Arab Today, arab today asian markets mixed as late buying offsets profittaking
Last Updated : GMT 21:09:51
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Asian markets mixed as late buying offsets profit-taking

Arab Today, arab today

Arab Today, arab today Asian markets mixed as late buying offsets profit-taking

Washington - AFP

Asian shares were mixed on Monday as lingering hopes for the global economy were offset by profit-taking after last week\'s healthy gains, while heavy losses on Wall Street added to selling pressure. With few catalysts to spur action, traders took the opportunity to cash in after last week\'s advances, which came on the back of data indicating China\'s economy will pick up in the next three months. Tokyo ended 0.09 percent higher as late bargain-hunting wiped out the morning session\'s losses sparked by Wall Street\'s sharp fall and poor September trade figures. The Nikkei added 8.03 points to 9,010.71. Hong Kong added 0.68 percent, or 145.79 points, to 21,697.55 and Shanghai rose 0.21 percent, or 4.46 points, to 2,132.76 But Sydney closed down 0.66 percent, or 30.1 points, at 4,541.0, while Seoul was 0.12 percent, or 2.25 points, off at 1,941.59. \"Stock markets were becoming increasingly vulnerable to a correction after the consistent rally of recent weeks,\" Ric Spooner, chief market analyst at CMC Markets, said in a note to clients. \"Against this background, some disappointing US earnings announcements on Friday coupled with a lack of specific progress at the Euro leaders\' conference proved the catalyst for a significant sell off,\" he said, according to Dow Jones Newswires. In Europe a two-day summit ended Friday with a plan for full banking union and supervision across the eurozone. But the fact it will not be put into effect until the end of next year means it will be too late for Spain\'s troubled lenders. Japan posted its worst September trade figures in more than 30 years, as the global slowdown and a territorial dispute with China weighed on the world\'s third-largest economy. Tokyo posted a monthly trade deficit of 558.6 billion yen ($7.0 billion), reversing a year-earlier surplus of 288.8 billion yen, as overall exports fell 10.3 percent year-on-year. Wall Street suffered big losses Friday as giants such as Microsoft, Apple, General Electric and McDonald\'s tumbled on weak earnings or lower forecasts. The Dow lost 1.52 percent, the S&P 500 shed 1.66 percent and the Nasdaq tumbled 2.19 percent. In forex trade in Tokyo, the dollar was changing hands at 79.66 yen, up from 79.30 yen in New York late Friday. The euro fetched $1.3030 and 103.90 yen, against $1.3027 and 103.58 yen. On oil markets New York\'s main contract, light sweet crude for November, was up 52 cents to $90.57 a barrel in late afternoon trade after plunging $2.05 on Friday. Brent North Sea Crude for delivery in December gained 56 cents to $110.70, recovering from its $2.28 drop in London. Gold was at $1,722.44 at 0640 GMT compared with $1,732.02 late Friday. In other markets: -- Taipei fell 0.48 percent, or 35.72 points, to 7,373.04. Taiwan Semiconductor Manufacturing Co. shed 0.81 percent to close at Tw$86.0 while Hon Hai Precision was 0.82 percent lower at Tw$85.1. -- Manila closed 0.14 percent lower, shedding 7.57 points to 5,424.79. Philippine Long Distance Telephone Co. slipped 0.07 percent to 2,668 pesos and SM Investments dropped 0.48 percent to 820 pesos. -- Wellington was closed for a public holiday.

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