In­done­sia fell 4.05 per­cent to 11,250 ru­piah.

— Sin­ga­pore rose 0.27 per­cent, or 9.09 points, to close at 3,349.84.

Sin­ga­pore Tele­com jumped 2.26 per­cent to SG$4.07 and oil rig maker Kep­pel Corp. de­clined 0.58 per­cent to SG$8.60.

— Mumbai fell 1.29 per­cent, or 351.18 points, to end at 26,837.20.

Tata Power fell 6.13 per­cent to 70.40 ru­pees, while Coal In­dia gained 0.81 per­cent 386.70 ru­pees.

lost 0.29

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