Arab Today, arab today asia markets drop as emerging currencies weaken
Last Updated : GMT 23:23:20
Arab Today, arab today
Arab Today, arab today

Asia markets drop as emerging currencies weaken

Arab Today, arab today

Arab Today, arab today Asia markets drop as emerging currencies weaken

Hong Kong - AFP

India\'s rupee sank to another record low on Thursday as emerging Asian currencies retreated after US Federal Reserve minutes failed to provide clarity about the future of its stimulus programme. While traders remain in sell mode on expectations the bank will soon pull the plug on its bond-buying, they were given a fillip by data showing Chinese manufacturing expanded for the first time in four years this month. The rupee dived to 65.56 against the dollar at one point as worries about the Fed cash were compounded by growing fears about the state of the Indian economy. However it retraced slightly to 64.96 later. Indonesia\'s rupiah was at 10,825 to the dollar -- a four-year low but a slight improvement on the 10,945 seen Wednesday -- while the Thai baht slipped to 32.01 from Thursday\'s 31.77. In share trading Jakarta was down 1.54 percent, Kuala Lumpur lost 1.57 percent and Bangkok shed 1.07 percent but Mumbai was up 1.50 percent as dealers picked up bargains after recent losses. Manila slumped 5.96 percent as the market played catch-up with the rest of the region after being closed for four days owing to severe flooding and a public holiday. The composite index gave up 389.22 points to 6,136.73. Investors were left none the wiser about the Fed\'s plans for its $85 billion a month stimulus known as quantitative easing (QE), which has fuelled an investment splurge in emerging Asia over the past year. Asian market traders reacted initially with a heavy sell-off but early losses were clawed back. Tokyo\'s benchmark Nikkei index closed down 0.44 percent, or 59.16 points, at 13,365.17, with Canon losing 1.22 percent to 2,988 yen and Sony shedding 1.60 percent to 1,906 yen, while Honda closed up 0.69 percent at 3,640 yen and Toyota rose 0.33 percent to 6,050. Tokyo Electric Power (TEPCO) closed down 4.12 percent at 534 yen, after news that some 300 tonnes of radioactive water was believed to have seeped from one of the tanks at its crippled Fukushima plant. The Seoul market fell 0.98 percent, or 18.34 points, to 1,849.12 and Sydney was off 0.48 percent, or 24.3 points, to close at 5,075.7. Shanghai finished 0.28 percent, or 5.84 points, lower at 2,067.12 despite HSBC\'s preliminary purchasing managers\' index (PMI), which showed growth in Chinese manufacturing. However, Hong Kong closed 0.36 percent higher, adding 77.67 points to 21,895.40. HSBC said its PMI came in at 50.1 in August, compared with a final reading of 47.7 in July. A reading above 50 indicates expansion from the previous month, while a reading below 50 indicates contraction. The data comes after recent figures showing a pick-up in Chinese trade and tentatively suggests the under-pressure economy may be about to turn a corner. It will also provide some respite for regional economies, which rely heavily on China as a source of growth at home. Against major currencies the dollar stood at 98.26 yen, compared with 97.67 yen in New York Wednesday. The euro bought $1.3347 and 131.16 yen, compared with $1.3358 and 130.46. On oil markets New York\'s main contract, West Texas Intermediate for delivery in October, rose 43 cents to $104.28. Brent North Sea crude for October added 29 cents to $109.90. Gold fetched $1,372.53 at 0820 GMT from $1,364.17 late Wednesday. In other markets: -- Taipei fell 0.23 percent, or 18.27 points, to 7,814.38. Hon Hai rose 0.75 percent to Tw$80.7 while computer maker Acer fell 2.28 percent to Tw$19.25. -- Wellington fell 0.48 percent, or 21.65 points to 4,529.86. Fletcher Building was down 0.34 percent at NZ$8.69 and Telecom was off 2.81 percent at NZ$2.25. -- Dow Jones Newswires contributed to this report --  

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