Asian shares tum­ble as global stocks rout deep­ens

The China Post - - MARKETS -

Asian shares slumped on Fri­day, plung­ing deeper into the red af­ter weak man­u­fac­tur­ing data from main­land China fu­eled panic among in­vestors over the cloud­ing out­look for the world econ­omy.

Shang­hai shares closed down 4.27 per­cent, or 156.55 points, at 3,507.74, end­ing their worst week since 2011 as wor­ries over the flag­ging econ­omy and the pos­si­bil­ity of weaker gov­ern­ment sup­port weighed.

China’s bench­mark i ndex closed at al­most ex­actly the same level as the bot­tom of a re­cent mar­ket rout on July 8, be­fore Bei­jing stepped in with a vast res­cue pack­age for eq­ui­ties.

Hong Kong fell 1.53 per­cent, or 347.85 points, to fin­ish the day at 22,409.62 — its low­est point since May 2014 — tak­ing it into a bear mar­ket af­ter a more than 20 per­cent slump from its April peak.

Tokyo shares fell 2.98 per­cent, or 597.69 points, to fin­ish at 19,435.83, a more than three­month low and down 5.28 per­cent on the week.

Seoul fell 2.01 per­cent, or 38.48 points, to 1,876.07 as ten­sions climbed with North Korea, and Syd­ney dropped 1.40 per­cent, or 73.98 points, to close at 5,214.60.

Asia got a neg­a­tive lead from Wall Street af­ter U.S. shares sank more than 2.0 per­cent Thurs­day, with the Dow drop­ping to its low­est level for 2015.

Gold gained as i nvestors looked for safer bets, ris­ing to US$1,154.45 in Asia com­pared to US$1,138.80 late Thurs­day.

Euro­pean Stocks Slump

Euro­pean stock mar­kets fell on Thurs­day, weighed down by con­cerns over the health of China’s econ­omy and slid­ing oil prices.

Lon­don’s bench­mark FTSE 100 in­dex closed down 0.56 per­cent com­pared with Wed­nes­day’s close at 6,367.89 points.

In the eu­ro­zone, the CAC-40 in Paris sank 2.06 per­cent to end the day at 4,783.55 points, while Frank­furt’s DAX 30 dropped 2.34 per­cent to fin­ish at 10,432.19 points.

New Greek Elec­tions?

Greece on Thurs­day cleared a 3.4 bil­lion euro (US$3.79 bil­lion) pay­ment owed to the Euro­pean Cen­tral Bank, a source close to the mat­ter said.

That ef­fec­tively ended the bit­ter feud di­vid­ing the Greece’s rad­i­cal-left gov­ern­ment and its Euro­pean cred­i­tors that had threat­ened to force the coun­try out of the euro and sow chaos in the global econ­omy.

Athens’ main stocks in­dex sank 3.52 per­cent to close at 651.56 points, with deep­en­ing po­lit­i­cal rifts in Athens piling pres­sure on Prime Min­is­ter Alexis Tsipras.

Later Thurs­day af­ter the mar­kets closed, the ANA news agency re­ported, cit­ing gov­ern­ment sources, that Tsipras has pro­posed call­ing an early elec­tion on Sept. 20. In other mar­kets: — Malaysia’s key stock in­dex ended Fri­day 0.17 per­cent lower, or 2.74 points, at 1,574.67.

Petronas Gas slipped 0.1 per­cent to 20.88 ring­git, while Telekom Malaysia rose 0.64 per­cent to 6.27 ring­git. State elec­tric power util­ity Te­naga gained 1.92 per­cent to 10.60 ring­git.

— Sin­ga­pore closed 1.29 per- cent, or 38.77 points, lower at 2,971.01.

Casino op­er­a­tor Gent­ing Sin­ga­pore tum­bled 1.24 per­cent to close at SG$ 0.80 and tele­com gi­ant Singtel fell 0.77 per­cent to SG$3.94.

— Jakarta ended down 2.39 per­cent, or 105.96 points, at 4,335.95.

In­vest­ment com­pany Po­laris In­ves­tama gained 2.73 per­cent to 1,505 ru­piah, while con­struc­tion com­pany Pem­ban­gu­nan Peruma­han fell 7.75 per­cent to 3.450 ru­piah.

— Mum­bai fell 0.88 per­cent, or 241.75 points, to close at 27,366.07.

Hin­dalco In­dus­tries rose 1.24 per­cent to 86.05 ru­pees but nat­u­ral re­sources firm Vedanta slid 3.81 per­cent to 94.75 ru­pees.

— Bangkok fell 0.50 per­cent, or 6.92 points, to 1,365.61.

Air­ports of Thai­land dropped 1.12 per­cent to 265.00 baht while Bum­run­grad Hos­pi­tal climbed 2.22 per­cent to 230.00 baht.

— Welling­ton rose 0.13 per­cent, or 7.71 points, to 5,751.19.

Tele­coms gi­ant Spark New Zealand gained 9.42 per­cent to NZ$ 3.02 af­ter they in­creased share­holder div­i­dends. Fletcher Build­ing was down 1.57 per­cent at NZ$7.53.

Fi­nan­cial mar­kets in Manila are closed for a public hol­i­day.

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