Asian shares slump on China wor­ries, oil falls

The China Post - - BUSINESS INDEX & -

Asian shares slumped on Thurs­day, led lower by Shang­hai as con­cerns about the health of China’s econ­omy bat­tered con­fi­dence and af­ter un­ex­pect­edly bear­ish min­utes from the U.S. Fed­eral Re­serve.

Tokyo closed down 0.94 per­cent, or 189.11 points, at 20,033.52, as the yen strength­ened against the green­back, adding to wor­ries about Ja­pan’s slow­ing ex­ports.

Syd­ney fell 1.70 per­cent, or 91.6 points, to 5,288.6, dragged down by bank­ing and re­sources shares, while Seoul dipped 1.28 per­cent, or 24.83 points, to 1,914.55.

Shang­hai lost 3.42 per­cent, or 129.82 points, to end at 3,664.29 while Hong Kong dipped 1.77 per­cent, or 410.38 points, to end the day at a fresh eight-month low of 22,757.47.

Deal­ers said mar­kets re­mained clouded by un­cer­tain­ties over China’s econ­omy af­ter the shock de­val­u­a­tion of the yuan last week added to fears it is slow­ing more than thought.

Min­utes from the Fed, which met be­fore main­land China’s sur­prise de­val­u­a­tion of the yuan last week, also high­lighted con­cerns about the global econ­omy and par­tic­u­larly China that have weighed on shares and com­modi­ties.

Fears about Asia’s largest econ­omy, which is the world’s top energy im­porter, and data show­ing a rise in U.S. petroleum in­ven­to­ries pushed oil to a fresh six-and-a-half year low in New York.

The drop weighed on energy com­pa­nies in Asia, with Petrochina among one of the ma­jor losers in Shang­hai, drop­ping 3.95 per­cent, while CNOOC lost 2.02 per­cent.

Safe haven gold got a boost, trad­ing at US$1,138.80 com­pared to US$1,122.65 late Wed­nes­day.

Euro­pean Stocks Fal­ter

Euro­pean stock mar­kets fell Thurs­day as traders re­acted to Chi- na’s eco­nomic prob­lems, the out­look for U.S. in­ter­est rates, Greek ac­tion over its bailout and slid­ing oil prices.

Greek stocks sank de­spite Athens pay­ing back a chunk of its latest bailout, as con­cerns else­where dragged down global mar­kets.

Lon­don’s bench­mark FTSE 100 in­dex dropped 0.49 per­cent to stand at 6,371.91 points in mid­day deals.

Frank­furt’s DAX 30 shed 1.17 per­cent to 10,557.03 points and the CAC-40 in Paris lost 1.14 per­cent to 4,828.45 com­pared with Wed­nes­day’s close.

Athens’ main stocks in­dex was down 2.95 per­cent at 655.36 points, with deep­en­ing po­lit­i­cal rifts in Athens putting pres­sure on Prime Min­is­ter Alexis Tsipras to call snap elec­tions. In other mar­kets: — Malaysia’s main in­dex fell 0.32 per­cent, or 5.03 points, to close on 1,577.41.

Telekom Malaysia lost 0.95 per­cent to 6.23 ring­git, RHB Cap­i­tal dropped 1.68 per­cent to 6.42 ring­git while Malayan Bank­ing gained 1.65 per­cent to 8.60 ring­git.

— Bangkok dropped 0.48 per­cent, or 6.59 points, to 1,372.53.

Air­ports of Thai­land rose 2.29 per­cent to 268.00 baht, while oil com­pany PTT 258.00 baht.

— Jakarta ended down 0.94 per­cent, or 42.33 points, at 4,441.91.

Min­ing equip­ment provider United Trac­tors gained 1.61 per­cent to 18,900 ru­piah, while an­i­mal feed man­u­fac­turer Charoen Pokp­hand In­done­sia fell 5.48 per­cent to 1,810 ru­piah.

— Sin­ga­pore closed down 1.03 per­cent, or 31.47 points, at 3,009.78.

DBS Bank fell 1.23 per­cent to close at SG$18.48 and oil rig maker Kep­pel Corp set­tled at SG$6.96, down 1.83 per­cent.

— Mum­bai fell 1.16 per­cent, or

fell 5.49 per­cent to 323.82 points, to 27,607.82.

Phar­ma­ceu­ti­cal com­pany Lupin soared 5.39 per­cent to 1892.10 ru­pees but nat­u­ral re­sources firm Vedanta dropped 4 per­cent to 98.50 ru­pees.

— Welling­ton fell 0.15 per­cent, or 8.83 points, to 5,742.45.

Fletcher Build­ing was 1.80 per­cent off at NZ$7.65 and Spark New Zealand was down 0.90 per­cent at NZ$2.76.

— Manila fell 0.90 per­cent, or 66.75 points, to 7,278.98.

Top-traded Ayala Land Inc. lost 1.85 per­cent to 37.10 pe­sos while GT Cap­i­tal Hold­ings Inc. plunged 2.02 per­cent to 1,264 pe­sos.

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